Teboil, the Finnish petrol station operator owned by Russian oil major Lukoil, announced on Wednesday, 19th November, 2025, that it will begin shutting down all of its petrol stations across Finland as fuel inventories are depleted, a move prompted by U.S. sanctions against Lukoil. The company operates 430 stations, making up about one-fifth of Finland’s total 2,250 petrol stations. The closures will occur in phases, with stations ceasing operations once their fuel stocks are exhausted.
The sanctions imposed by the United States, which were a response to Russia’s actions in Ukraine, have disrupted Lukoil’s international business, making Teboil the first foreign subsidiary to close as a direct consequence of these sanctions. In addition to the station closures in Finland, Lukoil has declared force majeure at its West Qurna 2 oilfield in Iraq due to halted payments and has faced operational setbacks in Romania and Bulgaria.
The U.S. government has also approved talks for potential buyers interested in acquiring Lukoil’s non-Russian assets, including Teboil. Meanwhile, Finland’s Financial Supervisory Authority has advised caution to local banks and institutions engaging with Lukoil and its affiliates due to the sanctions’ implications. Teboil has not provided further comments on the matter but has signaled the inevitable winding down of its operations in the country as it navigates the fallout from the sanctions.