Russian timber giant ULK hit by tax freeze, sells assets

Russia’s Federal Tax Service has frozen the bank accounts of one of Russia's biggest sawmilling company ULK Group due to outstanding tax payments, as the company struggles with financial losses exacerbated by Western sanctions. The Archangelsk-based company, once a leading Russian softwood exporter, is unlikely to regain its former market position despite pledging to settle its debts, industry analysts say. In January alone, ULK put two of its logging operations up for sale. According to corporate data provider Kontur.Fokus, the Federal Tax Service ordered a suspension of transactions in ULK accounts held with Primterkombank ...