Bulgaria has ramped up imports of Russian oil, becoming the third-largest buyer of Russian crude behind China and India
Bulgaria has become the third-largest buyer of Russian oil in the world.
The prolonged political instability in Bulgaria will continue to impact critical energy security decisions and maintain the country’s status as Russia’s best client in Europe. Bulgaria, currently the third-largest buyer of Russian oil in the world, is heading for another round of general elections on April 2, since the parliament failed to form a regular cabinet following the October 2022 elections . This will be the fifth parliamentary poll in the past two years.
While the European Union has now phased out 90 percent of oil imports from Russia, Bulgaria became the third-largest buyer of Russian crude after China and India, overtaking Turkey on that list in December 2022 . The Port of Burgas is the only one in Europe where Russian oil can still embark after Sofia succeeded in lobbying the European Commission for an exemption from the ban on seaborne Russian oil, which became effective on December 5, 2022.
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