Bulgaria Suspends Fuel Exports to the EU Amid Sanctions on Lukoil
The LUKOIL headquarters building. Photo: AleAlexander (Creative Commons Attribution-Share Alike 3.0 Unported).
Bulgaria’s parliament has approved a law temporarily halting fuel exports to European Union countries, primarily affecting diesel and aviation fuel, Orda.kz reports, citing BTA.
The decision follows new U.S. sanctions against Russian oil companies Rosneft and Lukoil, which also cover Lukoil’s Bulgarian assets. Through its Swiss-based subsidiary Litasco, Lukoil controls Lukoil Neftochim Burgas, the largest refinery in the Balkans, and Lukoil Bulgaria, which holds up to 60% of the country’s wholesale fuel market.
The head of parliament’s budget committee, Delyan Dobrev, claims the measure is preventive and intended to protect Bulgaria’s domestic market from price speculation. The opposition criticized the move, saying the government had failed to present a clear action plan.
The export ban will take effect after its publication in the official gazette and will not apply to fuel supplied to ships, aircraft, or NATO and EU forces, the agency said.
Earlier reports indicated that Gunvor Group, a Swiss company said to be linked to billionaire Gennady Timchenko, plans to acquire Lukoil’s foreign assets.
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