Bulgaria decides to ban the export of Russian oil - processed fuels in response to the EU embargo policy.

The Bulgarian Parliament recently voted and passed an important resolution. This resolution will ban the export of fuels processed from Russian oil starting from January 1, 2024. Furthermore, starting from March 1, 2024, refineries in Bulgaria controlled by Russia will also be prohibited from processing oil sourced from Russia. This decision marks a significant reduction in Bulgarias dependence on Russian oil and its gradual adaptation to the overall European energy policy.

After the outbreak of the Russia - Ukraine conflict, the EU required its member states to impose an oil embargo on Russia in response to Russias actions. Bulgaria, as one of the EU member states, originally obtained an exemption from the embargo. However, this exemption will be revoked on October 1, 2024, making Bulgarias decision consistent with the EUs overall policy.

In addition to the resolution on oil, the Bulgarian Parliament also made another important decision on the same day. Before the EU formulates regulations on determining the source of natural gas, Bulgaria will cancel the charge for the import of Russian natural gas into Bulgaria and its transit through the country. The current charge is 20 leva per megawatt - hour (about 80 yuan in RMB). This decision may reflect Bulgarias actual difficulties in energy supply and its urgent need to maintain energy security.

With the reduction of dependence on Russian energy, Bulgaria and other European countries may seek more diversified energy supply channels to enhance energy security and reduce geopolitical risks.