BRUSSELS - The European Commission has approved an
Italian scheme of public aid worth 700 million euros to support businesses in the context of the Russian war against Ukraine
.
The scheme was approved under the Temporary Framework for State Aid in Case of Crisis, adopted by the Commission on 23 March 2022 and amended on 20 July 2022, recognizing that the EU economy is going through "a serious disturbance".
The measure will be open to small and medium-sized enterprises ("SMEs") and mid-cap companies (entities with fewer than 1,500 employees) active in all sectors affected by the current geopolitical crisis and the resulting sanctions and counter-sanctions.
However, companies active in the primary production of agricultural products, fisheries, aquaculture, banking and financial sectors and commercial and trading intermediation will be excluded.
"With this 700 million euro scheme, Italy will ensure that sufficient liquidity remains available to companies affected by the current geopolitical crisis and related sanctions, allowing them to continue their economic activity in this difficult context", he noted.
Commission Vice-President Margrethe Vestager
.
"We continue to stand by Ukraine and its people. At the same time, we continue to work closely with Member States to ensure that national support measures can be implemented in a timely, coordinated and effective manner, protecting at the same time the level playing field in the single market. "
