“The Romanian government can appoint administrators for sanctioned companies. This will protect the country’s energy sector.”, — write: www.pravda.com.ua
Source: “European Truth” with reference to Bloomberg
Details: The proposal before the Romanian government is designed to protect Romania’s energy sector, where uninterrupted supply is crucial to avoid price spikes.
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According to the decree, the Romanian government will be empowered to appoint special administrators to manage local businesses affected by sanctions imposed in connection with Russia’s war in Ukraine.
This measure can be used after confirming that there will be a “significant economic” downturn as a result of the sanctions, or if the sanctioned company itself requests it.
Romanian Justice Minister Radu Marinescu told Bloomberg that the draft decree, although it does not name specific companies, will affect Lukoil.
“It is necessary to create a legal framework for such cases,” Marinescu said, adding that the decree is formulated quite broadly, “but one of the specific cases to which this legislation can be applied is Lukoil.”
The decree may be approved as early as Thursday during a meeting of the Romanian government.
In Romania, Lukoil operates the Petrotel refinery, which processes about 50,000 barrels of oil per day. Lukoil also has a network of more than 300 gas stations in Romania.
Both Petrotel and gas stations are subject to US sanctions against Lukoil, which took effect on November 21. Romanian authorities have previously said they want to find buyers for the refinery.
Read also: The defeat of Lukoil: how sanctions destroyed one of the Kremlin’s key pillars in Europe