STOCKHOLM (Reuters) -Finnish petrol station operator Teboil, which is owned by Russian oil major Lukoil, said on Wednesday it is preparing to shut down its operations as fuel runs out amid U.S.
Lukoil's Finnish Petrol Stations to Close Amid US Sanctions
STOCKHOLM (Reuters) -Finnish petrol station operator Teboil, which is owned by Russian oil major Lukoil, said on Wednesday it is preparing to shut down its operations as fuel runs out amid U.S. sanctions against its parent company.
"Stations will close in phases once fuel stocks are sold out," Teboil said in a statement.
The United States last month hit Lukoil with sanctions over Moscow's war in Ukraine, and the Trump administration on Friday gave clearance to potential buyers to talk to the Russian company about buying its non-Russian assets.
Teboil has 430 stations in Finland, according to its website, or roughly one fifth of the Nordic country's 2,250 stations, according to a 2024 report by an industry group.
Teboil had on Monday said it expected Lukoil to sell the chain as part of the Russian group's ongoing effort to sell foreign assets.
Finland's Financial Supervisory Authority last month said banks and other Finnish institutions subject to its regulations should exercise caution in dealing with Lukoil and companies directly or indirectly owned by it.
(Reporting by Anna Ringstrom, editing by Terje Solsvik)
