Reduction of Russian timber duties after negotiations with WTO

Russia will reduce its wood tariffs probably within a year. Russia has given this promise to reduce timber dutis in negatiations to the European Commission in exchange for membership in the World Trade Organization (WTO) according to the Finnish TV Yle. The Russian duties on raw timber will be lowered from 15 euros to 2 euros per cubic meter.

The agreement bodes well for the timber trade between Finland and Russia, says Finnish Foreign Trade and Development Paavo Väyrynen to Yle.
- This means that the timber trade between Finland and Russia can continue and it also provides opportunities for industry to invest, possibly both in Finland and Russia. The agreement bodes well for the timber trade between Finland and Russia" says Foreign Trade and Development Paavo Väyrynen.

- This means that the timber trade between Finland and Russia can continue and it also provides opportunities for industry to invest, possibly both in Finland and Russia, continues Väyrynen.

The agreement between the EU and Russia will officially be signed in December. According to official data, the tariff will be reduced to about a quarter of what it is today. The Russian wood tariffs has been a long and protracted dispute which concerned importing forest companies in both Sweden and Finland. Swedish Billerud was 1.4 percent up to 55:50 crowns but ended at 55 SEK (- 0.9%) at the end of the day. CEO Per Lindberg concluded to the newsagency Direkt that the russian news is undoubtedly positive and should drive the prices of raw material down.
Stora Enso R rose 2.97% percent to 6.94 Euro in the Helsinki Stock Exchange in Finland and the A-share in Sweden rose with 4,52% and ended at 67 SEK.