Germany on Monday announced that its guarantees for German companies investing in Ukraine would be expanded beyond property damage.

From now on, the guarantees will also cover conversion and transfer risks for interest payments on quasi-equity loans often used by German companies to fund Ukrainian subsidiaries, a statement from the economy ministry said.

Fourteen companies are currently making use of the guarantees covering a total maximum liability of 280 million euros ($307.24 million), the ministry said, adding that it had received further applications and would process them swiftly. ($1 = 0.9113 euros) (Writing by Rachel More, Editing by Friederike Heine)