US sanctions against Russian energy giants “Lukoil“ and “Rosneft“ officially come into effect today due to their role in financing the war in Ukraine. Great Britain, which has also imposed restrictions on the two largest Russian oil producers, has expanded the sanctions exemptions related to their operations in Bulgaria. Previously, the US granted the country a reprieve for “Lukoil“s business, News.bg reports.
The partial lifting of sanctions by the US, valid until the end of April 2026, provides a temporary buffer and reduces the risk of disruption to winter fuel supplies. “Lukoil“ operates the refinery in Burgas, dozens of storage facilities and hundreds of gas stations in the country, making the Bulgarian energy system particularly sensitive to sanctions regimes.
Washington follows the British approach, which recently allowed two German divisions of „Rosneft“ to remain outside the scope of sanctions in order to preserve energy stability in the region.
The British government has expanded the special license allowing financial transactions with „Lukoil“ in Bulgaria, with the new exemption additionally covering „Lukoil-Bulgaria Bunker“ and „Lukoil Aviation Bulgaria“.
The initial license of November 14 was issued to ensure the normal operation of „Lukoil Neftochim Burgas“ and the network of gas stations following the actions taken to seize the assets of the Russian company. The new document allows transactions with:
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„Lukoil Bulgaria“ EOOD
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„Lukoil Neftochim Burgas“ AD
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„Lukoil-Bulgaria Bunker“
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„Lukoil Aviation Bulgaria“
… as well as all their subsidiaries until February 2026.
In mid-November, London imposed sanctions against „Lukoil“, „Rosneft“ and other major Russian oil producers, followed by identical steps by Washington. Both countries emphasize the need for a balance - limiting Russia's revenues, but at the same time protecting the energy security of Europeans allies.
The Balkans remain a sensitive region, as “Lukoil“ owns refineries in Bulgaria and Romania, and sanctions have also been imposed on the Serbian oil company NIS.