BRUSSELS (Reuters), EU competition regulators have approved Wednesday a German 11-billion euro ($11.58 billion) scheme to aid companies that are affected by Russia sanctions. This is similar to the recent EU government proposals.

Companies can get loans up to 90% guaranteed by the state or lower interest rates for working capital.

Margrethe Vestager (European Competition Commissioner) stated that Germany will be able to reduce the economic effects of Putin’s war on Ukraine. She also said that the umbrella program would help companies in all sector affected by the crisis and associated sanctions.

Recently, the European Commission, the competition enforcer of the European Union’s 27 member countries, relaxed its rules on state aid to permit EU governments to assist companies that have been affected by sanctions.

($1 = 0.9499 euros)