Helsinki: Finnish oil company Teboil is scaling back its operations as fuel stocks dwindle due to US sanctions on its Russian parent company Lukoil, daily Helsingin Sanomat (HS) reported. "We are currently running down our fuel stocks, which means that some stations have already run out of certain fuel grades, and the number of such stations is rising daily," Toni Flyckt, Teboil's marketing and communications director, told HS. New deliveries have been suspended, he said.

According to Anadolu Agency, it has been agreed that a limited portion of payment traffic will go through to partners, but the approval process is very slow. Flyckt also mentioned that efforts are being made to separate the operations of the retailers from Teboil, allowing them to continue their business independently.

With Lukoil subject to US sanctions, Teboil's fuel deliveries and payment transactions have been halted. The company has been granted flexibility until November 21 to cut their links to the fuel supply chain. Washington recently imposed blocking sanctions on Lukoil and Rosneft, along with 34 of their subsidiaries, as part of President Donald Trump's new measures targeting Russia's energy sector.