PKS: The EU can support companies in crisis through state aid

EU members have received permission to support companies whose business is endangered due to the conflict in Ukraine and due to high gas and electricity prices, the Serbian Chamber of Commerce announced today.

The European Commission has adopted the Temporary Crisis Framework to allow member states to take advantage of the flexibility provided by state aid rules to support the economy due to the crisis in Ukraine.

This assistance is termed until the end of the year.

The interim crisis framework complements the already existing package of state aid tools with other options available to EU Member States.

The new framework will allow member states to provide limited amounts of aid to companies affected by the current crisis or related sanctions and counter-sanctions, provide liquidity, and offset additional costs incurred due to high gas and electricity prices.

These types of measures will also be available to companies that qualify as vulnerable, as they could face acute liquidity needs due to current circumstances, due to the corona virus pandemic. Sanctioned Russian entities will be excluded from the scope of these measures.

A flash poll by the Association of German Chambers of Commerce (DIHK) on the consequences of the Ukrainian crisis on the German economy showed that four-fifths of German companies are feeling the strong effects of the conflict in Ukraine, the PKS said.

By Editor

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