GERB leader: Bulgaria could receive a six-month delay in US sanctions

Local media reported that Boyko Borissov of the GERB, the leader of the coalition's leading party, could have secured a six-month delay of U.S. sanction against Lukoil oil refinery.

Last month, the U.S. Treasury Office of Foreign Assets Control imposed sanctions against Lukoil, and Rosneft, Russia's largest oil companies. This increased pressure on Russian president Vladimir Putin to stop Moscow's war with Ukraine, and threatened their sprawling operations throughout Europe.

The U.S. sanction, which is due to take effect on November 21, has raised concerns over fuel supplies in Bulgaria ahead of winter. Lukoil operates the Burgas refinery - a major part of its foreign business empire - as well as hundreds of petrol stations, fuel storage facilities and other fuel outlets.

Sources familiar with the situation said that Lukoil had filed for an extension of the U.S. Treasury deadline which prevents transactions with Russian companies after November 21.

Bulgarian lawmakers approved last week changes that give a government appointed commercial manager the power to oversee the continued operations of the Burgas refining plant beyond November 21, and sell the company, if needed. (Reporting and writing by Antonis Pothitos, Editing by Gareth Jones).

(source: Reuters)