Finland’s Teboil Files for Restructuring as Lukoil Sanctions Hit
(Bloomberg) -- A fuel retailer in Finland filed for corporate restructuring because US sanctions on Russia’s Lukoil PJSC left it unable to conduct business.
Oy Teboil Ab, a unit of the Moscow-based energy giant, submitted an application at the Western Uusimaa District Court on Friday, according to a Justice Ministry registry of insolvency cases.
The US announced sweeping sanctions on Lukoil last month, although it delayed the implementation of some of them until Dec. 13.
Teboil started winding down operations on Wednesday. It had already been running out of fuel and many of the entrepreneurs running its gas stations across Finland were in the process of closing. The company had also faced issues with banks refusing to conduct transactions.
Still, as recently as Monday, Teboil had been more hopeful, saying it would “strive to restore full operational capability as quickly as possible” since the delay on the sanctions encompassed Lukoil’s filling-station business.
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