The deal also benefits Lukoil, allowing its Bulgarian facility to partially avoid an upcoming EU embargo on most Russian oil products. Bulgaria received an exemption and can continue to import crude oil and petroleum products via maritime transport until the end of 2024. It cannot, however, export petroleum products produced from Russian oil in Bulgaria. Officials from the EU country assert that the oil products it exports will be Bulgarian. “The oil products derived from Urals oil will originate from Bulgaria and can be exported,” Deputy Finance Minister Lyudmila Petkova said Monday, referencing Russia's export grade of crude.

Source: ABC News November 23, 2022 09:00 UTC