European Commission Approves €1.25 Bln to Support Companies Affected by Ukraine War

The European Commission has approved a plan submitted by Hungary, worth 1.25 billion euros, to support large, small, and medium-sized companies across various industrial sectors affected by the current crisis in Ukraine, under the framework of helping member states to overcome temporary crises.

“The Ukrainian crisis continues to have negative repercussions on the EU economy and companies across different sectors, and this plan will enable Hungary to alleviate the liquidity shortage problems facing small and medium businesses as well as large companies due to the current geopolitical crisis and related sanctions, while we continue to stand with Ukraine and its people,” Margrethe Vestager, the Deputy Executive Chairman of the Commission, who is responsible for competition policy, said in a statement published by the Commission on its official website today, Thursday.

Vestager added that at the same time, the commission continues to work closely with member states to ensure that national support measures can be put in place in a timely, coordinated, and effective manner while protecting equal opportunity in the single market.

Under this measure, the assistance will take the form of loans with subsidized interest rates and new lease contracts, and will be available to companies across different sectors except for financial and credit institutions, according to the statement.