The European Commission approved, on Monday 6 March, an amendment to an existing Italian guarantee scheme, including an up to €3 billion budget increase, for the reinsurance of natural gas and electricity trade credit risk in the context of Russia’s war against Ukraine.
The amendment was approved on the basis of Article 107(3)(b) of the Treaty on the Functioning of the EU, recognising that the EU economy is experiencing a serious disturbance.
The initial scheme, approved by the Commission on 30 September 2022, aims at limiting the risks that insurers currently face in offering credit insurance to their customers. Italy has notified the following changes to the existing scheme: - an increase in the overall budget of up to €3 billion; - an extension of the period in relation to which aid may be granted, until 31 December 2023, and - a longer deferral (i.e. 36 months) for the payment of energy bills by customers; - the introduction of the possibility of opening the scheme also to companies with a maximum annual turnover above €50 million.
The Commission found that the amendment notified by Italy is compatible with the principles of the EU Treaty and is well targeted to remedy a serious disturbance in the Italian economy. (Original version in French by Lionel Changeur)