Bulgarian Prime Minister: US Sanctions Affect Refinery's Russian Owner
Bulgaria Requires Urgent Response] According to Bulgarian National Television, Bulgarian Prime Minister Rosen Zhilyazkov stated on Thursday that Bulgaria must decide by November 21st what measures to take regarding its Burgas Refinery, the country's sole oil refinery operator, following US sanctions on Russia's Lukoil. Zhilyazkov stated that the refinery has not processed Russian crude oil for a long time, and therefore the sanctions will not affect the production and supply of oil products. The US Treasury Department stated on Wednesday that the sanctions on Lukoil stem from Moscow's failure to demonstrate a concrete commitment to ending the conflict in Ukraine. In addition to Lukoil, the US also sanctioned Russian oil giant Rosneft and several of its Russian subsidiaries, explicitly extending the restrictions to all entities in which Rosneft and Rosneft hold a direct or indirect stake of more than 50%, even if not designated by the Office of Foreign Assets Control. In June of this year, the Bulgarian Commission for the Protection of Competition launched an antitrust investigation into Lukoil's Burgas Refinery and fuel retailer Lukoil Bulgaria, alleging violations of domestic and EU competition law.
