After the sanctions imposed by US President Donald Trump against the Russian energy giants “Rosneft“ and “Lukoil“, experts in our country reassure that there is no immediate risk of fuel shortages or a shock increase in prices in Bulgaria.
In the studio of “Face to Face“ on bTV, the chief economist of the Center for the Study of Democracy Ruslan Stefanov emphasized that Bulgaria is one of the best prepared countries in the EU to deal with such a situation.
“The problem is serious and real, but it should not lead to shocks in the domestic market. The Bulgarian government has the necessary tools“, Stefanov said.
According to him, the European Union has already prepared scenarios for such a crisis in 2022, and several countries – such as Germany and Italy – have already taken action to take control of key energy infrastructure in order to protect national security.
The sanctions exclude “Lukoil“ and all its divisions around the world from trading in US dollars, which practically makes the company's work more difficult.
“Over 84% of world trade is carried out in dollars. The loss of access to this currency makes “Lukoil“ toxic partner for banks and companies that have even minimal business with the US“, Stefanov explained.
He added that banks are withdrawing from working with “Lukoil“ to avoid the risk of American fines. “This is a forced change of partners – not because they want to, but because the sanctions oblige them“, the economist specified.
”Without a change in the market structure, we will continue to pay higher prices because of the company's monopoly position“, Stefanov said.
According to the expert, the crisis surrounding the sanctions could become an opportunity for Bulgaria – for real liberalization of the fuel market, for strengthening energy independence and for ending the long-standing dependence on Russian influence.