The European Commission Wednesday approved a 5 billion euro (USD 5.5 billion) Czech scheme to support large energy producers in the context of Russia’s war against Ukraine.
Under this measure, the aid takes the form of subsidized loans, it said in a press release today.
The purpose of the plan is to help large energy producers to meet the collateral requests in the energy trading markets, with the final aim of supporting the functioning of the markets and the supply of energy to the economy.
The EU’s executive body concluded that the Czech scheme was necessary, appropriate and equal to remedy a serious disturbance in the economy of an EU Member State.
Source: Kuwait News Agency