As Reuters reports Reuters
The Romanian coalition government on Tuesday approved a decree granting the country the right to take control of local assets of companies under international sanctions, including the Russian company Lukoil.
The document provides for the possibility of appointing special administrators for such enterprises if sanctions distort the market, cause significant price increases, or threaten energy security. The decision requires prior approval from Romania’s Supreme Defense Council.
The Romanian Prime Minister Ilie Bolojan said that the government would decide in December on the nationalization of Lukoil’s local gas stations.
In Romania, Lukoil has 320 gas stations, operates the country’s third-largest oil refinery, and holds rights to explore offshore blocks in the Black Sea. The refinery, which supplies about a quarter of the fuel supply, is currently undergoing maintenance.
Context and implications
The decree also allows Romania to take control of Lukoil’s rights to explore in the Trident area in the Black Sea. Such a decision underscores the synergy between the country’s energy priorities and the sanctions regime against Russian assets.
As widely known, in October the United States imposed sanctions on Lukoil and Rosneft in the context of Russia’s aggression against Ukraine and the lack of progress in the peace process.
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