Bulgaria Says Lukoil Sanctions Won’t Disrupt Fuel Market

Bulgaria does not expect disruptions in its fuel market from U.S. sanctions on Lukoil. Delyan Dobrev, chair of the parliamentary budget and finance committee, told reporters after a meeting that lawmakers had already acted. Three weeks earlier, parliament passed a bill on first reading requiring state approval for any Lukoil sale. The process would involve the State Agency for National Security, followed by the Council of Ministers.

Dobrev said consumers have no reason to worry. He sees no risk of shocks in the fuel market and urged calm. He noted the European market has many fuel suppliers. The sanctions also do not block normal operations at the Lukoil refinery.

Asked if the sanctions might affect a possible sale of Lukoil’s Bulgarian assets, Dobrev said they could influence such a deal either way. The U.S. Treasury targeted Lukoil and Rosneft but exempted some transactions. Separately, the European Union adopted its nineteenth sanctions package, banning purchases of Russian liquefied natural gas and targeting over one hundred oil tankers.