In New Jersey, gas station franchise owners face uncertainty due to US sanctions on Russian oil giants like Lukoil. Despite temporary exemptions, banks and credit-card companies are cautious, impacting Lukoil-branded stations in the US. Franchisees worry about survival and the future amid geopolitical tensions and financial challenges.

Lukoil entered the US market in 2000 by acquiring Getty Petroleum Marketing, followed by Mobil stations in 2004. The company owns fewer than 200 sites, with franchisees signing contracts for fuel supply and financing. However, the Lukoil name became a liability after Russia’s invasion of Ukraine, leading to boycotts and sales fluctuations.

Recent US sanctions have further complicated matters for Lukoil franchisees, with banks cutting ties and payment methods changing. Lukoil is now working with regional banks and a new fuel supplier after ending ties with Phillips 66. The uncertain future of the Lukoil brand in the US leaves franchisees in limbo, waiting for potential buyers and hoping for a chance to rebrand and move forward.

Amid geopolitical tensions and financial challenges, Lukoil franchisees in the US face uncertainty and financial disruptions. The future of the Lukoil brand in the US remains unclear, leaving franchisees to wait for potential buyers and hope for a chance to regain control of their businesses.

Read more at Yahoo Finance: US Lukoil Gas Station Owners Left in Limbo Over Russia Sanctions