The EU’s sanctions on Russia due to the conflict in Ukraine don’t have an effect on the Bulgarian financial system, appearing Economic system Minister Nikola Stoyanov informed parliamentarians on Thursday.
Stoyanov was requested to talk to parliamentarians on Thursday, following a request filed by the pro-Russian celebration, Vazrazhdane.
The impact on the Bulgarian financial system is insignificant, with exports to Russia seeing a lower than 2% drop in 2022, mentioned Stoyanov, citing the accessible macro knowledge.
Even earlier than the conflict in Ukraine, greater than 60% of Bulgaria’s commerce was with the European Union, as commerce with Russia had solely amounted to 5-6% within the ten years that preceded it, he added.
In response to the minister, it’s too early to say how the sanctions will affect the varied sectors. The contracts signed earlier than the sanctions got here into drive will proceed to be legitimate till their fulfilment, mentioned Stoyanov, noting that there are additionally assumptions about stocking up some Russia-imported items when it grew to become clear that there could be sanctions.
The minister added that rather more time should go earlier than the true impact of those sanctions on the Bulgarian financial system may be seen.
Talking of the eleventh sanctions package deal nonetheless being negotiated between EU nations, the minister mentioned it’s primarily geared toward limiting the chances of circumventing the earlier sanctions by re-exporting prohibited merchandise and applied sciences to Russia from third nations.
He added that a lot of the data referring to member state discussions over the eleventh package deal is delicate and can’t be shared in a public plenary dialogue.
Requested whether or not corporations use Bulgaria to keep away from sanctions, Stoyanov mentioned Bulgaria strictly complies with the obligations underneath the EU’s Russia sanctions regime and screens all makes an attempt to avoid them – a job he mentioned was carried out by “the Bulgarian providers, along with the Finance Ministry and different establishments”.
On the finish of April, the Bulgarian prosecutor’s workplace investigated whether or not the federal government and the accountable establishments had been implementing sanctions towards Russia. The investigation was launched after data “associated to the way of implementation by the Republic of Bulgaria of sanctions imposed by the EU on Russia.” was revealed within the media, the prosecutor’s workplace introduced on the time.
In February, EURACTIV reported that Bulgaria had not imposed sanctions towards Russian residents or corporations showing on the EU sanctions record. The sanctions regime was imposed after the annexation of Crimea in 2014.
In Bulgaria, the sanctions should be imposed by the tax authorities, however the Nationwide Income Company has not carried out a single freeze to date.
Earlier, GERB MP Delyan Dobrev mentioned that tens of millions of Russian oligarchs are being laundered via a financial institution in Bulgaria. The prosecutor’s workplace introduced that it had ordered the State Company for Nationwide Safety to research the case.
(Krassen Nikolov | EURACTIV.bg)
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