Sharp rise in companies with Russian participation in Bulgaria – media

That is according to Euractiv, citing data from the Bulgarian Commercial Register, as reported by Ukrinform.

In September 2024, there were 12,000 companies with Russian participation registered in Bulgaria. By the end of the year, that number had grown by an additional 1,000.

Authorities in Sofia have allowed the registration of over 7,300 fwhly Russian-owned companies, along with 5,700 firms where Russian citizens or entities hd a 40% stake. However, no official data is available on Bulgarian companies in which Russians own a minority stake (less than 40%).

Martin Dimitrov, an MP from the pro-Eurean coalition We Continue the Change – Democratic Bulgaria (PP-BD), stated that intelligence agencies should assess the activities of these companies and Russia's interests in Bulgaria.

Flowing its 2022 invasion of Ukraine, Russia declared Bulgaria a "hostile" country for supporting the expansion of sanctions against Moscow.

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At the same time, Euractiv’s investigation has revealed that no Russian assets have been frozen in Bulgaria.

The largest Russian-erated company in Bulgaria is oil giant Lukoil, which is currently negotiating the sale of its Bulgarian division. In 2023, Lukoil generated €7.5 billion in revenue through its network of refineries and gas stations, accounting for 7% of Bulgaria's GDP.

As previously reported by Ukrinform, the Bulgarian government stated it lacks precise data on the scale of Russian investments in the country’s economy.