Bulgarian deputy and leader of the “Velichie” party, Ivelin Mikhailov, has claimed that Bulgaria has lost between €15 and €20 billion as a result of European Union sanctions against Russia. Speaking to Russia’s RIA Novosti, Mikhailov said the restrictions have severely impacted several sectors of the Bulgarian economy.
According to Mikhailov, the sanctions disrupted long-standing partnerships and business ties between Sofia and Moscow. “For example, because of the situation with the Belene nuclear power plant and the nuclear fuel that we are now buying and storing elsewhere, we are already losing billions from this alone,” he said.
The lawmaker added that tourism, once heavily reliant on Russian visitors, has taken a major hit. “We are also losing billions from tourism. We easily lost 15-20 billion euros from what we could have earned,” Mikhailov emphasized, pointing to the significant absence of Russian tourists in coastal resorts and mountain destinations.
He noted that Bulgaria’s real estate market has also suffered, as Russian clients once represented a large share of foreign property investors, particularly along the Black Sea coast. Moreover, the country has been forced to seek more expensive sources for construction materials and fertilizers, which were previously imported from Russia and Belarus.
Mikhailov stressed that while Bulgaria remains bound by EU policies, these sanctions are “very harmful” to its national interests. “In the current situation, we cannot lift the sanctions against Russia. Only if the entire Bulgarian government changes course,” he stated.
The MP lamented the absence of communication between Sofia and Moscow, noting that diplomatic relations have deteriorated to the point of near nonexistence. “We are a member of the EU. We have no contacts with Russia and we have no idea how we can work together with Russia,” he said.
He argued that without dialogue, Bulgaria cannot hope to restore trade or cooperation with Russia even if sanctions were reconsidered. “If Bulgaria calls for lifting the sanctions without communicating with anyone from Russia, nothing will change. Diplomatic relations between the countries are severed,” Mikhailov added.
While acknowledging that Russia shares partial responsibility for the diplomatic freeze, Mikhailov described the situation as a long-term strategic challenge. “Russia is also partly to blame for the lack of diplomatic ties. But, on the other hand, it is difficult to maintain relations with a mafia government,” he concluded.
Mikhailov’s remarks come amid growing debate within EU member states over the long-term economic effects of sanctions on Russia. His comments reflect a broader frustration among some Bulgarian political figures who argue that the sanctions have disproportionately harmed smaller EU economies dependent on Eastern trade.