“The company is starting the process of selling its foreign assets and is already accepting applications from potential buyers. This step is being taken in accordance with the OFAC (Office of Foreign Assets Control) license, allowing for the winding down of operations,” representatives of Lukoil reported. They also added that if necessary, the company will appeal to OFAC for an extension of the license to ensure the uninterrupted operation of its foreign assets.
According to an anonymous source from Lukoil, this measure could lead to a reduction in the company’s revenues by approximately 30%. He noted that Lukoil would have to sell three oil refineries and about half of its 5,000 gas stations worldwide. “This is the end for Lukoil,” he added.
Meanwhile, information has emerged about the closure of Teboil gas stations, a subsidiary of Lukoil in Finland, which is the second-largest player in the country’s oil market with a network of 400–430 gas stations. In the Teboil gas station group in Kemi, it was stated on Facebook that the station would cease operations in two weeks: “Dear customers! We are closing on Sunday, November 9, 2025.” Similar information was posted in the Teboil public group in Vuorela, which also reported that the last day of operation for the gas station is November 17.
Last week, the STT publication reported that the Finnish oil refining company Neste had suspended fuel supplies to Teboil gas stations in light of the sanctions imposed against Lukoil. Sources from Yle in Finnish transport companies reported that Teboil transport is no longer loading petroleum products at the Neste refinery in Kilpilahti and its regional terminals. Supply difficulties were also confirmed by the company itself.
Additionally, the Bank of Finland warned that financial institutions may face restrictions due to cooperation with Teboil. “Anyone dealing with a company that has been placed on the U.S. 'blacklist' is at serious risk,” noted Päivi Heikkinen, head of the payment systems department at the Bank of Finland. According to Helsingin Sanomat, gasoline supplies at Teboil gas stations in Finland may run out in the coming days.
The marketing and communications director of Teboil, Toni Flikt, stated that he is not aware of Lukoil's plans to sell foreign assets. He declined to comment on the situation with the Russian owner of the company, adding that Teboil is monitoring developments and will provide information as necessary.
Sanctions against Lukoil and Rosneft, as well as their subsidiaries, were imposed by Washington on October 22. The U.S. Department of the Treasury provided a month to cease operations with Russian oil companies that have come under restrictions.
