The EU Commission approves a Belgian scheme worth €1.5B to support energy suppliers in the context of Russia’s war against Ukraine

The European Commission has approved a €1.5 billion Belgian guarantee scheme to support gas and electricity suppliers in the context of Russia's war against Ukraine. The scheme was approved under the State aid Temporary Crisis Framework, adopted by the Commission on 23 March 2022, and amended on 20 July 2022, based on Article 107(3)(b) of the Treaty on the Functioning of the European Union (‘TFEU'), recognising that the EU economy is experiencing a serious disturbance. Executive Vice-President Margrethe Vestager, in charge of competition policy, said: “In the context of economic uncertainty caused by the current geopolitical crisis, this €1.5 billion guarantee scheme will enable Belgium to provide liquidity support to natural gas and electricity suppliers and to their intermediaries,