On Friday, November 14, Great Britain suspended sanctions against the Russian company Lukoil for Bulgaria to ensure the uninterrupted operation of the Burgas oil refinery. This is reported by the agency Reuters, according to UNN.
Details
The UK Office of Financial Sanctions Implementation has issued licenses to two Bulgarian subsidiaries of Lukoil, which are engaged in fuel sales and operate the country's only refinery. These licenses allow enterprises and banks to conduct financial transactions with them and their structures until February 14, 2026.
"Lukoil" loses $10 billion: US sanctions paralyze company abroad – FT12.11.25, 20:48
London's decision was made after the Bulgarian government appointed a special administrator who took control of Lukoil's local assets.
According to Reuters, Bulgaria has also asked the US to temporarily ease American sanctions against the company.
US sanctions against Russia
On Tuesday, October 22, the United States Department of the Treasury officially imposed sanctions against leading Russian oil companies Rosneft, Lukoil, and their subsidiaries. The US called on Moscow to "immediately" agree to end the war against Ukraine.
On Wednesday, October 23, Vladimir Putin stated that the new US sanctions are serious but will not affect the Russian economy. He called them an attempt to pressure and an unfriendly act that does not strengthen Russian-American relations.
Later, Donald Trump reacted to Vladimir Putin's statement about Russia's alleged imperviousness to American sanctions. The US President ironically noted that he was glad to hear about the dictator's "confidence" but preferred to see how Russia would cope with the restrictions.
Recall
The Russian company Lukoil informed the Iraqi government about force majeure at the West Qurna-2 field due to US and UK sanctions. Iraq has suspended all payments to Lukoil, which could lead to a halt in production at the field.