Finnish petrol station company Teboil will shut down its self-service stations, following United States sanctions on its parent company Lukoil.
Teboil has 525 locations in Finland, including petrol stations and diesel terminals. Its fuel reserves have been depleting, as oil deliveries were suspended after the U.S. announced sanctions on Lukoil last month.
“Cash sales ended at all consumer ATMs on the last day of October,” wrote Teboil. “Stations will close in phases once fuel stocks are sold out.”
The company told Finnish news agency STT that the closures would only apply to self-service stations.
Teboil previously said on Monday that Lukoil would likely sell the company.
Lukoil has been divesting from its foreign assets, having also reportedly declared force majeure at its West Qurna-2 oil field in Iraq. It said today that it is “taking all necessary steps to complete the sale” of its assets in Bulgaria, which are currently being administered by the country’s government.
Switzerland-based Gunvor bid to acquire Lukoil’s foreign assets last month, but withdrew after the U.S. said it would not offer Gunvor a license.
The sanctions were announced on 22 October, with the U.S. citing the Russian government’s refusal to negotiate a ceasefire in its invasion of Ukraine.
The U.S. Treasury Department had originally given Lukoil a 21 November deadline for sanctions to begin, but has now offered Lukoil a waiver to keep operating several of its foreign businesses until 13 December.
Russian oil flows have also been disrupted by Ukrainian airstrikes on oil refineries and export centres. Ukraine struck one of the largest oil export centres in Russia on Sunday, causing a fire at the facility and significant infrastructure damage.
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