Cetracore–Jetoil abruptly halted its operations on Tuesday, catching the fuel market and its partners by surprise. According to information, the company was driven to collapse under the weight of sanctions imposed on Russia, a development that is already raising concerns about the smooth supply of certain fuel stations.

Cetracore–Jetoil informed its network of partners of a temporary suspension of operations, without providing a specific timeline for a restart or further details regarding next steps.

The company’s presence in the Greek market is relatively recent. Cetracore–Jetoil S.A. began its business activity in March 2018, when Austria-based Cetracore Energy GmbH proceeded with the acquisition of Jetoil, bringing the historic brand back to the market under a new corporate structure.

It should be noted that in its financial statements, the company had stated, among other things, that the ban on making payments to Russia, as a result of the wartime situation and in accordance with EU directives, forced the company into default on its obligations to a Russian bank, from which it had taken out a bond loan.

Specifically, this concerns a bond loan concluded with PJSC Credit Bank of Moscow (CBM), and “the company is subject to restrictions that prohibit the transfer of capital and the fulfillment of payment obligations arising from it,” while it is clarified that “it is taking care to fully comply with the applicable regulatory framework, as well as with the sanctions applied within the European Union.”