Finnish fuel retailer Teboil has filed for restructuring after US sanctions against Russia's Lukoil effectively paralyzed its operations. This is reported by Bloomberg, writes UNN.
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Oy Teboil Ab, a company that is part of the structure of Moscow's PJSC Lukoil, has applied to the Western Uusimaa District Court for corporate restructuring. As follows from the insolvency case register, US sanctions restrictions have deprived the company of the ability to conduct operations normally.
Lukoil loses $10 billion: US sanctions paralyze company abroad - FT
After the announcement last month of extensive sanctions against Lukoil, some of which are due to take effect on December 13, Teboil began to wind down its operations. Fuel supplies were rapidly depleting, franchisees were massively closing gas stations, and banks were refusing to process payments.
Despite this, as recently as Monday, the company stated that it would "strive to restore full operational capacity as soon as possible," hoping that a delay in sanctions would allow it to stabilize operations.
Lukoil gas stations in Finland suspend operations due to US sanctions