Urgent in Parliament: Rumen Radev saves Lukoil from sanctions and 3 billion euro arbitration

Emergency measures for the Burgas refinery

The Ministry of Economy has prepared urgent legislative amendments, which are being submitted for a vote in the Plenary Hall today. The purpose of this emergency measure is to guarantee the continuous operation of the Burgas refinery and to avoid severe sanctions, stated Prime Minister Rumen Radev at the beginning of the Council of Ministers meeting.

"We must defuse this 'mine' before the Constitutional Court's decision comes into force," Radev emphasized.

Why is the change necessary?

• The Constitutional Court rejected last year's law as unconstitutional.
• With the entry into force of the decision, the management of "Lukoil" risks automatically passing to the Russian shareholders.
• This would place Bulgaria under a regime of direct sanctions.

Consequences of the old law:

The Prime Minister recalled that the law adopted last year led to the freezing of the company's accounts and restricted oil trading in Switzerland. As a result, an arbitration claim against the state worth 3 billion euros was filed.