Competition regulators are also looking at various support measures as sanctions continue to multiply from the EU and beyond.

Reuters reported that the EU set a precedent during the pandemic when it relaxed state aid rules for businesses impacted by Covid-19 restrictions.

Commission spokeswoman Arianna Podesta said: “The Commission is closely monitoring the situation and is ready to use the full flexibility of its state aid toolbox in order to enable member states to support companies and sectors severely impacted by the current geopolitical developments.”

As of March 9, EU restrictive measures against Russia and Belarus now apply to a total of 862 individuals and 53 entities.

Source: Reuters