European Commission Confident in Fuel Stability After U.S. Targets Rosneft and Lukoil

European Commissioner for Economy and Productivity Valdis Dombrovskis has said there are no signs of any problems with oil product supplies across the European Union, despite the latest U.S. sanctions targeting Russia’s energy sector.

Speaking to the Bulgarian National Radio ahead of his participation in the conference “Bulgaria on the Threshold of the Eurozone” in Sofia, Dombrovskis emphasized that EU fuel markets remain stable and that there is currently no risk of shortages as a result of Washington’s measures against Rosneft and Lukoil.

The European Commissioner noted that Brussels supports the U.S. decision to impose sanctions on the two largest Russian oil companies in response to Moscow’s ongoing war against Ukraine. “This step from the White House complements the existing European sanctions,” he said.

According to Dombrovskis, the European Commission is in regular contact with member states, including Bulgaria, where Lukoil maintains key assets. “We are assessing whether any challenges may arise and how the affected countries can best respond,” he explained. “At this stage, however, we see no indication that EU members are facing difficulties in ensuring the security of oil product supplies.”

He also pointed out that European law requires all member states to maintain mandatory oil reserves equivalent to at least 90 days of average daily consumption. This, he said, ensures the capacity to respond effectively in case of market disruptions.

Dombrovskis added that the issue will be discussed further during the next meeting of the EU Oil Coordination Group, scheduled for November 12, where member states will review the current situation and potential contingency measures.