Tag Archives: Russian market

Russia introduces mandatory sale of foreign currency earnings by Russian exporters of forest based products

Russian president Vladimir Putin has signed a decree “On the mandatory sale of revenue in foreign currency received by certain Russian exporters under foreign trade agreements (contracts),” according to a government statement. According to the decree, a specific list of exporters, including 43 groups of companies from various industries such as the fuel and energy […]

Essity to Sell Its Operations in Russia

Swedish hygiene products group Essity (ESSITYa.ST) has divested its operations in Russia, the company said in a statement on Saturday. The company said it did not expect to see a material financial impact from the winding down of its Russian business. Essity has signed an agreement with a buyer and the transaction has been approved by the […]

Kiilto ceased business activities in Russia

With the approval of the Russian authorities, Kiilto has now been able to sell all its Russian subsidiaries. After a transition period, Kiilto brands will no longer be sold in the Russian market. Kiilto began to look for a legally appropriate way to exit the Russian market in March 2022. In July 2022, Kiilto and […]

Amcor to sell factories in Russia

Amcor recently announced that it will be selling its three factories in Russia. This announcement is in line with its statement in March regarding scaling down activities and exploring strategic options for its Russia operations. Until completion of the sale, which is currently expected to occur in the second half of its 2023 fiscal year, […]

Mondi readies to sell Russian assets

Potential sale UK- and Austria-based Mondi has announced it has entered into an agreement to sell its Russia-based facility, Mondi Syktyvkar, along with two affiliated entities to Augment Investments Ltd for some RUB 95 billion (€1.5 billion).   “The Disposal is conditional on the approval of the Russian Federation’s Government Sub-Commission for the Control of Foreign […]

Mondi to sell its Syktyvkar plant to Russian billionaire Viktor Kharitonin for $1.5 billion

Mondi Group agreed to sell its Russian Syktyvkar plant to Augment Investments Limited owned by Russian billionaire Viktor Kharitonin for 95 billion rubles ($1.5 billion). The assets in Russia will be transferred to Augment as part of the proposed disposal excluding a cash balance. Mondi’s London-listed shares jumped 11% on the news, as the company said […]

Ponsse changes performance guidance for 2022

Ponsse changes performance guidance for 2022. The company’s euro-denominated operating result in 2022 is expected to be on a par with the comparable operating result of its continuing operations in 2021 (Euro 50 million, 8.2% of net sales). The company’s relative profitability is expected to decrease significantly, however, due to divesting its Russian business, difficulties in the availability […]

Konecranes comments on the impacts of the war in Ukraine on its business and financial performance

Konecranes condemns the war in Ukraine. We are saddened and upset by the war and deeply concerned for our over 400 Ukrainian employees and their families. Their safety and well-being are number one priority for Konecranes as a company, and the Konecranes community is supporting them and their compatriots through local and global efforts. Konecranes […]

Moscow city posts significant growth of paper production in 2021

The volume of paper production in the Russian city of Moscow grew by almost 30% during the period of January-November, 2021 year-on-year basis, according to recent statements and data, provided by Moscow regional authorities. The achieved growth was confirmed by Vladimir Yefimov, Deputy Mayor of Moscow for Economic Policy and Property and Land Relations, according […]

Kemira increases prices for all product lines in Pulp & Paper Americas

Kemira to increase prices for all product lines in Pulp & Paper, Americas effective March 15, 2022. Costs for all main raw materials, energy (direct and indirect), packaging materials and freight have massively increased during recent months and continue to rise. Significant price increases in the range of 15% to 30% are necessary and will […]