EU nations Bulgaria and Romania are navigating the complex landscape of US sanctions on Russian oil major Lukoil, aiming to safeguard their national interests and energy supplies. The sanctions, imposed by Washington due to alleged inaction on the Ukraine peace process, pose a significant threat to the operational status of key refineries owned by Lukoil in both countries. With the measures set to take effect on November 21, there is a growing concern over the stability of the energy markets in the region, particularly in Bulgaria where the Neftochim Burgas refinery supplies a substantial portion of the country’s fuel.
Bulgarian officials are under pressure to find solutions to prevent the potential shutdown of the critical refinery, which could disrupt fuel supplies and trigger economic and social unrest. In response, the Bulgarian government is actively seeking exemptions or delays in the implementation of the sanctions, while also considering measures such as nationalization or government control to ensure continued operations. Meanwhile, Romania is also exploring ways to mitigate the impact of these sanctions, as its Petrotel refinery provides essential fuel services to the country and neighboring Moldova. The potential for a shortage or increased prices in Romania is a concern, but analysts suggest that the impact may be less severe compared to Bulgaria.
The situation reflects broader geopolitical tensions, with Moscow expressing strong opposition to Western sanctions, viewing them as politically motivated and illegal. The Kremlin’s stance underscores the ongoing disputes over energy policy and its implications for international trade and market stability. As the US sanctions remain a point of contention, the actions of Bulgaria and Romania represent a strategic effort to balance economic interests with geopolitical considerations in the face of international sanctions pressures.