Stora Enso suspends Russia operations

Major Finnish paper and packaging producer Stora Enso will stop all production and sales in Russia in response to Moscow's assault on Ukraine, the group announced Wednesday.

The forestry giant, with 1,100 employees  at three packaging plants and two sawmills in Russia, will also freeze all its Russian imports and exports.

"The war in Ukraine is unacceptable and we are fully behind all sanctions," President and CEO Annica Bresky said in a statement.

Russia accounts for around three percent of Stora Enso's revenues, which totalled 10.2 billion euros last year, and the measures would not have a "material" impact on sales and EBIT, the statement said.

The group has activated plans to source materials from elsewhere.

Source: AFP - Agence France Presse