"We are highly dependent on energy resources, but not only. There may be bankruptcies of companies that work mainly with Russia, Ukraine and Belarus," said Veselin Iliev, director of International Economic Relations Center at the Bulgarian Industrial Association.
"The first group of problems is related to the impossibility or delay of deliveries due to logistics or production reasons, there is no possibility for payments, the requirement to pay in rubles also blocks trade. Bulgarian companies must refocus as markets or a source of raw materials," he said.
The expert added that the second group of problems are related to supply.
"The import of spare parts for defense from Russia is over 50 million dollars a year. And the few armed forces we have will be frozen. We also import many parts for the railway, as well as for the subway, from Russia - they are unalterable. The same applies to the issue of machine parts from Ukraine, Belarus", explained Veselin Iliev.
"For Europe, 40% of lithium is imported from Russia, many elements and metals also come from there. The construction industry will also suffer, but it is not without alternatives, other sources can be sought," he added.
According to him, the interest rates of the banks are expected to increase, giving the example of Germany, where the growth is significant in one week.
"We are working on these issues at the government level, but we have not seen the end result," the expert said.
As proposals to the government, Veselin Iliev pointed out that the prices of gas and electricity must be controlled, there is also a need for compensation, but there must also be something to protect us in the future.
For him, the survival of the business in the current situation is a miracle.
"There are already companies that have stopped working. The most affected are construction, tourism, oil producers and many others, there is no affected sector," he said.
