The United States has extended sanctions exemptions covering Lukoil’s Bulgarian businesses until April 24, 2027. The extension provides additional operating room for the Burgas refinery and related fuel activities while the Russian group seeks buyers for international assets. The US Treasury’s Office of Foreign Assets Control issued General License 130B, replacing an earlier authorization that was nearing expiry.
OFAC general licenses covering Bulgarian refinery and fuel transactions
The exemption covers specified transactions involving Lukoil’s Bulgarian subsidiaries. These include refinery operations, fuel distribution, and supplies to aviation and maritime customers. A separate general license, General License 128D, permits certain transactions involving Lukoil-branded petrol stations outside Russia. The measures are limited exemptions rather than broader sanctions relief.
Transactions involving other sanctioned entities or activities prohibited under existing US restrictions remain covered by those measures only to the extent allowed by the authorizations. The extension also aligns with Bulgaria’s special regulatory framework for Lukoil’s domestic assets. That framework includes provisions allowing a sale without the Russian owner’s consent.
Bulgaria’s special administration and potential arbitration challenge
Former Bulgarian National Revenue Agency chief Rumen Spetsov was appointed special commercial administrator in November 2025. Legislative changes expanded government authority over businesses placed under special administration. Lukoil’s ownership structure has challenged that intervention through its position on the process.
Switzerland-based Litasco, the direct owner of the Bulgarian subsidiaries and wholly owned by Lukoil, has warned it could pursue international arbitration. The dispute follows US sanctions imposed on Lukoil and Rosneft in October 2025. Lukoil later announced plans to dispose of international assets, though the process has taken longer than initially anticipated.
Burgas refinery remains central asset amid unresolved control questions
The Burgas refinery remains the central asset in Lukoil’s Bulgarian portfolio. The latest US extension reduces immediate risk of operational disruption for refinery and related fuel businesses. At the same time, it leaves unresolved who will ultimately control one of Southeast Europe’s strategically important refining and fuel-distribution businesses.
