Bulgaria's Finance Minister Calms Concerns Over Russian Oil Derogation Impact"

Bulgaria's Minister of Finance, Asen Vassilev, provided reassurance that the forthcoming abolition of the derogation for Russian oil, scheduled for March 1, 2024, would not disrupt the Bulgarian market or prompt price hikes. Speaking to journalists in Blagoevgrad, Vassilev addressed the recent agreement between political parties—GERB-SDS, We Continue the Change - Democratic Bulgaria, and the Movement for Rights and Freedoms—to phase out the derogation in two stages.

The agreement outlines the suspension of export quotas from January 1, 2024, followed by the definitive abolition of the derogation starting March 1, 2024. Vassilev emphasized that Lukoil Neftohim Burgas' warnings of potential production shutdowns were aimed at instilling fear rather than reflecting the market's reality.

The Finance Minister further clarified that the presence of non-Russian oil would facilitate safe exportation, nullifying concerns about market disruptions. He assured that the transition, if well-executed, would not adversely affect the market's stability or lead to substantial price increases.

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