Bulgaria's Fuel Security Amid Russian Sanctions

Bulgaria has ensured adequate fuel supplies despite sanctions on Lukoil, its largest refinery operator, due to U.S. sanctions on Russia. Prime Minister Rosen Zhelyazkov emphasized the need to keep the refinery operational and is exploring strategies with the refinery's management to maintain national fuel stability.

Bulgaria confidently announced it has secured adequate fuel supplies even as U.S. sanctions hit Russia's Lukoil, the country's primary refinery operator. Prime Minister Rosen Zhelyazkov assured that steps are underway to ensure Lukoil's vital refinery in Burgas remains operational despite the sanctions linked to Russia's involvement in Ukraine.

During a media address in Brussels, Zhelyazkov stressed the importance of devising a national strategy within the next month to manage the refinery in collaboration with its management. Meanwhile, Bulgaria's central bank is actively consulting with the finance ministry and other authorities to assess necessary actions moving forward.

Facing existing pressures to divest due to ongoing sanctions, Lukoil's situation remains uncertain. Options being considered include selling assets, government intervention, or potentially ceasing operations altogether, raising concerns about future fuel availability from former Prime Minister Boyko Borissov.

(With inputs from agencies.)