Finnish gas station operator Teboil, owned by Russian oil giant Lukoil, said on Wednesday it was preparing to close all of its gas stations in the country as fuel runs out amid US sanctions on its parent company, Reuters reports.
According to its website, Teboil has 430 gas stations in Finland, or roughly a fifth of the 2,250 stations in the Scandinavian country, according to a 2024 report by an industry group.
"The stations will close in stages once fuel stocks are sold out," Teboil said in a statement.
Finnish Ministry of transport did not immediately respond to a request for comment.
Last month, the United States imposed sanctions on Lukoil over Moscow's war in Ukraine, disrupting the company's international business. The Finnish gas station chain is the first international company owned by Lukoil to announce it will close as a result of the sanctions.
Elsewhere, Lukoil declared force majeure at its valuable West Qurna 2 oil field in Iraq after the country halted all cash and crude oil payments due to Western sanctions, while a contractor working for Lukoil canceled plans to drill for oil off Romania.
The administration of U.S. President Donald Trump has given permission for potential buyers to negotiate with Lukoil to buy its non-Russian assets, and Teboil said on Monday it expects Lukoil to sell the chain.
Last month, the Finnish Financial Supervisory Authority said banks and other Finnish institutions subject to its regulations should exercise increased caution when dealing with Lukoil and companies directly or indirectly owned by it.