The United Kingdom temporarily suspended sanctions against the Russian energy company Lukoil on Friday to ensure the continued operation of its key oil refinery located in Burgas, Bulgaria. The UK's Office of Financial Sanctions Implementation issued licenses to two Lukoil entities in Bulgaria responsible for the sale and distribution of fuel and the management of the country’s sole oil refinery in Burgas. These licenses authorize companies and banks to conduct transactions with the two Lukoil subsidiaries and their affiliates until February 14, 2026, reports The WP Times with reference to Reuters.
The decision by the British government coincides with action taken by the Bulgarian government, which appointed a special administrator on Friday to take control of Lukoil’s Bulgarian assets. According to Reuters, the Bulgarian side also sought a temporary waiver from the separate US sanctions targeting Lukoil, with an announcement on that decision potentially expected by the end of Friday.
The impending US sanctions against Lukoil, scheduled to take effect on November 21, had triggered significant concern among Bulgarian leaders who feared the measures could lead to the closure of the critical Burgas refinery. Just a week prior, the Bulgarian parliament voted to grant the government authority to confiscate Lukoil's assets in the country, where the company holds a near-monopoly position with its network of fuel depots, petrol stations, and firms supplying vessels and aircraft.
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