The European Commission announced today that it has approved a Greek program of up to 30 million euros to support companies in the context of Russia’s invasion of Ukraine.
The approval of the plan is based on the temporary framework for state aid for the crisis, which was adopted by the Commission on 23 March 2022 and amended on 20 July 2022. According to the Greek programme, the aid will take the form of direct grants.
The program will be open to companies of all sizes operating in the fur and leather sectors affected by the current crisis. The purpose of the program is: firstly, to ensure sufficient liquidity for eligible companies for which the Russian market represents an important export destination and secondly, to maintain their financial continuity during the crisis.
The Commission found that the Greek regime is in line with the conditions set out in the Temporary Crisis Framework. In particular, this means that the individual aid amount per beneficiary will not exceed the limit of 500,000 euros set in the Temporary Crisis Framework, while the aid will be granted no later than 31 December 2022.
The Commission concluded that the Greek program in question is necessary, appropriate and proportionate to address a serious disturbance in the economy of a Member State, in accordance with Article 107(3)(b) of the EU Treaties (TFEU) and the conditions laid down in the Temporary Crisis Framework. On this basis, the Commission approved the aid measure under EU State aid rules.
Source: AMPE
Source: Capital
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