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23 March 2022
European Paper Mills Differ On Ukraine Invasion
FINLAND ,—
UPM has joined pulp and papermaker Stora Enso in halting deliveries to Russia because of its invasion of Ukraine – while Mondi finds itself under increasing pressure over its Russian stance. UPM Paper Group said the situation had “wide-reaching human, political and economic implications in Europe”. “As a result of Russian aggression against Ukraine, the geopolitical situation in Europe has permanently changed,” UPM stated. UPM employs 800 people in Russia,
most of whom work at its Chudovo Mills plywood and veneers site to
the south-east of St Petersburg. UPM said the business, which makes 155,000m3 per annum of plywood and veneer for building, furniture and interiors, was “currently running as usual”. Mondi Group has said it is “assessing all options” for its Russian business, which is starting to be impacted by sanctions affecting the country following the invasion of Ukraine. Mondi Group employs around 5,300 people in Russia, and it has been under increasing pressure over its stance to continue operating there. Mondi’s operations in Russia represented circa 12% of the group’s revenue and generated around 20% profits.
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