Sanchez: Spain readying $6.6BN for Ukraine fallout

Spain's government is readying a package of emergency economic measures worth 6.6 billion US dollars in direct aid and tax breaks and 11 billion US dollars in loans for families and businesses affected by the fallout from the conflict in Ukraine, Prime Minister Pedro Sanchez said Monday.

Like the rest of Europe, Spain has been struggling since last year with soaring energy prices, with households and businesses struggling to pay electricity bills. Since the conflict begins, oil prices have spiked, and Spain's transport and farm sectors have demanded help with crippling gasoline prices.

The measures, intended to remain in place through June 30, will be assessed by European Union authorities before being enacted to ensure they don't provide an unfair advantage. Among other measures, the government is to provide an across-the-board discount of 0.22 US dollars per liter of gas, with the government meeting three-fourths of that cost and gas companies the rest, Sánchez said in a preview of the plan.