Published by Global Banking & Finance Review®
Posted on November 21, 2025
1 min readLast updated: January 20, 2026
Add as preferred source on GoogleTeboil, a Finnish fuel chain owned by Lukoil, files for restructuring due to US sanctions. The company plans to shut down stations as fuel runs out.
STOCKHOLM (Reuters) -Finnish fuel chain Teboil, which is owned by Russian oil major Lukoil, filed for corporate restructuring on Friday, news agency STT reported, citing a court filing.
The United States last month hit Lukoil with sanctions over Moscow's war in Ukraine, disrupting the company's international business.
Teboil had on Wednesday said it was preparing to shut down all its stations as fuel runs out. Earlier in the week it had said it expected Lukoil to sell the chain. It was the first of Lukoil's international businesses to say it would close down as a result of the sanctions.
Elsewhere, Lukoil has declared force majeure at its West Qurna 2 oilfield after Iraq halted all cash and crude payments, while a contractor working for Lukoil cancelled plans to drill for petroleum off Romania, and Bulgaria prepared to take over a Lukoil refinery.
Teboil has 430 petrol stations in Finland, according to its website - roughly a fifth of stations in the country, according to a 2024 report by an industry group.
Teboil could not immediately be reached for comment.
(Reporting by Anna Ringstrom, editing by Terje Solsvik and Louise Heavens)
Corporate restructuring refers to the process of reorganizing a company's structure, operations, or finances to improve efficiency, reduce costs, or adapt to new market conditions.
Force majeure is a legal term referring to unforeseen circumstances that prevent someone from fulfilling a contract. It often includes events like natural disasters or war.
A petrol station is a facility where fuel is sold for vehicles. It typically includes pumps for dispensing fuel and may also offer convenience store items.
A court filing is the formal submission of documents to a court, initiating legal proceedings or responding to a legal action.
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