They functioned as suppliers of raw materials and foodstuffs, they furnished loans and undertook financial transactions for the belligerents, and they exerted some degree of political influence. However, the neutrals have received only scant attention by historians, the present study compares the strategies with which the so-called “northern neutrals” responded to the war, Moreover, it analyzes the relative importance of the neutral countries vis-a-vis the belligerents. Finally, the contribution hints at topics where further research is necessary.