European sanctions hit Northwest Russia’s timber companies

Compared with last year, the volume of timber harvested and processed by timber companies in Northwest Russia has decreased by 25%-30% this year. These data were corroborated by statistical departments in the Northwest Forestry Development Authority's major regions involved in timber harvesting and processing. Compared with January-May 2022, the production of unprocessed wood in the Leningrad region in January-May decreased by 29.5% (1.1 million cubic meters), sawn timber decreased by 18% (219.7 thousand cubic meters), while wood pellets were down 76.6% (14,000 tonnes). From the perspective of assets, the ...