Sanctions squeeze Russian timber industry, wiping out billions in exports

The Russian lumber industry is reportedly unravelling under the impact of sanctions as companies struggle to find new markets for their product. Russian lumber companies have lost a third of their export markets as a result of sanctions, new data shows. Putin is facing a growing economic crisis as the country struggles to deal with the double whammy of biting sanctions and record-high interest rates. With inflation spiralling out of control, Russia's Central Bank was forced to hike interest rates to 21% late last year. Bank officials have not ruled out further hikes to stem the inflationary ...