One of the largest "sponsors" of the Russian budget - the oil refining company "Lukoil" - has still not been included in the EU sanctions lists, despite nearly four years of war and 19 adopted sanction packages, writes the magazine Ir.
Partial restrictions have also been imposed on "Rosneft," which is significant for the Russian economy - a ban on transactions with it.
"Lukoil" owns extensive networks of gas stations in Romania, Bulgaria, and Finland, as well as oil refineries in the Netherlands, Romania, and Bulgaria, with one of the company's most important assets located outside the EU - at the large oil field West Qurna 2 in Iraq. The United States decided to impose sanctions on both Russian oil giants, and since November 21, the companies they manage have effectively been unable to operate worldwide.
Although U.S. sanctions are not directly applied in Latvia, their impact is felt here: "I cannot imagine any financial institution supporting the activities of such providers," says Paulis Iljenkov, deputy head of the Financial Intelligence Service's sanctions division, noting that banks risk falling under secondary U.S. sanctions.
In Latvia, the direct consequences will be felt by the Ventspils port company "Vars," which is fully owned by "Lukoil": last year its turnover exceeded 4 million euros, and its income was 860,000 euros, while in 2023, revenue reached 1.3 million. "Vars," which deals with the transshipment of acrylonitrile and previously held the status of an important commercial entity for national security, lost this status in November last year after the terminal was removed from the critical infrastructure list. The company's management declined to comment.
Previously, "Lukoil" owned a network of gas stations in Latvia, but in 2016, "Lukoil Europe Holding" sold its assets to the Austrian "Amic Energy Management," which leased the stations to "Viada Baltija." This business turned out to be profitable: over the past three years, "Amic Latvia" earned more than 13 million euros. The company emphasizes its lack of ties to Russian entities - its beneficiaries are citizens of EU countries. "Viada" stated that if connections between the business partner and Russia were confirmed, the lease agreement would be terminated "without any reservations."
