In brief
The UK Treasury renewed a general licence that lets four Lukoil‑linked companies in Bulgaria conduct transactions until February 26, 2027, easing sanctions pressure on the Russian oil firm. Bulgarian officials say the move secures crude supplies and refinery work. The licence, already extended multiple times, was justified by the need to keep tanker insurance and financial services operational.
The UK Treasury on Tuesday extended a general licence that allows four Lukoil‑Bulgaria subsidiaries to operate until February 26, 2027, according to a document posted on the Treasury’s Office of Financial Sanctions Implementation website. The licence covers Lukoil Bulgaria EOOD, Lukoil Neftochim Burgas AD, Lukoil Aviation Bulgaria EOOD and Lukoil Bunker Bulgaria EOOD, and permits payments and other transactions needed for their normal business activities without breaching UK sanctions.
The extension follows the licence’s first installation on November 14, 2025 and its most recent renewal on October 28, 2026. The continuation is intended to ensure stable operations in Bulgaria, maintain crude oil supplies and keep the Burgas refinery running, officials said.
Bulgarian Economy Minister Alexander Poulev told reporters that the licence extension resulted from active government‑level dialogue with the UK and talks with the British Embassy in Sofia. He said that it was "essential for maintaining key business operations, including crude oil deliveries and tanker insurance." He added that British insurers cover more than 90% of the tankers that transport crude oil and that continuing to work with UK‑linked partners was a key condition for operational continuity.
"The licence extension is an important step towards ensuring stability and predictability for the companies’ operations in Bulgaria, as well as security of crude oil supplies and the uninterrupted operation of the Burgas refinery," Poulev said.
The UK move comes after the United States extended a similar authorization for Lukoil’s Bulgarian subsidiaries until April 24, 2027. Even as Lukoil has announced plans to sell its international assets, the licences keep the company’s presence in Bulgaria active while sanctions persist.
Bulgarian officials said the government would keep working closely with international partners to safeguard supplies and protect the stability and interests of the Bulgarian economy and consumers.
