Trump’s Sanctions Undermine Putin’s Sway in the Balkans
The seizure of oil refineries in Bulgaria and potentially Serbia shows how Putin’s influence has waned in the region since he invaded Ukraine.
The Lukoil Neftohim Burgas oil terminal near Burgas, Bulgaria, last year. The government has now appointed a manager to find a buyer for Lukoil’s assets in the country.
Photographer: Michaela Vatcheva/BloombergWhen the latest US sanctions against Russia’s oil industry hit last month, Bulgaria had an urgent problem. One of the companies targeted, Lukoil PJSC, owned the country’s biggest oil refinery, a legacy of cozy ties with Moscow.
The government decided to seize the Neftohim facility near the Black Sea and Lukoil’s other assets. It revoked shareholders of any rights and appointed a manager to negotiate a potential sale. It took a parliamentary committee just 26 seconds to undo 26 years of ownership and endorse the move ahead of a looming US deadline for a solution.