STOCKHOLM, Nov 19 (Reuters) - Finnish petrol station operator Teboil, owned by Russian oil major Lukoil (LKOH.MM) , opens new tab, said on Wednesday it is preparing to shut down all its petrol stations in the country as fuel runs out amid U.S. sanctions against its parent company.

Teboil has 430 petrol stations in Finland, according to its website, or roughly one-fifth of the Nordic country's 2,250 stations, according to a 2024 report by an industry group.

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"Fuel supply in Finland is not threatened, as Teboil does not refine fuel in Finland, but mainly distributes fuel from a Finnish refinery owned by Neste (NESTE.HE) , opens new tab," Finland's Ministry of Economic Affairs and Employment said in an email to Reuters, adding that customers can switch to other retailers.

The United States last month hit Lukoil with sanctions over Moscow's war in Ukraine, disrupting the company's international business.

Teboil is the first Lukoil-owned international business to say it will close down as a result of the sanctions. Elsewhere, Lukoil has declared force majeure at its prized 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.

"Stations will close in phases once fuel stocks are sold out," Finland's Teboil said in a statement, without giving a timeline.

The administration of U.S. President Donald Trump on Friday gave clearance to potential buyers to talk to Lukoil about buying its non-Russian assets, and Teboil had said on Monday it expected Lukoil to sell the chain.

Teboil was not immediately available for further comment.

Finland's Financial Supervisory Authority last month said banks and other Finnish institutions subject to its regulations should exercise caution in dealing with Lukoil and companies directly or indirectly owned by it.

https://www.reuters.com/business/energy/finlands-teboil-prepares-shut-down-operations-amid-lukoil-sanctions-2025-11-19/