The logs have stopped flowing from Russia’s St. Petersburg ports into European markets, as sanctions imposed due to the Ukraine war take a heavy toll on the Segezha Group’s global export operations. Exports of Russian biofuels have collapsed, with Segezha Group—the country’s largest forestry company—reporting a sharp decline in wood pellet sales. Shipments have fallen by more than 87% since the conflict began, reflecting the company’s growing reliance on the domestic market. While Russia now accounts for half of Segezha’s biofuel sales, the drop in exports has led to a significant contraction ...