Energy Minister Zhecho Stankov stated that Bulgaria is not subject to any additional U.S. conditions for the recently approved sanctions exemption for Lukoil to take effect. He said that Washington’s decision to postpone enforcement has eased the pressure seen in recent weeks, and noted that the waiver could be extended again if necessary.
According to Stankov, the terms of the U.S. derogation have reassured Bulgarian banks, enabling them to continue servicing Lukoil’s operations. He revealed that the Government had received a concerning letter last week from international card operators instructing banks to halt activities related to Lukoil-issued cards. The new U.S. waiver resolves this issue, he said, ensuring the system remains stable.
He also explained that if Lukoil’s parent company proceeds with selling its European assets during Bulgaria’s derogation period, all related entities would automatically be removed from the sanctions list, eliminating the need for national action. If no such transaction occurs, Bulgaria may request another extension of the waiver.
Stankov further commented on the appointment of a special commercial administrator on 14 November to oversee the activities of Lukoil’s four Bulgarian subsidiaries. The administrator must seek explicit Government approval for every decision. He rejected public claims that the appointee holds broad discretionary powers, emphasizing that the Council of Ministers retains full supervisory authority.
He added that he learned of Rumen Spetsov’s nomination as special commercial administrator only shortly before the Security Council meeting where the appointment was finalized, clarifying that he did not participate in the selection process.
