Bulgaria, Romania Move to Seize Lukoil Assets Ahead of Imminent US Sanctions

WISE NEWS PRESS / SOFIA, BULGARIA — NOVEMBER 12, 2025

Bulgaria and Romania are quickly preparing to take control of key Russian energy assets to pre-empt the impact of US sanctions targeting the Russian energy giant Lukoil, which are set to take effect on November 21st. Bulgaria’s Parliament, in a move that drew sharp criticism, approved a legal amendment in just 26 seconds that allows the government to seize and sell the Russian-owned Burgas refinery. Meanwhile, Serbia is also grappling with the potential fallout as it tries to secure its domestic fuel supply.

The US decision to target the assets of Rosneft and Lukoil on October 22nd, accompanied by the threat of secondary sanctions on third countries that fail to comply, prompted the rapid legislative action in the Balkan nations.

Bulgarian Refinery Seizure Sparks Controversy

The Burgas facility, established in 1998, supplies more than two-thirds of Bulgaria's fuel. The recently approved law opens the way for the refinery to be expropriated and placed under external management before being sold to a "sanctions-immune" buyer.

Leader of the ruling GERB party, Boyko Borisov, stated that "A candidate buyer has been found, coordinating with all our partners." However, the hasty 26-second approval of the changes has angered the opposition and media, with some members of parliament claiming they were either uninformed or misinformed about the meeting. The move has led to speculation that the sale will benefit a figure close to the government.

The seizure plan has drawn a strong rebuke from Russia. The Russian Ambassador to Sofia, Eleonora Mitrofanova, told Russia's TASS news agency, "The Bulgarians are acting very risky, they are creating a dangerous precedent." Bulgaria had already phased out imports of Russian crude oil by March 2024, shifting to alternative sources like Kazakhstan, Iraq, and Tunisia, but had still accessed those sources via Lukoil.

Romania Moves to Take State Control

In parallel efforts, Romania's Energy Minister Bogdan Ivan announced that preparations are underway to take state control of Lukoil's subsidiary, Petrotel Ploiești, before the sanctions deadline. The minister emphasized that this action would ensure both "full compliance with the sanctions and the guarantee of fuel supply." Lukoil operates 320 gas stations in Romania and holds an exploration license in the Black Sea.

Serbia Fears Crippling Impact on NIS

Mirroring the developments in Bulgaria and Romania, Serbian authorities are struggling to circumvent the potentially crippling effects of US sanctions on the country's oil company, NIS (Naftna Industrija Srbije), which is partially owned by Russian entities Gazprom Neft (44.85%) and JSC Intelligence (11.3%).

According to a report by Balkan Insight, the Serbian government has initiated negotiations with the US Treasury Department to secure a license extension to safeguard the operations of NIS, its national oil company, from being jeopardized by the sanctions.

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