The Finnish concern UPM announced the final withdrawal from Russia
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The Finnish timber concern UPM sold all Russian assets, including the Chudovsky plywood plant, reported on the company’s website.
“UPM has completed the withdrawal of its business from Russia by selling all of its Russian operations, including the Chudovsky Plywood Mill, to Gungnir Wooden Products Trading,” the statement said.
Details of the deal were not disclosed.
UPM suspended all operations in Russia, including the operation of the Chudovsky Plywood Mill, in March 2022 due to a Russian special operation in Ukraine.
Since the end of February 2022, many Western companies have announced their withdrawal or suspension of activities in Russia. This was done, among other things, by large suppliers of coated paper – Stora Enso, UPM, Sappi and Arctic Paper. In May, Mondi and Sylvamo announced their withdrawal from Russia.
According to Yale University, more than 1,000 foreign companies have left Russia since February 2022. After the companies began to leave the Russian market, the Ministry of Industry and Trade approved a list of goods for parallel imports that can be imported into the Russian Federation without the consent of the manufacturer or copyright holder. In particular, it included goods from electronics manufacturers, cars, rare earth metals, sports equipment, etc.
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