{"id":12303,"date":"2025-11-21T15:38:02","date_gmt":"2025-11-21T12:38:02","guid":{"rendered":""},"modified":"2025-11-21T15:38:02","modified_gmt":"2025-11-21T12:38:02","slug":"bulgaria-seizes-lukoils-largest-balkan-refinery-amid-sanctions-pressure","status":"publish","type":"post","link":"https:\/\/harici.com.tr\/en\/bulgaria-seizes-lukoils-largest-balkan-refinery-amid-sanctions-pressure\/","title":{"rendered":"Bulgaria seizes Lukoil&#8217;s largest Balkan refinery amid sanctions pressure"},"content":{"rendered":"<p>It took a Bulgarian parliamentary committee just 26 seconds to decide the fate of Neftohim, the largest refinery in the Balkans, which has been owned by Russian energy giant Lukoil for 26 years.<\/p>\n<p>Lawmakers approved the government&#8217;s decision to take control of the company, strip the shareholder of its rights, and appoint a trustee to negotiate its sale to a new owner.<\/p>\n<p><strong>Is energy dominance in the Balkans coming to an end?<\/strong><\/p>\n<p>According to a <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-11-20\/trump-s-sanctions-undermine-putin-s-sway-in-balkans\">report<\/a><\/span> by\u00a0<em>Bloomberg<\/em>, sanctions imposed on Lukoil and Rosneft during the Donald Trump administration have dealt the most severe blow in decades to Russia&#8217;s economic power in the Balkans.<\/p>\n<p>Ruslan Stefanov, chief economist at the Sofia-based Centre for the Study of Democracy, stated, &#8220;The foundation of Russia&#8217;s influence is its energy dominance, established through oil and natural gas. It was impossible to break free from this Soviet-era legacy for many years. Now, that influence has largely vanished. It&#8217;s in its final throes, which is why it&#8217;s causing so much concern.&#8221;<\/p>\n<p><strong>Serbia also plans to sideline Gazprom<\/strong><\/p>\n<p>In addition to Bulgaria, Russia&#8217;s energy influence is also waning in Serbia, a country that long maintained a pro-Russian stance but has recently moved closer to the West, seeking at least to maintain a balance.<\/p>\n<p>The Serbian government is considering acquiring the shares held by Russian stakeholders in the oil and gas company Naftna Industrija Srbije (NIS): Gazprom Neft (44.85%) and the St. Petersburg-based Intelligence company managed by Gazprom Kapital (11.3%).<\/p>\n<p>NIS, which operates the country&#8217;s only refinery, supplies approximately 80% of Serbia&#8217;s gasoline and diesel needs and over 90% of its jet fuel and fuel oil requirements.<\/p>\n<p>The company failed to secure an exemption from US sanctions last month.<\/p>\n<p>The Belgrade administration wants to avoid nationalizing NIS. Serbian President Aleksandr Vucic indicated that in a worst-case scenario, the government would find the resources for a buyout but has asked Gazprom to find a buyer.<\/p>\n<p>In return, Gazprom has requested that the US extend NIS&#8217;s operating license while it searches for a buyer.<\/p>\n<p>Some suppliers have already stopped working with NIS. According to\u00a0<em>Bloomberg<\/em>, Vucic, who has been facing mass protests for months, needs to convince Washington of his intention to get rid of Gazprom to avoid sanctions that could have negative consequences for the Serbian economy.<\/p>\n<p><strong>US sanctions accelerated the process<\/strong><\/p>\n<p>The Bulgarian government, however, succeeded in convincing Washington. On November 7, the US Treasury Department refused to approve the sale of Lukoil&#8217;s international assets to the oil trader Gunvor, describing the company as a &#8220;Kremlin crony.&#8221;<\/p>\n<p>Just hours after this decision, Bulgaria passed the law to take control of Neftohim.<\/p>\n<p>Ten days later, the company&#8217;s management was handed over to Rumen Spetsov, the former head of the tax authority. Consequently, the US granted Neftohim a license to operate until April 2026.<\/p>\n<p>Lukoil announced on Wednesday that it has taken all necessary steps to sell its assets in Bulgaria, including the refinery and its network of 220 gas stations.<\/p>\n<p>Mario Bikarski, a senior European analyst at the data analytics firm Verisk Maplecroft, believes that Putin&#8217;s influence in the Balkans will be neutralized following the complete removal of Russian oil giants from Bulgaria and Serbia.<\/p>\n<p>&#8220;Opportunities for lobbying and other forms of interaction with the political and business elites of the region&#8217;s countries will diminish,&#8221; Bikarski assessed.<\/p>\n<p><!-- notionvc: 5d4e09a4-87e7-47b0-b9a8-55f8ad77a3c0 --><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It took a Bulgarian parliamentary committee just 26 seconds to decide the fate of Neftohim, the largest refinery in the Balkans, which has been owned by Russian energy giant Lukoil for 26 years. Lawmakers approved the government&#8217;s decision to take control of the company, strip the shareholder of its rights, and appoint a trustee to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12304,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[5],"tags":[14408,11964,1039,10345,3865,441,13195,14407,14405,8893,14406,1037,682],"class_list":["post-12303","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-russia","tag-aleksandr-vucic","tag-asset-seizure","tag-balkans","tag-bulgaria","tag-energy-security","tag-gazprom","tag-lukoil","tag-naftna-industrija-srbije-nis","tag-neftohim-refinery","tag-rosneft","tag-russian-energy","tag-serbia","tag-us-sanctions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bulgaria seizes Lukoil&#039;s largest Balkan refinery amid sanctions pressure - 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