US EditionUK grants temporary sanctions exemption for Lukoil subsidiary in Bulgaria
The UK license allows Lukoil Bulgaria to operate with UK firms for three months while Bulgarian authorities prepare to safeguard the refinery amid pending sanctions.
- Friday, Britain granted a three-month reprieve allowing Lukoil Bulgaria to keep doing business with UK companies and banks, providing temporary economic relief for Bulgaria, the Office of Financial Sanctions Implementation said.
- The Burgas refinery anchors regional fuel supply as the largest oil refinery in the Balkans, while Lukoil Bulgaria, Bulgaria's largest company, operates a nationwide network of depots and gas stations.
- The government appointed Rumen Spetsov, head of the National Revenue Agency, as the refinery's commercial manager Friday, and Bulgarian lawmakers voted 128–59 to overturn the presidential veto to enable state takeover and sale.
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The U.S. and British sanctions against Lukoil have led to a critical fuel situation in Bulgaria, which depends on the NPP of the Russian company, and London has now granted Sofia a three-month suspension.
Bulgaria's economy received a temporary boost today after Britain announced it would grant it a three-month exemption from sanctions imposed on the local subsidiary of Russian oil giant Lukoil, the Bulgarian news agency BTA reported. ;The agency cited a statement from the UK's Financial Sanctions Enforcement Office in London, according to which Lukoil Bulgaria's license to do business with British companies and banks was extended. ;
Britain Grants Temporary Sanctions Exemption for Bulgarian Lukoil Units - Novinite.com - Sofia News Agency
Britain has introduced a temporary exemption that permits continued business with two Bulgarian subsidiaries of the sanctioned Russian oil group Lukoil. The general license, issued by the UK Financial Sanctions Enforcement Office, enables companies and financial institutions to conduct transactions with Lukoil Bulgaria EOOD and Lukoil Neftochim Burgas AD, along with their affiliated firms. The authorization, which took effect on November 14, 202…
The UK suspended sanctions against Lukoil to ensure the operation of the oil refinery in Burgas. For what you know, read tsn.ua (news 1+1).
UK Grants Temporary Licence Allowing Bulgaria to Continue Operating Lukoil Assets Despite Sanctions
The United Kingdom has issued a temporary general licence permitting the continued operation of Lukoil’s Bulgarian subsidiaries, allowing payments and business activities involving the companies to proceed despite UK sanctions against Russia. The
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