Lukoil, a state-controlled Russian energy company, has urged Bulgaria to cease hindering the sale of its sanctioned assets within the country. The company’s extensive operations in Bulgaria, including oil depots, petrol stations, and firms supplying ships and aircraft, have been significantly impacted by Western sanctions following Russia’s invasion of Ukraine.
The call for Bulgaria to allow unrestricted sales comes as Lukoil seeks to mitigate its loss of revenue and operational capacity. The sanctions, which target Russian entities and their assets abroad, have limited Lukoil’s ability to conduct business in Bulgaria and other Western markets. The company’s plea highlights the ongoing challenges faced by Russian state-owned enterprises in maintaining economic activity amid international pressure.
Bulgaria’s government has previously expressed concerns over the potential economic impact of allowing Lukoil’s sanctions-related assets to be sold without restrictions. However, the company’s insistence on unrestricted sales underscores the growing tensions between Bulgaria and Russian energy interests. The situation reflects the broader geopolitical struggle between Western sanctions and Russia’s efforts to retain economic leverage despite international pressure.