Etymology
Greek Várangos and Old East Slavic varęgŭ are derived from Old Norse væringi, originally a compound of vár "pledge" and gengi "companion", i.e. "a sworn person" or "a foreigner who has taken service with a new lord by a treaty of fealty to him, or protégé". Some scholars seem to assume a derivation with the common suffix -ing-. Yet, this suffix is inflected differently in Old Norse, and furthermore, the word is attested with -gangia- in other Germanic languages in the Early Middle Ages: Old English wærgenga, Old Frankish wargengus, Langobardic waregang. The reduction of the second part of the word is parallel to that seen in Old Norse foringi "leader" = Old English foregenga, Gothic fauragangja "steward".
Read more about this topic: Varangians
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