The European Commission has approved a €500 million Luxembourgish guarantee scheme to support companies across sectors in the context of Russia’s invasion of Ukraine.
The scheme was approved under the State aid Temporary Crisis Framework, adopted by the Commission on 23 March 2022, based on Article 107(3)(b) of the Treaty on the Functioning of the European Union (‘TFEU’), recognising that the EU economy is experiencing a serious disturbance.
Executive Vice-President Margrethe Vestager, in charge of competition policy, said “This €500 million guarantee scheme will enable Luxembourg to mitigate the economic impact of Putin’s war in Ukraine and to further support companies across sectors affected by the current geopolitical crisis and the related sanctions. We continue to stand with Ukraine and its people. At the same time, we continue working closely with Member States to ensure that national support measures can be put in place in a timely, coordinated and effective way, while protecting the level playing field in the Single Market.”
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