EU Coreper Fails to Advance Andorra Pact Over Bulgarian San Marino Bank Probe Blockade

The EU's Committee of Permanent Representatives (Coreper) ended its latest meeting on Monday without achieving the unanimity needed to advance Andorra's stalled association agreement, as Bulgaria maintained its reservation.

The session, held under the Cypriot presidency, marked the second attempt to elevate the text within Coreper. However, it proceeded without full consensus from the EFTA group, leaving the negotiations blocked for months due to Bulgaria's concerns over an investigation into a failed takeover bid for Banca di San Marino by the Bulgarian investment group Starcom.

The meeting coincided with a discussion in Andorra between Foreign Affairs Minister Imma Tor and Bulgarian Ambassador Todor Hristov Stoyanov, who presented his letters of credence. Government sources said the association agreement was a key topic. Stoyanov assured Tor that Bulgaria views the matter as unrelated to Andorra and expects a rapid resolution.

A further Coreper meeting is scheduled in a couple of days, with the agreement back on the agenda. The Cypriot presidency has previously expressed a desire to settle the issue before its mandate ends this month.

Tor and Stoyanov also discussed the upcoming signature of a double taxation agreement between the two countries and potential cooperation on ski resorts, according to the minister's social media posts.

No timeline has been confirmed for resolving the Bulgarian reservation, which authorities link to a financial scandal involving Bulgaria and San Marino.