EU okays German, Polish aid for companies hit by sanctions against Russia

The European Commission on Monday cleared a 20-billion-euro ($21.6 billion) German scheme to help companies affected by sanctions against Russia and also approved 836 million euros in Polish state aid for the agricultural sector for the same reason.

The European Commission on Monday cleared a 20-billion-euro ($21.6 billion) German scheme to help companies affected by sanctions against Russia and also approved 836 million euros in Polish state aid for the agricultural sector for the same reason. The EU executive said the German measure will be in the form of direct grants, tax or payment advantages, repayable advances, guarantees, loans, equity and hybrid financing to all companies in all sectors, with the exception of companies in the financial one.

Aid to companies in agricultural products, fisheries and aquaculture sectors will be capped at 35,000 euros each and at 400,000 euros for those in other sectors. The Polish scheme, in the form of direct grants, will be open to farmers hit by soaring fertilizers costs caused by the current geopolitical crisis and the related sanctions.

($1 = 0.9268 euros)