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Companies in the timber industry / Daily News / Global Trends / Market Analysis / Forestry / Lumber / Sawmilling / Wood Products / Europe / Global / Russia
March 10, 2022

UK timber industry advised to cease trading with Russia and Belarus

UK timber industry advised to cease trading with Russia and Belarus
With the invasion of Ukraine ongoing, Timber Development UK (TDUK) is advising all members to cease trade with Russia and Belarus.    The financial sanctions from multiple Governments to exclude many Russian banks from the international SWIFT payment system has effectively shut a lot of firms out of international trade as payments cannot be made or received; the UK Government has requested British ports to refuse entry for Russian owned or registered vessels; the EU has imposed trade sanctions on Belarus covering multiple commodities including timber; and the US Govt is considering a trade embargo on Russian ...

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