Bulgaria prevents russia from earning €1 billion on sanctions loophole

Bulgaria has decided to prevent russia from circumventing oil sanctions and will not allow it to earn money to wage war. In particular, it has decided to stop importing crude oil from russia in March 2024, six months earlier than planned. 

The government made this decision to prevent russia from circumventing Western sanctions after it became known that this loophole allowed the kremlin to raise an additional 1 billion euros for its military actions against Ukraine.

The report notes that such a refusal will take place in two stages: from January 1 next year, the country will suspend export quotas, and from March 1, it will completely stop importing and refining oil from russia.

Bulgarian Finance Minister Assen Vasiliev emphasized that this decision is useful, as it stops exports and money going to russia and guarantees stability in the domestic fuel market.

Source: The Sofia Globe