BERLIN The German government has loosened its requirements for export credit guarantees for companies doing business with Ukraine in an effort to shore up economic recovery in the country, the economy ministry said Thursday.

Effective immediately, the application procedure will no longer require bank guarantees if the risk is justifiable, replacing a stricter case-by-case examination, the ministry said.

It added that small- and medium-sized companies stood to benefit from the changes.

"The simplified procedures that have now been decided will speed up many things," Economy Minister Robert Habeck said.

In 2022, the German government secured goods and services worth 14.9 billion euros ($16 billion) with export credit guarantees. In 2021 - before Russia's full-scale invasion of Ukraine - the figure stood at 20.2 billion euros.

Export credit guarantees for business with Russia and Belarus are no longer issued by the German government as a consequence of the war in Ukraine.

($1 = 0.9100 euros)

(Reporting by Christian Kraemer, Writing by Friederike Heine; editing by Matthias Williams)