Print

Apr 07 2022

The EU plans state aid for companies impacted by sanctions

The EU is coming up with a new state aid mechanism to help those affected by the sanctions, said Kristian Schmidt, director of land transport in the EU Commission. European companies suffer losses due to the sanctions, and the rail freight sector is no exception. Rail freight operators report an 80 per cent drop in Eurasian volumes and express concerns about the future.

Schmidt and apparently the EU acknowledge that the impact of the voted sanctions can be heavy for European companies. In fact, the financial losses can be substantial. “With regard to the impact of the sanctions, the EU Commission has issued several decisions allowing state aid and allowing member states to compensate the companies and undertakings that are suffering due to the sanction packages that have been adopted”, explained Schmidt.

 

EU support on the way

Schmidt shared this news during the RailFreight Summit Special Edition in Brussels on 6 April. During a live interview, he discussed the impact of sanctions on European businesses. “There is no doubt that sanctions cut in both ways. European transport, the supply chain and companies are also impacted”, commented Schmidt. “However, there is a way to help those affected”, he added. Read more

 

Source: RAILFREIGHT.COM