Bulgaria on the verge of a fuel crisis due to US sanctions

Bulgaria is on the verge of a fuel crisis due to US sanctions against Russia's Lukoil«

Bulgaria has found itself on the verge of a fuel crisis due to US sanctions against a Russian company «Lukoil», which operates the country's largest Burgas Oil Refinery and a network of hundreds of petrol stations.

As reported by Reuters, from 21 November of the company will be it is forbidden to work in Bulgaria, as it was subject to restrictions related to financing and servicing by banks.

According to the State Reserve Agency, petrol reserves will last for 30 days, and diesel fuel - for about 50 days.

«We are looking for alternative sources of supply, but the risk of a shortage remains,» said a Bulgarian government official.

Attempts to prevent the crisis

To avoid a collapse of the fuel market, Bulgarian parliament passed a law, which allows you to the state to take control of the Burgas refinery, or even sell the company's asset to another operator.
However, the country's president vetoed to the document, claiming «violation of constitutional guarantees of private property».

Also Bulgaria temporarily banned fuel exports to EU countries, to secure the domestic market for the duration of the sanctions.

Context.

«Lukoil remains the only major oil refinery operator in Bulgaria, which meets more than 80% of the market's needs.
Experts warn that if supplies are cut off or production stops, the country can expect A sharp jump in fuel prices and problems with transport and heating in winter.

US sanctions against Lukoil have become part of the a broader package of restrictions against the Russian energy sector, introduced due to the war in Ukraine.