The United Kingdom has extended its sanctions exemption for Lukoil’s Bulgarian operations until 26 February 2027, allowing Bulgaria’s largest oil refinery to keep importing crude and conducting essential commercial transactions. The waiver applies to Lukoil Bulgaria, Lukoil Neftochim Burgas, Lukoil Aviation Bulgaria and Lukoil Bunker Bulgaria.
Access to international shipping and insurance is a key part of the exemption. Bulgarian authorities have said British insurers cover more than 90% of tankers transporting crude, making access to those services essential for refinery operations. The licence also allows the companies to make payments and carry out routine business activities that would otherwise be restricted under sanctions.
Further relief and asset-sale efforts
First issued in November 2025, the British exemption has been extended several times. The United States has separately authorised certain transactions involving Lukoil’s Bulgarian businesses until 24 April 2027. The extensions come as Lukoil seeks to dispose of overseas assets following Western sanctions; a previously announced transaction involving investment group Carlyle has yet to receive the required regulatory approvals, and other potential investors have also been reported.
