Teboil fuel co winding down operations in Finland after Lukoil hit by U.S. sanctions

HELSINKI. Nov 7 (Interfax) - Fuel company Teboil is winding down its operations in Finland after its Russian parent company Lukoil was hit by U.S. sanctions, the Helsingin Sanomat newspaper reported.

"New deliveries have been suspended. We are currently running down our fuel stocks, which means that some stations have already run out of certain fuel grades, and the number is increasing each day," said Toni Flyckt, Teboil's head of marketing and communications.

He said Teboil's fuel deliveries and payment transactions had been halted.

The company has until November 21, as firms have been granted flexibility until then to cut their links to the fuel supply chain. Finnish oil refiner Neste and several banks have already ended dealings.

Asked whether Teboil would survive the crisis and be able to continue to operate under the same name and brand, Flyckt said this was not yet an issue.

Founded in 1934, the company is one of the country's largest owners of filling stations and a manufacturer of lubricants. The Teboil network began operating in Russia in 2022.