Bulgaria could run into fuel shortages if the Lukoil Neftochim refinery stops operating, former Prime Minister and GERB leader Boyko Borissov warned on Thursday.

'We anticipated events — we have held careful discussions with the finance minister and the governor of the central bank to monitor the situation, because this is serious business. At one point, we could even be left without fuel,' Borissov said, while noting that the United States might reconsider its position.

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Assen Vassilev, leader of the 'We Continue the Change' party, added, 'If Lukoil stops operating, it would disrupt fuel supplies to the country. We do not have sufficient import capacity to cover the country’s full needs.”

Meanwhile, the Bulgarian National Bank said it is analysing the potential impact of the sanctions, adding that 'on a systemic level, there is no direct credit risk affecting the stability of the country's banking system.'