Boyko Borissov: Bulgaria Will Secure U.S. Derogation on Lukoil Sanctions

GERB leader Boyko Borissov said he was certain that Bulgaria would obtain a derogation related to the application of US sanctions against Russian oil companies Lukoil and Rosneft. Speaking in Parliament, Borissov expressed confidence that “there will be no problem” and emphasized that the United States remains a reliable partner, noting that OFAC had positively assessed Bulgaria’s actions. He added that if lawmakers override President Rumen Radev’s veto on the Lukoil law, a decision could be finalized early next week, with a special administrator appointed soon after.

According to Borissov, Russia is unlikely to pursue legal action against Bulgaria because the sanctions originate from the United States, and Sofia’s decisions are made under external pressure. He underlined that the government was taking all necessary measures to ensure the Burgas refinery continued to operate smoothly. Borissov said he had instructed Finance Minister Temenuzhka Petkova to hold talks with the two banks servicing Lukoil’s gas stations, which planned to apply the restrictions prematurely. He stressed that no obstacles should arise that would prevent the company from completing payments by November 21.

Borissov criticized President Rumen Radev for vetoing the legislative changes introducing a “special manager” at Lukoil Neftochim Burgas, describing the move as a one-week delay that served no constructive purpose. “We passed the law on Friday; he could have vetoed it immediately and work would have continued,” Borissov said, adding that the delay had shortened the US reaction time by a week due to the weekend and public holidays. Despite the veto, he said the National Assembly would move quickly to adopt the law and “reassure the Bulgarian people.”

He also stated that the assets of Lukoil and Rosneft should eventually be sold to new owners, as the companies are unable to operate under the current circumstances. According to him, the value of the Burgas refinery is estimated between 2 and 2.5 billion euros. Borissov said that if such a sale takes place, the proceeds should be placed in a frozen account to preserve the investment until relations between Washington and Moscow improve. “When one day a leader like Gorbachev appears again and relations normalize, it should be clear that no one seized or stole their refinery,” he remarked.

The GERB leader referred to a letter he had recently received, which he said reinforced his belief that the US would grant Bulgaria a derogation. He jokingly referred to it as a “letter from my uncle,” explaining that the document acknowledged Bulgaria’s legal position and appeared to anticipate the presidential veto, which would temporarily delay the process. Borissov claimed he had forwarded the letter to President Radev for review.

Borissov also confirmed that he had requested due diligence be carried out regarding any potential sale of Lukoil assets, noting that the process would be straightforward since many international companies had already expressed interest. He reiterated that the proposal to appoint a special manager at Lukoil Neftochim Burgas had not originated from the Bulgarian government, but was introduced in response to US sanctions on Russian energy firms.

He further commented that he had recently visited the British Embassy for discussions lasting over 40 minutes, during which he advocated lifting the Magnitsky sanctions on all Bulgarian individuals, including former Energy Minister Rumen Ovcharov. “If I were prime minister, I would be negotiating directly. When my friends invite me to lunch, we talk - and that’s something others cannot take from me,” he said.

Borissov concluded by stressing the growing closeness between Sofia and Washington, remarking that Bulgaria’s political and economic interests are now strongly aligned with those of the United States. “We are more concerned with what they write there than what they write here,” he said, emphasizing the importance of maintaining trust and partnership with Washington.