UK Issued Temporary License for the Lukoil’s Bulgarian Subsidiaries

The United Kingdom has issued a special licence allowing businesses to continue working with the two Bulgarian subsidiaries of Lukoil despite sanctions imposed on the Russian oil company.

The decision by the UK’s Office of Financial Sanctions Implementation will enable payments to and from the Bulgarian companies to continue until February.

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Companies and banks will be permitted to carry out transactions with Lukoil Bulgaria EOOD and Lukoil Neftochim Burgas AD, as well as with their subsidiaries. They will also be allowed to conclude new contracts with them.

In October, the UK issued a similar special licence to two German companies linked to Rosneft, as they are under German state control.