On November 12, 2025, Bulgarian President Rumen Radev exercised his veto power over legislative changes intended to enable the government to take control of Lukoil’s Burgas oil refinery and subsequently sell it to mitigate the effects of U.S. sanctions. Radev criticized the proposed changes for lacking safeguards against potential financial liabilities, breaching constitutional principles, and jeopardizing public finances, as he returned the bill to parliament for further deliberation. Last Friday, parliament had approved the legislation, which aimed to enhance the authority of a government-appointed commercial manager overseeing the refinery’s operations even after the U.S. sanctions take effect on November 21. Radev expressed concern that the law’s expansion was both unjustifiable and perilous, noting the elimination of necessary safeguards against future claims. It is important to acknowledge that while the president’s role is primarily ceremonial, the parliament has the authority to override his veto. Recent sanctions imposed by the U.S. and the U.K. on Lukoil and Rosneft, the two largest oil firms in Russia, come as a response to the ongoing conflict in Ukraine, raising alarms about the continued viability of their European operations. Bulgarian Energy Minister Zhecho Stankov announced that Bulgaria has sought a sanctions exemption from the U.S. Office of Foreign Assets Control (OFAC) as of October 27. He further emphasized that the newly appointed state manager’s responsibilities would include continuous monitoring to prevent financial resources from subsidiary companies from flowing to the sanctioned entities. With winter approaching, concerns about fuel supply stability have intensified, particularly as Lukoil operates a crucial refinery and numerous gas stations in Bulgaria. However, Stankov reassured that the nation has secured adequate fuel reserves: six months of gasoline, four months of diesel, and two months of aviation fuel. The sanctions are expected to directly impact four Bulgarian firms linked to Lukoil due to a potential suspension of banking services after November 21.<\/p>\n","protected":false},"excerpt":{"rendered":"
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