The US Treasury has given Lukoil’s Bulgarian operations another six months of breathing room. Its Office of Foreign Assets Control (OFAC) extended until 24 April 2027 the authorisation for certain transactions with the Russian company’s Bulgarian subsidiaries, according to the Bulgarian News Agency (BTA).
General Licence 130B allows operations to continue at the Burgas refinery, the fuel station network and the companies that supply aviation and marine fuel. A companion licence, 128D, covers certain dealings with Lukoil-branded fuel stations outside Russia. BTA stressed that the exemptions do not amount to lifting the sanctions on the company.
A year of rolling waivers
Washington sanctioned Lukoil and Rosneft in October 2025 to raise pressure on Moscow over the war in Ukraine. Lukoil, Russia’s second-largest oil producer, then said it would sell its international assets, and US authorities have repeatedly extended licences while buyers are sought. The previous Bulgarian licence, GL 130A, was issued on 14 April 2026 and named four entities: the Burgas refinery operator Lukoil Neftohim Burgas, the retailer Lukoil Bulgaria, Lukoil Aviation Bulgaria and Lukoil Bulgaria Bunker, according to a legal analysis by Fesenko Law. Sources differ slightly on when that licence would have lapsed: Fesenko Law gave 29 October, while BTA said the replaced licence was due to expire that Friday.
A separate licence series covers negotiations to sell Lukoil International GmbH. In August OFAC issued GL 131I, extending permission for those talks until 19 September 2026, according to Global Sanctions.
Bulgaria’s own moves
Sofia appointed Rumen Spetsov, a former head of the National Revenue Agency, as special administrator of Lukoil’s Bulgarian businesses in November 2025, and parliament changed the law so that assets under special administration can be sold without the Russian owner’s consent. In late February Litasco, the Swiss-based Lukoil unit that owns the Bulgarian companies, warned Bulgaria of possible arbitration, BTA reported.
Short, repeated waivers keep the refinery running but leave buyers, lenders and Bulgaria’s government planning only months ahead.
What to watch
- Whether OFAC licenses an actual sale of Lukoil’s international assets, which requires separate authorisation.
- Whether Litasco follows through on its arbitration warning against Bulgaria.
