EditBulgaria lifts reservation, clearing path for EU association agreements with San Marino and Andorra
The story continues to unfold as the broader legal proceedings in San Marino and the ratification phase progress
Bulgaria has withdrawn its reservation blocking the EU’s association agreements with San Marino and Andorra, removing a key obstacle tied to a high-profile dispute involving a Bulgarian investor.
At the Coreper (ambassadors) meeting on Wednesday, Bulgaria raised no objections, against the backdrop of a positive development in the so-called “bank heist” case affecting investor Asen Christov.
The breakthrough follows a ruling by a San Marino court on 29 June that revoked the preventive seizure of funds linked to Christov’s company. While the court ordered the return of the assets, only a partial amount (roughly €8.5 million out of approximately €15 million) has been released so far, according to sources close to the investor. The remainder remains withheld by Banca di San Marino.
Written procedure launched
Following the Coreper green light, a written procedure was initiated, giving EU member states 24 hours to express approval via email. This step was necessary due to the lack of scheduled Council meetings until September. If all 27 member states respond positively, the agreements are expected to be signed in September.
Ratification still ahead
However, this is not the final chapter. The agreements will undergo a “mixed” ratification procedure, requiring each member state to approve them according to its own constitutional rules. This process preserves Bulgaria’s leverage should the underlying investor dispute not reach a fully satisfactory resolution.
The dispute stems from a failed 2025 attempt by Christov’s Starcom group to acquire a stake in Banca di San Marino. Funds transferred during the deal were frozen amid money laundering suspicions, leading to the collapse of the transaction and subsequent international arbitration claims by the Bulgarian side.
Bulgaria had previously conditioned its support for San Marino’s (and by extension Andorra’s) EU association on progress in investor protection and rule-of-law concerns. The partial unfreezing of assets appears to have been sufficient for Sofia to step aside for now.
However, the continued withholding of a significant portion of the blocked amount will likely lead to litigation in Washington for 150 million euro, given the fact that there are just over 2 months left until the expiration of the 6-month period in which the parties could reach an agreement.
Caption: A Coreper roundtable, 3 July 2026 [Council Newsroom]
Updated: July 16, 2026 - 08:04
