Bulgaria wants to postpone its refusal of Russian oil for a year

Deputies of the Economic Committee of the Bulgarian Parliament decided that the law on the rejection of Russian oil will be implemented gradually, starting from October 1, 2024, and not within 30 days.

This was reported by Bulgarian National Radio.

Two weeks ago, the Economic Committee adopted a bill in the first reading that provided for the rejection of Russian oil within 30 days.

However, speaking before the committee, Economy Minister Bogdan Bogdanov said that the introduction of a ban on the import of Russian oil for the 30-day period envisaged so far would lead to a jump in fuel prices.

"The realistic deadline for the derogation to be canceled is 12 months, or October 1, 2024. With a 30-day deadline, the risks are high. I cannot predict exactly what the prices will be, but they will rise significantly, and there will be opportunities for speculation and possibly even a fuel shortage," the minister said.

The decision is part of the second reading of the draft law that proposes to cancel the derogation, but the final decision will be made at the plenary session.

Author - Olena Madiak, 28/09/2023