Lukoil’s Finnish Fuel Retailer Teboil Shuts Down as Sanctions Cut Off Supply

Finland’s fuel chain Teboil, owned by Russia’s Lukoil, has begun shutting down operations as its fuel supplies run dry following US sanctions on its parent company, Helsingin Sanomat reported on November 7.

Teboil confirmed it is winding down its fuel storage facilities, with many stations already out of certain fuel types.

“We are currently running down our depots, meaning some stations have already run out of specific grades, and their number is growing daily,” marketing director Toni Flyckt told the Helsingin Sanomat.

Read more

Category

Business

Trump Sanctions Target Over 50% of Russia’s Oil Exports, a Direct Blow to the Kremlin’s War Chest

Nov 06, 2025 17:53

No new fuel shipments are arriving, as deliveries and financial transactions have been frozen due to sanctions. US authorities have given companies until November 21 to cut ties with Lukoil, after which business with the Russian energy firm becomes effectively impossible.

Finnish refiner Neste and domestic banks have already halted dealings with Teboil.

The company warned of “possible safety and environmental risks” if operations remain stalled and said it is working to separate independent station operators from the main company to ensure they can pay staff and utility bills.

Teboil’s crisis deepened after commodity trader Gunvor withdrew its bid to purchase Lukoil’s international assets, following a US Treasury statement that it would not grant a license for such a deal, calling Gunvor a “Kremlin puppet,” according to Helsingin Sanomat.

Teboil said it continues to monitor the situation closely but declined to comment on its ownership or potential rebranding. “This is not the time to discuss that,” Flyckt said.

Previously, Finland’s Ministry of Defense blocked 11 real estate purchases by citizens from countries outside the European Union, including Russia, citing national security risks.

Help Ukrainian Units Hold the Drone Line

Download APP