Romania will set up a mechanism to place companies at risk of being hit by international sanctions under special oversight, such as the local unit of Russian state-owned Lukoil PJSC, a cabinet member said.
Justice Minister Radu Marinescu said a draft emergency decree published Wednesday, though it doesn’t name specific companies, would affect Lukoil. The Moscow-based oil producer operates Petrotel, a refinery that processes some 50,000 barrels of crude a day and is set to come under US sanctions announced last month.
“It’s necessary to establish the legal framework for such instances,” Marinescu told Bloomberg News. The decree is written broadly, “but one particular case to which this legislation could apply is Lukoil.”
The proposal, which must be approved by Prime Minister Ilie Bolojan’s government, is designed to shield Romania’s energy sector, where uninterrupted supply is critical to avoid price spikes in a country with the highest inflation and widest budget deficit in the European Union.
Under the decree, the government in Bucharest would be empowered to appoint special administrators to manage local entities affected by sanctions triggered by Russia’s war in Ukraine. The measure can be enacted after determining that “a significant economic” fallout will occur or if the company requests it.
The plan mirrors a decision by neighboring Bulgaria to take control of Lukoil’s Neftohim refinery this month. The moves by the two eastern EU member states underscore their efforts to balance compliance with Western sanctions against Russia while trying to safeguard energy security.
Lukoil didn’t immediately respond to a request for comment.
In addition to the Petrotel refinery, Lukoil has a network of more than 300 fueling stations affected US sanctions, which will come into force next month. Petrotel is currently closed for maintenance and is the third-largest in the Black Sea country.
The draft decree may be approved as early as Thursday during a weekly cabinet meeting.
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