Bulgaria Imposes Early Embargo on Russian Oil

The Bulgarian Parliament has passed a law that imposes a ban on the export of fuel produced from Russian oil starting January 1, 2024, and halts the processing of this oil at the Lukoil Neftochim Burgas refinery from March 1, 2024. The decision, supported by 144 votes in favor during the first and second readings, was reported by the local news agency BTA.

With this move, Bulgaria has opted to prematurely lift its exemption from the European Union's embargo on the import of Russian oil, which the European Commission granted to Sofia in 2022 due to the country's "specific geographical location." According to existing legislation, this exemption was set to expire on October 1, 2024.

Additionally, Bulgarian lawmakers have endorsed the decision to abolish the trade duty on the import and transit of Russian natural gas until EU legislation establishes provisions regarding the origin of natural gas. This decision paves the way for the country's entry into the Schengen zone, as Hungary had demanded the removal of this norm, threatening to block the accession process otherwise.

It is worth noting that Bulgaria and several other EU countries are exempt from the EU's ban on the import of Russian crude oil until the end of 2024. In late September, the Bulgarian Parliament approved a resolution for the gradual cessation of the import of Russian crude oil until October 2024.

Previously, the Bulgarian Parliament supported a bill that would return control of the port of Rosenets, under the concession of the Russian company Lukoil, to the state.

Recall that on Monday, December 18, the Council of the European Union approved the 12th package of sanctions against Russia in response to its military aggression against Ukraine. A key element of the new package is a ban on the direct or indirect import and transfer of diamonds from Russia. This ban, agreed upon by the "Big Seven," will take effect on January 1, 2024. Restrictions on Russian diamonds processed in third countries will be implemented from March 1 to September 1, 2024.

Among other restrictions in the new sanctions package, EU exporters will be prohibited from contractually re-exporting secret goods and technologies to Russia when entering into agreements with third countries. The list of goods prohibited for export and re-export to Russia includes chemicals, lithium batteries, thermostats, DC electric motors, servomechanisms for drones, machine tools, and parts of machinery and mechanisms.