USA Grants Temporary Exemption for Bulgaria Regarding the Sanctions against Lukoil

The United States has temporarily exempted four Bulgarian subsidiaries of the Lukoil group from its sanctions regime until 29 April 2026.

The Treasury Department’s Office of Foreign Assets Control (OFAC) has issued a General Licence titled “Authorising Transactions Involving Certain Lukoil Entities in Bulgaria”, following earlier US measures imposed against the Russian energy giant.

• Rumen Spetsov Appointed Special Commercial Administrator of the Lukoil group companies in Bulgaria

The licence permits transactions involving several Lukoil companies in Bulgaria — including Lukoil Neftochim Burgas AD, Lukoil Bulgaria EOOD, Lukoil Aviation Bulgaria EOOD, and Lukoil Bulgaria Bunker EOOD — as well as any other entity in which one or more of these companies hold, directly or indirectly, a 50% or greater ownership interest. The authorisation remains valid until 00:01 Eastern Time on 29 April 2026.

• UK Issued Temporary License for the Lukoil’s Bulgarian Subsidiaries

Earlier, the UK’s Office of Financial Sanctions Implementation issued a special licence allowing businesses to continue working with two Lukoil subsidiaries in Bulgaria despite sanctions imposed on the Russian parent company. The UK licence permits payments to and from the Bulgarian firms until February, enables banks and companies to process transactions with Lukoil Bulgaria EOOD and Lukoil Neftochim Burgas AD, and allows new contracts to be concluded with them.