The Board of Directors appointed Aleksei Lomko as Chief Executive Officer of Russian JSC Ilim Group effective from October 30, 2023. Aleksei Lomko is one of key opinion leaders in corporate law, management, legal support, and re-engineering of large companies. Mr Lomko is a graduate of the Ural Legal Academy and holds MBA degrees from […]
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 […]
The Russian pulp and paper industry is facing an acute crisis in product sales. The main reasons for this difficult situation are sanctions and a severe lack of demand in the Chinese market, exacerbated by exorbitant export logistics costs. Pulp and paper mills, have been forced to cut down production volumes. In the first half […]
Following the announcement on 15 December 2022 of the agreement to sell its three Russian packaging converting operations to the Gotek Group for a total consideration of RUB 1.6bn, Mondi plc (“Mondi”) confirms that Gotek Group received all requisite approvals and the sale has now completed. Mondi has received net proceeds of €30.4m from this […]
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 […]
The Russian packaging sector is facing with the deepest crisis in its modern history, as the ongoing military conflict between Ukraine and Russia and unprecedented sanctions, imposed on the country have resulted in the massive exodus of global packaging producers from the local market and posed a threat of the shortage of packaging in the […]
The first quarter of 2023 has seen a year-on-year decrease of 4.5% in China’s newsprint imports, which totalled 103.1 thousand tons. The value of these imports has fallen by 18.4%, settling at $57.1 million. This contraction correlates with the average price of newsprint, which also witnessed a 14.5% decrease to $554.1 per ton. Despite the […]
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 […]
Russian plywood exports decreased by 41% to 2 million m3 in 2022. The export value fell by 39% to $1,2 billion. Europe and the USA have been the main markets for Russian plywood exporters. However, exports to Europe were vastly reduced due to sanctions imposed on Russia in 2022, and U.S. export duty on Russian […]
International Paper today announced that it has entered into an agreement to sell its 50% interest in Ilim SA, the holding company for its Ilim joint venture (JV), to its JV partners for US$484 million equity value. The sale is subject to regulatory approvals in Russia. This transaction indicates ~$3.5 billion in total enterprise value […]