US Grants Crucial Waiver Allowing Lukoil Operations in Bulgaria

The United States has granted Bulgaria a significant exemption from its sanctions on Lukoil, easing concerns about the company’s operations in the country and the broader impact on fuel supplies. Through a new General License issued by the Treasury Department’s Office of Foreign Assets Control, transactions with several Lukoil subsidiaries in Bulgaria are temporarily allowed despite the broader restrictions placed on the Russian oil group. The measure covers Lukoil Neftokhim Burgas AD, Lukoil Bulgaria EOOD, Lukoil Aviation Bulgaria EOOD and Lukoil Bulgaria Bunker EOOD, along with any companies in which they hold at least a 50 percent stake....