Bulgaria's parliament on Monday overturned President Rumen Radev's veto of a law allowing the government to take over a refinery owned by Russian oil company Lukoil and sell it to protect it from US sanctions, Reuters reported.
The US Treasury Department's Office of Foreign Assets Control and the UK imposed sanctions on Russia's largest oil companies Lukoil and Rosneft last month.
This increased pressure on Russian President Vladimir Putin to stop the invasion of Ukraine, and threatened the operations of Rosneft and Lukoil in Europe.
Lawmakers in the Bulgarian Parliament last week approved amendments to the law that give a commercial manager, appointed by the government, the authority to oversee the operation of Lukoil's refinery in Bulgaria after November 21, when US sanctions come into effect.
According to these changes, the manager can sell the refinery if necessary.
President Rumen Radev vetoed the law yesterday, saying it lacked safeguards against future financial claims against the state.
The Bulgarian Parliament rejected President Radev's veto with 128 votes in favor and 59 against, the Bulgarian news agency BTA reported.
US sanctions have raised concerns about Bulgaria's winter fuel supplies.
In addition to the refinery in Burgas, Lukoil has hundreds of gas stations and fuel depots in Bulgaria.
The company has asked Washington to postpone sanctions, which have banned transactions with it since November 21.
Lukoil has asked for more time to settle its obligations and review offers to buy its assets around the world, three sources familiar with the situation told Reuters yesterday.
Former Bulgarian Prime Minister and leader of the ruling GERB party, Boyko Borisov, previously expressed optimism that Bulgaria would succeed in securing a postponement of sanctions next week.
"Together with the government, we are working to ensure that both the people at the refinery and the refinery itself work well," Borisov told BTA.
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