site.btaPM Confirms Bulgaria’s Exemption from Russian Oil Embargo, Sees Possibility for Varna to Aid Ukrainian Grain Export

Bulgarian Prime Minister Kiril Petkov confirmed that according to Monday’s decisions of the European Council on sanctions against Russia Bulgaria will be exempted from the embargo on Russian oil imports by the end of 2024. According to him, this exemption is crucial for Bulgaria.

Petkov said that payments for Russian oil are effected differently from payments for natural gas and are excluded from the ruble transfer mechanism. The Prime Minister said that the exemption will allow the oil refinery in Burgas to be adapted to work with non-Russian oil. According to him, Bulgaria remains the only country which has an access to port but has been granted an exemption due to the understanding that the oil refinery is designed to work with Russian oil. He said that a large part of cash flows from the EU to Russia will stop because the new sanctions apply to about 90 per cent of EU’s oil imports.

The Prime Minister said on Monday that Russia halted gas supplies for the Netherlands because of its refusal to comply with the Russian requirement for payments in rubles, and Denmark is expected to have its supplies cut off on Tuesday. Unfortunately Russian President Vladimir Putin continues to use payments in rubles for stopping supplies for different countries, Petkov told Bulgarian media. He added that, apparently, each EU country standing by the contract has its supplies stopped.

Of the export of Ukrainian grain, the Prime Minister said that possibilities for transportation along the so called blue corridors are being considered. According to him, Bulgaria has one of Europe’s most favourable positions in Europe because it is a large grain exporter. Petkov said that this year’s harvest is expected to reach 7 million tonnes of grain, and domestic consumption is 2 million tonnes. Bulgaria will be a solution to the problem and there won’t be a grain crisis in Bulgaria. However, the problem is that the grain is a global commodity and probably its price will rise. If there are no blue corridors Bulgaria is a possible solution, and the Port of Varna may be one of the solutions, said the Prime Minister.