Bulgaria's Schengen entry jeopardized by Hungary's veto threat over Russian gas transit tax

Bulgarian lawmakers voted to scrap an exemption to EU sanctions, which allowed millions of barrels of Russian oil to reach a Russian-owned refinery in Bulgaria and be exported to EU countries. The loophole generated an estimated €983 million for the Kremlin and €500 million in profits for Lukoil. While the opt-out will end in March, another loophole that allows Bulgaria to import unprocessed Russian crude above a price limit set by the EU and its G7 allies remains open, potentially raising another €150 million for Putin.