In Russia, UPM employs 800 persons most of whom work at the Chudovo plywood mill. The operations are currently running as usual.
Russian invasion of Ukraine
The suspension of business will last at least three months and will affect 15,000 employees in Russia.
Facing inadequate supplies of critical raw materials, Sylvamo may curtail or temporarily shut down pulp and paper production at its Svetogorsk, Russia, mill later this week.
Ponsse Plc has decided to discontinue temporarily all export operations to Russia and Belarus for both Ponsse forest machines and their spare parts. Also the Ponsse Group's Russian subsidiary OOO Ponsse is discontinues temporarily its local spare parts and service operations.
Stora Enso will stop all production and sales in Russia. The Company will also stop all export and import to and from Russia.
Of the new orders received in 2021, 39% came from Russia.
Kemira has decided to discontinue deliveries to Russia and Belarus starting March 1, 2022 until further notice due to the ongoing situation in the region.
Increased sanctions against trading with Russia and difficulty with financial transactions will probably interrupt and re-direct shipments of forest products throughout the world.
Companies are negotiating with buyers to pay in new currencies and expect complications due to possible counter sanctions from the Russian government.
Sanctions imposed by the European Union on Russia in connection with the military operation in Ukraine have limited operations on correspondent accounts between German and Russian banks.