A Polish public assistance scheme of EUR 1.2 billion for businesses impacted by Russia’s conflict against Ukraine has been authorized by the European Commission (EC).
According to a press release from the EC on Thursday, “the European Commission has authorized a EUR 1.2 billion Polish plan (PLN 5.5 billion) to support businesses throughout sectors in the light of Russia’s aggression of Ukraine.”
The Temporary Crisis Framework for State Help, an extraordinary measure of the EU, was used to authorise the aid.
Margrethe Vestager, a deputy EC president, was quoted in the news release as saying, that the EUR 1.2 billion program will help Poland to reduce the economic impact of Putin’s conflict in Ukraine and to further support enterprises across all of the sectors that are affected by the current crisis and the corresponding sanctions.”
The Polish program, which excludes credit and financial institutions, primarily provides loan guarantees and is intended for a variety of industries.
Thursday marks the 127th day of the Russian invasion on Ukraine and many businesses that had their headquarters in Ukraine are faced with devastation and loss of resources. Some of the companies that traded with Russia had decided to cut all their tradings as long as Russian military roams the land in Ukraine. However, companies such as Trafigura, Vitol, Paramount and Coral energy are still doing business in Russia although they have pledged to reduce their oil purchases.
