Business

31 May, 07:39 PM

EU oil embargo makes an exception for Bulgaria, and others

The sixth package of EU sanctions against Russia will include an exception for Bulgaria, with the country being allowed to import oil by sea until the end of 2024, according to the website of the Bulgarian government.

It is noted that this additional time will allow Bulgaria to re-equip its oil refining facilities, which are now processing primarily the Russian grade of oil.

“For us, this is an opportunity to modernize the refinery, and not raise the price due to changes in the mix,” Bulgarian Prime Minister Kiril Petkov said.

In addition, the EU oil embargo does not apply to oil that goes to Hungary, Slovakia and the Czech Republic through the Druzhba pipeline.

Earlier, the head of the European Council, Charles Michel, said that countries had agreed on a partial ban on oil imports from Russia.

An embargo on seaborne oil from Russia could cost the Kremlin about $10billion in export earnings a year.

According to news agency Bloomberg’s calculations, the cessation of pipeline deliveries through the northern branch of the Druzhba oil pipelineto Poland and Germany will reduce Russia’s export earnings by another $12 billion, based on 2021 volumes and the average price of Urals oil that year.

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