Bulgaria Proposes New Controls over Lukoil Manager After Sanctions Dispute

Members of the ruling “Progressive Bulgaria” (PB) coalition have introduced legislative amendments aimed at significantly reducing the powers of the special commercial manager overseeing Lukoil’s operations in Bulgaria, while restoring judicial oversight over his actions. The proposed changes target the current legal framework introduced after US sanctions were imposed on Lukoil and other Russian companies over Russia’s war in Ukraine. Under the existing regime, the special manager was granted broad authority over the companies, including the ability to carry out asset sales without the possibility of court review. ...