BUL GVT Russian Oil Products' Export


On Oct. 31, BUL GVT commented on petroleum products' export.


  • BUL GVT issued position of the Ministry of Finance in relation to the interpretations regarding the export of petroleum products with Russian crude oil as raw material.
  • Purpose
  • Clarifications re the interpretations that EC refuted BUL GVT's actions re the lifting of the ban on exports by Lukoil Neftochim of petroleum products produced in Bulgaria.
  • Those products are based on crude oil imported from Russia in the city of Burgas.
  • As the EC spokesperson had already announced, Bulgaria has been given a derogation until Dec. 31, 2024 to import crude oil from Russia, given its geographical location.
  • There is also a ban on the export of imported crude oil from Russia to other countries.
  • The so-called re-export of imported goods crude oil that BUL isn't intending to breach.
  • On this matter, BUL GVT made available online the relevant FAQ from the EC site.
  • BUL GVT urged for a responsible behavior when speakers refer to the re-export ban of products based on Russian crude oil, as misinterpretations cause unnecessary tension.

Regulators BUL GVT
Entity Types CNSM; Corp
Reference PR, 10/31/2022; Reg 833/2014; FAQ, 6/22/2022
Functions Financial; Legal; Operations; Risk; Sanctions; Treasury
Countries Bulgaria
Category
State
Products Commodities; Corporate
Regions EMEA
Rule Type Final
Rule Date 10/31/2022
Effective Date 12/31/2024
Rule Id 152394
Linked to N/A
Reg. Last Update 10/31/2022
Report Section EU

Last substantive update on 11/03/2022