U.S. Sanctions on Russian Oil Companies: What Impact Will They Have on Bulgaria’s Fuel Market?

The Bulgarian fuel market will not experience disruptions as a result of the U.S. sanctions imposed on Russia’s major oil producers, according to Svetoslav Benchev, Chair of the Bulgarian Petroleum and Gas Association.

Speaking on BNT’s “Oshte ot Denya” (More from the Day) programme on October 23, Benchev noted that similar sanctions introduced by the United Kingdom had not led to any market consequences.

“If the European Union were to join these sanctions — which, at least for now, it has not — then the situation would be different. Even in the EU’s 19th sanctions package, there is no explicit mention of these companies,” he said.

Benchev emphasised that the operation of the refinery on Bulgarian territory remains essential for maintaining fuel supply and market stability.

“Without the refinery operating in the country, it would be impossible to organise the market. That’s something everyone in Bulgaria needs to understand,” he added.