Romania and Bulgaria are actively seeking to exempt the oil refineries owned by the Russian company Lukoil from US sanctions. These facilities are located in both countries, and their continued operation is crucial for the energy security of the states.
This is reported by Finway
Attempts to Avoid Sanctions and Possible Nationalization
According to information, US sanctions against the companies Lukoil and Rosneft will take effect on November 21. As these restrictions could threaten the operation of several refining capacities, the Romanian and Bulgarian governments are considering various mechanisms to protect strategic enterprises. In particular, the Bulgarian parliament has already passed a law granting the government expanded powers to manage Lukoil’s plant in Burgas. If necessary, the document even allows for the nationalization of the enterprise to ensure a steady supply of gasoline to the population.
In Romania, the situation is similar: the country’s government is analyzing the possibility of temporarily exempting its refinery from the sanctions list and does not rule out nationalization of the plant as a last resort. Such actions would help maintain stability in the fuel market and avoid shortages.
Impact on Regional Energy Security
According to experts, the Bulgarian Russian refinery meets up to 80% of the country’s fuel needs. Its shutdown poses serious economic problems. Meanwhile, the Russian refinery in Romania supplies about 20% of fuel to the domestic market. The closure of this enterprise would not only lead to price increases and shortages but also jeopardize the export of Romanian fuel to Moldova.
According to energy market analyst Ana Otilia Nutu, if Moldova suffers significantly, it will become “a huge PR opportunity for Russia.”
Thus, both countries are trying to find a compromise between adhering to sanctions policy and ensuring energy stability for their citizens and neighboring states.