EU loosens state aid rules for companies affected by sanctions on Russia

EU companies affected by sanctions imposed on Russia can get up to 400,000 euros ($440,360) in state support and compensation up to 30% of energy costs under looser EU state aid rules, the EC said on Wednesday. From airlines to carmakers to tourism businesses, thousands of companies across the 27-country bloc have reported severe disruption due to the sanctions. Companies in the agriculture, fisheries, aquaculture sectors can get up to 35,000 euros while businesses facing a liquidity crunch can get state guarantees on loans, subsidised loans. The Commission did not specify which sectors would qualify for the larger support. Companies facing soaring energy costs can get state aid up to 30% of costs, capped at E2m, the Commission said, confirming a Reuters story on Tuesday. "These sanctions also take a toll on the European economy and will continue to do so in the coming months. We need to mitigate the economic impact of this war and to support severely impacted companies and sectors," Commission Vice-President Margrethe Vestager said.<br/>