Kanal D news reports on the difficulties caused by US sanctions on Lukoil
Kanal D November 13, 2025
The Bridge of Friendship, November 23, 2025
Table of contents
Summary
- Lukoil in Romania faced sanctions starting November 21, 2025, but it was undergoing maintenance and had sufficient fuel stocks.
- Bulgaria received an extension until April 29, 2026, allowing Lukoil to operate while Romania prepares to apply sanctions.
- Fuel prices have risen, with diesel exceeding 8 lei per liter, influenced by market fluctuations and the Lukoil situation.
- The authorities in Romania and Bulgaria are in a race against time to ensure a continuous supply of fuel in the context of changing dynamics.
Intro
On November 13, 2025, the private Romanian television channel Kanal D broadcast a report on its news program about rising fuel prices in the region as a result of US sanctions against the company Lukoil.
In this report, Vladimir Mitev, founder of the Bulgarian-Romanian blog “The Bridge of Friendship,” was interviewed about the role of Lukoil and its subsidiaries in Bulgaria. He also spoke about price increases.
Here is a summary of the situation of Lukoil in Romania and Bulgaria after November 21, 2025, based on information appearing in the press:
The situation after November 21, 2025
The deadline of November 21, 2025, set by the US Treasury (OFAC) for the completion of transactions related to Lukoil, marked an important milestone in the implementation of sanctions, but with different results in Romania and Bulgaria.
Lukoil’s situation in Romania (Petrotel refinery in Ploiești)
- Application of sanctions: US sanctions on the Petrotel Lukoil refinery in Ploiești came into force on November 21, 2025, at 7:00 p.m.
- Maintenance and Stocks: The refinery was not operating at that time, as it was undergoing maintenance. The Romanian government, through Prime Minister Ilie Bolojan, announced that fuel supplies would remain secure, as there were sufficient stocks for the period during which the refinery was shut down.
- Gas stations: The deadline for the gas station network (approximately 320 stations) has been extended by the US Treasury until December 13, 2025, to allow for the completion of transactions with potential buyers.
- Position of the Romanian State: The Romanian authorities have adopted a position of solidarity with the US and have announced that they will implement the sanctions. The government is preparing its own mechanism (most likely an ordinance) to manage the assets and ensure continuity of supply, although the idea of temporary takeover by the state has sparked debate.
Lukoil’s situation in Bulgaria (Burgas Refinery)
- Exemption Obtained: Bulgaria has managed to obtain a separate and longer exemption from the US Treasury for Lukoil’s operations.
- New Deadline: Lukoil’s transactions and operations in Bulgaria (including the Lukoil Neftohim Burgas refinery) have been granted an exemption until April 29, 2026.
- Special Administration: The Bulgarian government has already appointed a special administrator at Lukoil Neftohim Burgas and its other subsidiaries as a protective measure against sanctions and with a view to restructuring or selling the assets.
In conclusion, the fuel supply chain was not immediately disrupted after November 21, 2025, thanks to stocks in Romania and the exemption obtained by Bulgaria. However, the situation remains uncertain, with the sale and takeover of Lukoil’s operations in full swing in both countries, with different deadlines.
Material from Kanal D News, November 13, 2025:
Producer:
Fuel prices continue to rise, and drivers are feeling the pinch more and more. In just a few days, the price of a liter of diesel has crossed the psychological threshold of 8 lei. The situation is fueled not only by developments on the international market, but also by uncertainties surrounding Lukoil, which owns a major refinery in Romania.
Our neighbors in Hungary and Bulgaria are also experiencing price increases.
Announcer:
The price of gasoline and diesel remained at record levels today after repeated increases over the last three weeks. The average price per liter of diesel rose by 3.1%. In the case of gasoline, it increased by 1.3%, according to a recent analysis.
Mădălina Bichir, Kanal D reporter:
At this gas station in the capital, a liter of diesel costs 8.05 lei, and a liter of gasoline costs 7.66 lei. Keep in mind, though, that we’re talking about standard fuel. If we look at premium fuel, then a liter of diesel has reached 8.60 lei, and a liter of gasoline has reached 8.37 lei.
Driver 1:
With the cost of living and the current prices…
Mădălina Bichir:
How much? How much did you pay for gasoline?
Driver 1:
I filled up this morning at 8.01 lei. That’s a lot, isn’t it? A lot.
Driver 2:
Prices like in France.
Mădălina Bichir:
How much did you pay for diesel?
Driver 2:
7.77 lei.
Mădălina Bichir:
A lot?
Driver 2:
A lot!
Announcer:
The increase in prices at the pump is not accidental. In addition to fluctuations on the international market, Romania is also feeling the effects of the situation at Lukoil, the company that operates one of the largest refineries in the country.
Recent sanctions imposed by the Americans are putting additional pressure on supply and, implicitly, on the price we pay at the pump. However, Energy Minister Bogdan Ivan is trying to calm things down.
Bogdan Ivan, Energy Minister:
The Competition Council and other institutions must make a decision and conduct an analysis. At present, there are no objective conditions that justify an increase in prices at the pump. Therefore, the competent institutions should carry out these checks.
We are not in the same situation as Bulgaria, for example, which is almost 100% dependent on the Lukoil refinery.
Announcer:
However, experts warn that the shutdown of the Lukoil refinery, which accounts for 20% of our country’s production, could disrupt prices.
Dumitru Chisliță, president of the Intelligent Energy Association:
The 20% that is currently covered by Lukoil in this market could lead, not immediately, but within a certain period of time, to a possible fuel shortage. There is the possibility of turning to finished products, diesel and gasoline already processed in other countries, but it is clear that this will again come with costs, with higher prices.
Announcer:
The situation is no less tense for our Bulgarian neighbors. Today, the Bulgarian Parliament rejected the president’s objections to a law allowing the government to take control of the Lukoil oil refinery and sell it to protect the company from possible US sanctions.
Vladimir Mitev, The Bridge of Friendship:
It is a very, very large company. In previous years, it contributed 10% of the country’s GDP. So whoever owns Lukoil has a very large economic and political influence on Bulgarian society.
There has been an increase in diesel prices of about 5-6 euro cents, and in A95 gasoline prices of about 2, maybe 3 euro cents.
Announcer:
Both the Romanian and Bulgarian authorities are in a race against time until November 21 to ensure that the refinery does not shut down and that the fuel supply chain remains intact.
Photo: (source: The Bridge of Friendship)
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