The European Commission has approved €155 billion in aid that France has decided to redirect from its pandemic program to strengthen the liquidity of companies affected by the war in Ukraine and sanctions against Russia.
France is the first EU country to receive the green light for support to companies under crisis measures that have temporarily eased state aid regulations due to the Russian invasion of Ukraine.
– The program will enable France to mitigate the economic consequences of Putin’s war in Ukraine and support companies affected by the current crisis and accompanying sanctions – said European Commission Vice-President Margrethe Vestager.
Paris will finance the aid from a €300 billion budget originally intended to alleviate the economic consequences of the pandemic crisis, which Brussels approved in March last year.
Aid recipients will be entitled to new loans that will be partially covered by state guarantees.
