Is the Faroe Islands helping Ukraine or Russia? Too close to call
The Faroe Islands' support for Ukraine since 2022: €1m (0.03% of one year's GDP: its aid, refugee hosting, private donations and its other parts of support, net of money flowing back). Russia kept €10m (0.29% of GDP) less than without the war. The net is 0.32% of a year's GDP toward Ukraine (likely from 4.5% toward Russia to 7.2% toward Ukraine; too close to call · 56% toward Ukraine).
likely from 4.5% toward Russia to 7.2% toward Ukraine · €11m · ≈ 0.07%/yr
Supported Ukraine + cut Russia's earnings from trade = 0.32% of GDP toward Ukraine. Mostly less kept by Russia from trade.
Chance toward Ukraine: 56%; 100% of the other method choices agree.
Support for Ukraine
Supported Ukraine with
0.03%
€1m
likely from 0.01% below zero to 0.04% above zero essentially zero
Russia's earnings from trade
Cut Russia's earnings from trade by
0.29%
€10m
likely from 4.5% toward Russia to 7.2% toward Ukraine too close to call · 56% toward Ukraine
Russia kept €10m (0.29% of GDP) less than without the war.
Russia's gain: Russia kept 0.23% of GDP less (€8m; likely from 4.4% toward Russia to 6.8% toward Ukraine)
The Faroe Islands' own gain from trade with Russia: The Faroe Islands kept 0.05% of GDP less from its trade with Russia (€2m; likely from 0.47% toward Russia to 1.2% toward Ukraine)
The two lines add up to Russia's earnings from trade; their ranges do not.
Its story in short
War-time fuel prices Russia kept €8m (0.21% of GDP) more because fuel prices rose with the war.
Mostly one part Russia kept less from fuel and goods sold here: €12m of the net's €11m.
Small economy A small economy (GDP €3.6bn): small sums move its % a lot. Not ranked, and drawn in the lightest shade only.
Two different things added The net adds two different things: help given to Ukraine and the change in what Russia kept from trade. Much of what one country stopped buying, Russia sold to others.
What decides this number
Chance toward Ukraine: 56%; 100% of the other method choices agree. Not certain, mostly because of how much it would have bought from Russia without the war. What decides it: if Russia kept less from fuel and goods sold here were 95% smaller, the direction would flip.
What makes up the number
Supported Ukraine with 0.03% · €1m
Aid: weapons, money, loansB
+0.03%
€1m
Cut Russia's earnings from trade by 0.29% · €10m
Russia kept less from fuel and goods sold hereC
+0.34%
€12m
Russia kept more from war-time fuel pricesC
−0.21%
€8m
Russia kept less from its oil bought via other countriesDown estimate
+0.11%
€4m
The Faroe Islands kept less from selling to RussiaC
+0.05%
€2m
+ toward Ukraine, − toward Russia (in support for Ukraine, − is money it earned back or bought less from Ukraine than without the war). Letters: A reported, B measured estimate, C modelled estimate, D rough indication.
By year
The year with the largest net amount was 2022: −€13m. The yearly amounts are small against the range of the total, so their side from one year to the next is not a finding.
It bought €50m from Russia in 2021 and €1m in 2025 (−97%). It sold €0.23bn to Russia in 2021 and €0.16bn in 2025 (−29%). For the Faroe Islands: €8m paid above no-war prices, most of it in 2022, 71% of it on gas contracts. These are sales values at each year's prices; the totals count what the seller kept on them.
Sanctions on Russia
The Faroe Islands is a territory of Denmark. We did not check whether the sanctions of Denmark on Russia extend to it. Russia's list of “unfriendly” states does not name the Faroe Islands itself; it names Denmark. Checked 27 October 2026.
Russia kept less from its oil bought via other countries: €4m (0.11% of one year's GDP).
How the number is backed
17 sources back its parts: 3 official statistics, 1 research reports, 0 press reports and 3 of this project's own estimates, plus 10 method inputs. By size, 4% of its parts are reported or measured (A–B), 81% modelled (C) and 15% rough indications (D).
Data coverage
Aid to Ukraine: estimated UN FTS and government reports
Private donations: estimated national totals or a GDP-based estimate
Services trade with Russia: estimated Eurostat, OECD-WTO and Bank of Russia data
Refugee hosting: reported no refugees from Ukraine recorded
Bought from Russia: estimated partly filled: estimated, imf, mirror, reported
Sold to Russia: estimated partner data plus an estimate of goods reaching Russia via third countries
Bought from Ukraine: estimated partly filled: estimated, mirror, reported
Sold to Ukraine: estimated partly filled: mirror, reported
Energy switching cost: estimated modelled per fuel and month
Company taxes in Russia: reported no companies operating in Russia found
Chance toward Ukraine: 56%; 100% of the other method choices agree. Not certain, mostly because of how much it would have bought from Russia without the war. What decides it: if Russia kept less from fuel and goods sold here were 95% smaller, the direction would flip.
Is the Faroe Islands helping Russia?
In money terms the net is +0.32% of one year's GDP (likely from 4.5% toward Russia to 7.2% toward Ukraine; too close to call · 56% toward Ukraine). Chance toward Ukraine: 56%; 100% of the other method choices agree. Russia kept €10m (0.29% of GDP) less than without the war. The number counts money: weapons at their money value; votes, diplomacy and intent are not in it.
How much has the Faroe Islands given to Ukraine?
The Faroe Islands' support for Ukraine from 2022 to August 2026: €1m, 0.03% of one year's GDP (likely from 0.01% below zero to 0.04% above zero). It counts its aid (weapons at market value when delivered, loans at their gift value), its share of IMF and World Bank lending, the cost of hosting refugees, private donations, an estimate of undisclosed military aid and purchases from Ukraine against the no-war level, net of money flowing back.
Where do the numbers for the Faroe Islands come from?
The Faroe Islands is a territory of Denmark. We did not check whether the sanctions of Denmark on Russia extend to it. Russia's list of “unfriendly” states does not name the Faroe Islands itself; it names Denmark.
War Balance