Lukoil-owned Finnish petrol stations set to close amid U.S. sanctions
Finnish fuel retailer Teboil, owned by Russian oil giant Lukoil, announced it will gradually shut down operations as fuel supplies run out due to U.S. sanctions targeting its parent company. Teboil confirmed that station closures will occur in phases as existing stocks are sold.
The U.S. imposed sanctions on Lukoil last month over Russia’s ongoing war in Ukraine. The Trump administration has since allowed potential buyers to negotiate for Lukoil’s non-Russian assets. Teboil operates 430 stations in Finland, about one-fifth of the country’s total, making the closures a significant disruption to the Finnish fuel market, News.Az reports, citing Reuters.
Teboil had previously indicated that Lukoil plans to sell the chain as part of a broader effort to divest foreign holdings. Finland’s Financial Supervisory Authority has urged banks and other institutions to exercise caution when dealing with Lukoil and its affiliated companies.
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