Lukoil's Finnish Subsidiary Left Without Fuel Due To US Sanctions

• 7.11.2025, 18:53

A subsidiary of the Russian oil giant owns about a fifth of the gas stations in Finland.

Finnish gas station chain Teboil, owned by Russia's Lukoil, is running out of fuel due to U.S. sanctions against the Russian oil giant, Reuters reported (translated by Unian).

"Our fuel stocks are running out, which means that some gas stations have already run out of certain fuels, and the number of such gas stations is growing daily," Teboil's marketing and communications director Tony Flick said.

The publication recalls that on October 22, US President Donald Trump imposed sanctions against Rosneft and Lukoil and said that organizations that do business with subsidiaries of these two companies could also be sanctioned. Lukoil's attempt to sell its overseas business to Swiss trader Gunvor failed as the US Treasury Department made it clear that it would not support the deal.

According to journalists' sources, Lukoil is trying to keep its businesses operating, particularly in Iraq, Finland and Switzerland.

In Finland, however, Lukoil's struggles do not seem to have been appreciated. Last month, the country's financial watchdog said that banks and other Finnish institutions subject to its regulation should be cautious in their dealings with Lukoil and companies directly or indirectly owned by it.

And Finns themselves are becoming less and less fond of fuels with Russian roots. Despite the fact that about one-fifth of gas stations in Finland belong to Lukoil's subsidiary, Finns are increasingly choosing other gas stations, which has already affected the company's revenues. While Teboil earned 2.36 billion euros in 2024, it will earn 1.61 billion euros in 2024.