Britain Pauses Sanctions as Bulgaria Secures Lukoil Asset Operations

Britain pauses sanctions to allow Bulgaria's Burgas refinery, seized from Russia's Lukoil, to continue operations. US expected to follow suit. Bulgaria aims to prevent fuel supply disruption. Special manager appointed to handle Lukoil's Bulgarian assets. Discussions on Lukoil's international assets sale underway, with global interest sparked.

In a strategic move, Britain has temporarily lifted sanctions to enable Bulgaria's Burgas refinery and related petrol stations—seized from Russia's Lukoil—to continue operating. This decision, effective until February 14, is part of a broader effort to alleviate pressures on Bulgaria's energy supply as winter nears.

The Bulgarian government has appointed Rumen Spetsov, the state revenue agency's general director, as a special commercial manager to oversee Lukoil's Bulgarian assets. His appointment is essential for obtaining licenses from the U.S. and Britain, ensuring that payments do not reach Russia, thus complying with ongoing sanctions.

International interest in Lukoil's foreign assets has grown, with U.S. private equity firm Carlyle expressing potential interest. Negotiations are reportedly underway with several interested parties, indicating a global response to the asset sales following the sanctions against Lukoil and Rosneft by Western nations.

(With inputs from agencies.)