Bulgaria moves to seize, sell Russian energy giant’s refinery amid sanctions pressure

Bulgaria is preparing legislative amendments that would allow authorities to seize the Lukoil-owned oil refinery in Burgas and sell it to a new owner, Bulgarian media outlet Capital reported on Nov. 6.

The move aims to protect Bulgaria’s only refinery — and a major supplier — from the impact of U.S. sanctions imposed on Russia’s largest oil companies, Rosneft and Lukoil.

Washington’s Oct. 22 sanctions froze the firms’ U.S.-based assets and threatened secondary penalties for foreign entities engaging with them.

Under the proposed legislation, an external administrator would be appointed to oversee the refinery’s sale, while Lukoil would lose its voting rights and the ability to contest the decision.

The Burgas facility supplies more than two-thirds of Bulgaria’s domestic fuel.