Romania Moves to Seize Lukoil Assets as US Sanctions Deadline Nears

Romania’s Ministry of Energy is drafting legislation to address the assets of Lukoil, the Russian oil company currently under US sanctions, Energy Minister Bogdan Ivan announced via Facebook on November 11.

He said Romania must take control of the company to ensure compliance with international restrictions and safeguard national energy security.

According to HotNews, the statement came shortly after Bulgaria decided to place Lukoil’s assets under state control and began appointing special administrators. Romania, however, has yet to make a formal decision.

“Romania must take control of the company to ensure full compliance with international measures, protect the jobs of 5,000 employees, and guarantee the stability and security of the national energy system,” Ivan wrote.

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According to the minister, the forthcoming legislation will aim to “ensure full compliance with the sanctions regime imposed by the United States while maintaining the continuity of Petrotel Ploiești’s refining and fuel marketing operations, without jeopardizing the country’s fuel supply.”

Ivan emphasized that the sanctions against Lukoil will be applied “strictly” and without exception.

“I want to be clear: I will not request an extension of the November 21 deadline set by US authorities. Moreover, I will support the replication and consistent application of the US-initiated sanctions across the entire European Union,” he said.

Earlier, Finland’s Teboil fuel network, owned by Russia’s Lukoil, started closing its operations after running out of fuel supplies due to US sanctions imposed on its parent company.

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