"We support all sanctions but need exception on oil & gas": Bulgaria's Prime Minister

Sofia, Bulgaria: The European country is supporting the sanctions imposed against Russia with the motive to put a halt to its invasion of Ukraine but is also looking forward to an “exception” in terms of banning the natural gas and oil imports from Russia. The statement has been issued by the Prime Minister of Bulgaria Kiril Petkov on Monday, noting that this exception is much-needed for the country’s reviving economy.

In conversation with a media house, Prime Minister Petkov cited, “Bulgaria will be supporting all kinds of actions because we stand irm really against the war, but these two – (oil & gas), might be we would ask for an exception. We don’t have current alternatives right now; we are too dependent”.


Following the above statement, he then added, “We are fully with the Ukrainian people, we supported first package of sanctions, we are – even open-minded for the rest sanctions as well, just these 2 sanctions, it will be very hard for all of us to take as an economy and as a nation”.

The country is nearly dependent for gas supply on Russia’s Gazprom; meanwhile, more than 60% of the country’s fuel utilized is being provided by the Bulgarian oil refinery, owned by Russia’s LUKOIL (LKOH.MM).

Prime Minister Petkov further informed that the country is operating to ‘diversify the supplies of its natural gas’. He then added the government is also in conversation to import larger quantities of Azeri gas while examining options for the liquefied natural gas supplied through Greek ports.

“Bulgaria has a currency board, so in a way, we are already as though in the eurozone, nothing changes for us. We do not have a separate monetary policy… Our inflation is going to be pretty much at par with European inflation. So far, we are staying with the current target date of 2024, and we hope that we will be able to meet it”, Prime Minister then added.