EU approves $52B German economic support plan

The EU has approved a €49 billion ($52 billion) scheme to support German companies affected by the energy crisis and other consequences of the Ukraine war.

"The measure will be open to companies across sectors of all sizes which are final consumers of electricity, natural gas, and heat produced using natural gas and electricity," the European Commission said in a statement.

"Under this measure, the aid will take the shape of direct grants. The public support will be channeled via the energy suppliers through monthly instalments in the form of reductions of the electricity, natural gas and heat bills of the eligible beneficiaries."

The German government will then refund energy suppliers for the aid channeled, it added.