Bulgaria’s Parliament has adopted amendments to the Investment Promotion Act, introducing new rules governing the potential sale of Lukoil’s assets in the country. The vote followed intense debates and coincided with an extraordinary session of the Council of Ministers convened after the United States imposed sanctions on the Russian oil giants Rosneft and Lukoil.

Further reading: Trump Strikes at Kremlin’s Wallet: U.S. Sanctions Russia’s Oil Giants Rosneft and Lukoil

A total of 191 MPs participated in the vote, with 119 in favor, 70 against, and two abstentions. The amendments, proposed by Delyan Dobrev, Stanislav Anastasov, Ivan Ibrishimov, and Pavela Mitova, were adopted on second reading by the Energy Committee earlier this week. The changes specifically concern the sale conditions for Lukoil-Neftochim and its related companies operating in Bulgaria.

Under the new provisions, any sale of Lukoil’s assets will be possible only after a formal decision by the Council of Ministers and a positive opinion from the State Agency for National Security (SANS). The law stipulates that SANS must conduct a detailed preliminary investigation and provide a written assessment before any transaction involving shares or capital of Lukoil Bulgaria EOOD, Lukoil Neftochim Burgas AD, Lukoil Aviation Bulgaria EOOD, or Sustainable Energy Supply OOD is approved. This also extends to any other companies connected to Lukoil, whether registered in Bulgaria or abroad, when owned directly or indirectly by the Russian parent company.

Further reading: Bulgaria Faces Urgent Questions Over Lukoil Sanctions and Energy Security

The rules further apply to transactions involving real estate, equipment, or facilities related to the production, storage, and sale of petroleum and oil products. Parliament decided that any sale carried out without the required approval from the Council of Ministers would be considered null and void. The law will take effect upon publication in the State Gazette.

During the debate, MPs discussed the broader implications of the new US sanctions on Rosneft and Lukoil and their potential impact on Bulgaria’s fuel market. The proposed changes were added to the agenda as an urgent measure at the initiative of National Assembly Speaker Natalia Kiselova. Opposition lawmakers voted against the bill and attempted to block the session by breaking quorum, but failed after 125 deputies registered present, including one from the opposition party MECH and three from the "Greatness" party.

Further reading: After Trump’s Move, EU Adopts Fresh Sanctions Targeting Russia’s Energy and Shipping Sectors

Tensions in the chamber rose when members of the opposition party "Revival" and Delyan Peevski's DPS-New Beginning (now part of the ruling coalition) exchanged remarks, resulting in a brief physical altercation and a short suspension of the sitting. Opposition representatives argued that the amendments were unconstitutional, unenforceable, and primarily designed to serve the business interests of DPS-New Beginning leader and sanctioned under the Magnitsky Act Delyan Peevski.

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“Why exactly is SANS tasked with this? Because it is directly under Peevski’s control and will prepare the report he wants,” said Yordan Todorov from "Revival", calling the law “blatant lobbying.” His colleague Iskra Mihaylova added that Peevski was the “only one who stands to gain economically.”

Krasimir Manov from "Morality, Unity, Honor" (MECH) warned that the amendments would indirectly lead to higher fuel prices. “You are only doing this to cover up your budget deficit,” he said, claiming that the move demonstrates Peevski’s control over GERB leader Boyko Borissov. “The damage will be for all Bulgarian citizens,” he added.

Further reading: GERB-DPS New Beginning Coalition Solidifies as Borissov Confronts Journalists and Cedes Ground

From the "We Continue the Change-Democratic Bulgaria" (WCC-DB) opposition group, Bozhidar Bozhanov described the legislative move as an attempt by Peevski to secure influence or protection in relation to US Magnitsky sanctions, or possibly gain a share in Lukoil. Ivaylo Mirchev raised concerns about the country’s fuel reserves, saying, “We don’t even know how many days of reserves Bulgaria has. Some are abroad, some in Lukoil facilities, and some might be gone altogether.”

After the majority approved a motion from DPS-New Beginning to close the debate, MP Stanislav Anastasov took the floor to show a 1999 photo of former Prime Minister Ivan Kostov with Lukoil’s then-president Vagit Alekperov at the signing of the Neftochim deal. He accused the opposition of hypocrisy and dismissed claims of fuel shortages. “There is no problem with fuel, and there will not be. You are trying to sow panic, as you always have. Go fill your tanks if you wish - there is fuel and there will be enough in the future.”

Meanwhile, an extraordinary meeting of the Council of Ministers took place to assess the situation after the US sanctions were announced. Prime Minister Rosen Zhelyazkov met with Interior Minister Daniel Mitov, Energy Minister Zhecho Stankov, Finance Minister Temenuzhka Petkova, Justice Minister Georgi Georgiev, and Economy Minister Petar Dilov, alongside the heads of Bulgaria’s special services.

Further reading: Bulgaria Faces One-Month Deadline to Decide on Lukoil Refinery Amid U.S. Sanctions

Justice Minister Georgiev explained that his ministry had already analyzed the ownership structure of Lukoil’s subsidiaries to determine whether they fall under the scope of the new sanctions. “We have examined all subsidiaries and their structures,” he said, noting that Bulgaria has long been enforcing restrictive measures in line with the EU’s sanctions framework. “The Commercial Register is part of the state’s critical infrastructure, and we are monitoring every attempt to change ownership in real time.”

Georgiev confirmed that Lukoil Neftochim Burgas and several related subsidiaries meet the criteria for inclusion under the sanctions regime. He emphasized that the government was coordinating closely to ensure compliance and prevent any circumvention of international restrictions.

Delyan Dobrev, chairman of the parliamentary budget committee, who also attended the meeting, assured journalists that the sanctions would not affect fuel prices in Bulgaria. He added that the government had already adopted legal changes weeks ago to prevent disruptions to the domestic market.

At the European level, Politico reported that Lukoil’s refinery in Burgas remains one of the main reasons the EU has so far refrained from imposing direct sanctions on the company. The publication noted that, unlike Rosneft, which has largely exited the European market after Germany took control of its assets, Lukoil continues to operate across Europe, maintaining a strong presence in Belgium, the Netherlands, Romania, and Bulgaria.

Analyst Martin Vladimirov from the Center for the Study of Democracy warned that unless Lukoil sells its Bulgarian assets, it could be forced to suspend operations at the Burgas refinery once US sanctions take effect on November 21. However, he pointed out that this scenario remains hypothetical as the EU has yet to impose similar measures.

Brussels is reportedly considering additional steps, including a ban on financial transactions with Lukoil, which could effectively shut down its European operations without formally adding the company to the sanctions list. According to Politico, the EU now faces a difficult choice between maintaining energy stability for member states dependent on Lukoil and following Washington’s example in cutting off Russian energy influence altogether.