Finnish fuel retailer Teboil has been placed under corporate restructuring following a ruling by the District Court of Western Uusimaa, according to entries published on Finland’s national insolvency register.
The court decision took effect on Friday and follows an application for restructuring filed by Teboil in late November. The company said it was no longer able to meet its financial obligations after international sanctions were imposed on its Russian parent company, Lukoil.
Lukoil was placed under United States sanctions in the autumn, triggering immediate consequences for its Finnish subsidiary. Following the sanctions, Finnish banks suspended payment processing services for Teboil, effectively freezing its financial transactions and disrupting day-to-day operations.
As a result, the company halted fuel deliveries and began scaling down and shutting parts of its retail network across Finland, according to industry sources.
Reports have indicated that efforts are underway to sell the business as part of the restructuring process, though no public confirmation of a buyer has been announced.
Teboil has been a long-standing player in Finland’s fuel retail market, and the restructuring highlights the broader economic ripple effects of geopolitical tensions and sanctions on European companies with ties to Russian energy firms.
