The United Kingdom has extended a sanctions exemption for Lukoil’s Bulgarian businesses until 26 February 2027. The waiver allows Bulgaria’s largest oil refinery to keep importing crude and conducting essential commercial transactions. It applies to Lukoil Bulgaria, Lukoil Neftochim Burgas, Lukoil Aviation Bulgaria and Lukoil Bunker Bulgaria.
The exemption is especially significant for international shipping and insurance access. Bulgarian authorities have said British insurers cover more than 90% of tankers carrying crude. Continued access to those services is essential for refinery operations.
Licence allows payments and routine business
The licence permits the companies to make payments that would otherwise be restricted by sanctions. It also allows them to continue routine business activities. The British exemption was first issued in November 2025 and has been extended several times since.
The United States has separately authorised certain transactions involving Lukoil’s Bulgarian businesses. That temporary relief runs until 24 April 2027.
Lukoil seeks buyers for overseas assets
The extensions come as Lukoil continues efforts to sell overseas assets following Western sanctions. A previously announced transaction with investment group Carlyle has not yet received the required regulatory approvals. Other potential investors have also been reported.
