Bulgaria's PM Convenes Working Meeting Following U.S. Sanctions on Russia’s Largest Oil Companies

Bulgaria's Prime Minister Rossen Zhelyazkov on October 24 convened a working meeting in response to the United States’ decision to impose sanctions on Russia’s two largest oil companies, Rosneft and Lukoil.

Five key ministries are providing updates on the situation, with the aim of developing coordinated measures to mitigate potential economic and energy-related impacts.

So far, no official statement has been issued from the meeting, which is taking place at the Council of Ministers building in Sofia. Participants include Interior Minister Daniel Mitov, Energy Minister Zhecho Stankov, Finance Minister Temenuzhka Petkova, Justice Minister Georgi Georgiev, and Economy Minister Petar Dilov, as well as the heads of Bulgaria’s intelligence and security services.

Earlier today, Justice Minister Georgi Georgiev told reporters that his ministry had prepared a detailed report analysing the impact of the sanctions on the Burgas refinery and on Lukoil’s subsidiaries in Bulgaria.

“We have conducted a detailed analysis of the subsidiary companies, their ownership structures, and whether they fall within the scope of the sanctions,” Georgiev said. “For years, we have been applying these measures through the Commercial Register. Following the EU’s 19th sanctions package, we now monitor company filings closely, particularly those involving attempts to change ownership. We have received multiple reports of efforts to circumvent sanctions.”

He added that the Burgas refinery and several of Lukoil’s Bulgarian subsidiaries meet the criteria outlined in the new sanctions.

Delian Dobrev, Chair of the Parliamentary Budget Committee, also took part in the government’s emergency meeting. He reaffirmed his position from yesterday that the U.S. sanctions on Russian oil companies will not impact fuel prices in Bulgaria, adding that the government introduced preventive measures several weeks ago, including legislative amendments designed to prevent any rise in fuel costs.