Finnish gas stations of russian Lukoil to be closed due to US sanctions

Finnish gas station operator Teboil, owned by russia's Lukoil, said it is preparing to cease operations due to the depletion of fuel reserves amid US sanctions against its parent company.

It was reported by Ekonomichna Pravda with reference to Reuters.

"The stations will be closed in stages after the depletion of fuel reserves," Teboil said in a statement

The report said that according to the company, Teboil has 430 gas stations in Finland, which is about a fifth of the country's 2,250 gas stations.

Teboil said on Monday that it expects Lukoil to sell the network as part of the russian group's efforts to divest its overseas assets.

Last month, Finland's financial supervisory authority said that banks and other Finnish institutions subject to its regulation should exercise caution in dealing with Lukoil and companies directly or indirectly owned by the russian company announced new sanctions against russia

The restrictions include Rosneft and Lukoil, as well as their 34 subsidiaries.