Following new U.S. sanctions against Russia’s two largest oil companies – Rosneft and Lukoil – aimed at pressuring Moscow to engage in peace talks over Ukraine, the first reaction came from Bulgaria, kdp.mk reported.
In Sofia, the National Assembly adopted at second reading amendments to the Investment Promotion Act, imposing tighter state control over the sale of Lukoil’s assets in the country. Under the new provisions, any transaction involving the sale of shares or capital in Lukoil-Bulgaria, Lukoil Neftohim Burgas, or Lukoil Aviation Bulgaria can be carried out only after approval by the Council of Ministers and a positive opinion from the State Agency for National Security. The agency must conduct a prior security assessment and submit a written opinion before any transaction is approved.
Lukoil’s refinery in the coastal city of Burgas remains one of the last factors preventing the European Union from imposing direct sanctions on Russian oil companies, as the United States has already done, Bulgaria’s state radio reported, citing the European edition of Politico.
The U.S. administration’s decision to sanction Rosneft and Lukoil followed the European Union’s adoption of its latest package of restrictive measures against Russia, which includes a ban on imports of Russian liquefied natural gas (LNG).
The Trump administration’s measures coincided with the United Kingdom’s recent move to impose similar sanctions on the same Russian companies. According to U.S. officials, these are the first major sanctions against Russia by the Trump administration and are expected to have a stronger impact than those introduced by Britain.
Trump told reporters in the Oval Office on Wednesday that he had canceled his planned meeting with Russian President Vladimir Putin in Hungary, saying it was “not the right time.” The move was interpreted as another sign of Washington’s growing impatience, Radio Free Europe/Radio Liberty reported.
EU’s 19th Sanctions Package
European Union member states on Thursday formally approved the 19th package of sanctions against Russia over its war in Ukraine, including a ban on imports of Russian liquefied natural gas.
All 27 member states endorsed the package late Wednesday after Slovakia withdrew its veto.
“This is an important package that targets Russia’s main sources of revenue through new energy, financial, and trade measures,” said Denmark’s EU presidency in a statement.
The LNG ban will take effect in two phases: short-term contracts will end after six months, while long-term contracts will expire on January 1, 2027.
The package also adds Russian oil tankers to the EU blacklist and introduces new travel restrictions for Russian diplomats.
This is the 19th sanctions package imposed by the EU since the start of Russia’s full-scale invasion of Ukraine in 2022. European Commission President Ursula von der Leyen said earlier that the purchase of Russian fossil fuels continues to finance the Kremlin’s war.
Lukoil’s presence in the Balkans
Beyond Bulgaria, Lukoil maintains a strong presence across the Balkans. The company operates retail fuel networks and storage facilities in Serbia, North Macedonia, Montenegro, Bosnia and Herzegovina, and Romania, serving as one of the region’s major suppliers of petroleum products. In several of these countries, Lukoil also owns or co-manages fuel depots and logistics infrastructure, maintaining strategic access to regional energy markets despite increasing Western sanctions.