{"id":88558,"date":"2025-02-18T09:39:05","date_gmt":"2025-02-18T09:39:05","guid":{"rendered":"https:\/\/tin.happy-projects.ro\/russian-timber-giant-ulk-hit-by-tax-freeze-sells-assets\/"},"modified":"2025-09-19T09:03:40","modified_gmt":"2025-09-19T09:03:40","slug":"russian-timber-giant-ulk-hit-by-tax-freeze-sells-assets","status":"publish","type":"post","link":"https:\/\/www.timberindustrynews.com\/ro\/russian-timber-giant-ulk-hit-by-tax-freeze-sells-assets\/","title":{"rendered":"Russian timber giant ULK hit by tax freeze, sells assets"},"content":{"rendered":"

<\/span>Russia\u2019s Federal Tax Service has frozen the bank accounts of one of Russia's biggest sawmilling company ULK Group due to outstanding tax payments, as the company struggles with financial losses exacerbated by Western sanctions.<\/p>\n

The Archangelsk-based company, once a leading Russian softwood exporter, is unlikely to regain its former market position despite pledging to settle its debts, industry analysts say. In January alone, ULK put two of its logging operations up for sale.<\/p>\n

According to corporate data provider Kontur.Fokus, the Federal Tax Service ordered a suspension of transactions in ULK accounts held with Primterkombank, Rosselkhozbank, Uralsib, Raiffeisenbank, and Alfa-Bank. ULK\u2019s outstanding tax debt for the fourth quarter of 2024 stands at 416 million rubles ($4.7 million), with 414 million rubles of that sum related to unpaid VAT.<\/p>\n

\u201cThere is nothing to worry about. We will pay all taxes, and the accounts will be unblocked,\u201d ULK owner and CEO Vladimir Butorin told local media outlet Novy Prospekt.<\/p>\n

Financial strain and market retreat<\/strong><\/p>\n

ULK, fully owned by Butorin, operates several large logging and wood processing facilities in the Arkhangelsk region, including Ustyansky, Velsky, Pestovsky, Plesetsk, and Solombalsky. The company\u2019s total annual log harvest is about 4 million cubic meters. It also runs a tree nursery and a machinery plant, employing 3,600 people.<\/p>\n

According to Kontur.Fokus, ULK reported revenue of 17.5 billion rubles in 2023 but posted a net loss of 7 billion rubles.<\/p>\n

Legal experts warn that account freezes could paralyze operations. \u201cIf an entity\u2019s accounts are fully blocked, it cannot fulfill contractual obligations or process payments,\u201d said Sergei Tarasevich, senior tax and administrative law specialist at Maxima Legal.<\/p>\n

Tarasevich noted that the unpaid VAT suggests ULK may be facing severe liquidity constraints. \u201cWhether this is a temporary setback or a systemic issue remains unclear,\u201d he added.<\/p>\n

Failed investment and sanctions impact<\/strong><\/p>\n

Industry insiders attribute ULK\u2019s troubles to an ill-planned expansion strategy. \u201cBetween 2018 and 2021, ULK was among Russia\u2019s top lumber exporters. However, poor management decisions, combined with sanctions, led to its downfall,\u201d said Vitaly Lipsky, CEO of the National Forest Development and Investment Agency.<\/p>\n

In 2020, ULK launched an ambitious 20-billion-ruble sawmill project in the Pinezhsky district, aiming to build Russia\u2019s largest sawmill at the time. The company constructed part of the necessary infrastructure and used loans to purchase European equipment. However, Western sanctions imposed in 2022 prevented the delivery of key machinery, effectively halting the project.<\/p>\n

\u201cULK now faces a massive debt burden. Without this failed investment, it might have been able to weather the crisis,\u201d Lipsky said. He added that the company also lost its main export markets in Europe, with Arkhangelsk now geographically isolated from key buyers in China.<\/p>\n

Asset sales and potential insolvency<\/strong><\/p>\n

Market observers say ULK has been preparing for an exit since last year, restructuring its assets to separate profitable operations from those burdened by debt.<\/p>\n

\u201cEntities free from the failed investment\u2019s financial strain may be sold or optimized, while the rest could face insolvency,\u201d said an industry expert.<\/p>\n

According to Woodresource.ru, ULK listed its Velsky logging operation for sale on Jan. 15, followed by Plesetsk on Jan. 16, seeking 9 billion and 6 billion rubles, respectively. Industry sources suggest the Pestovsky sawmill in the Novgorod region, closed since late 2022, may be the next asset on the market.<\/p>","protected":false},"excerpt":{"rendered":"

Russia\u2019s Federal Tax Service has frozen the bank accounts of one of Russia’s biggest sawmilling company ULK Group due to outstanding tax payments, as the company struggles with financial losses exacerbated by Western sanctions. The Archangelsk-based company, once a leading … Continue reading →<\/span><\/a><\/p>","protected":false},"author":1,"featured_media":96511,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[4716],"tags":[],"class_list":["post-88558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-trends"],"acf":[],"yoast_head":"\nRussian timber giant ULK hit by tax freeze, sells assets - Timber Industry News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.timberindustrynews.com\/ro\/russian-timber-giant-ulk-hit-by-tax-freeze-sells-assets\/\" \/>\n<meta property=\"og:locale\" content=\"ro_RO\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Russian timber giant ULK hit by tax freeze, sells assets - Timber Industry News\" \/>\n<meta property=\"og:description\" content=\"Russia\u2019s Federal Tax Service has frozen the bank accounts of one of Russia's biggest sawmilling company ULK Group due to outstanding tax payments, as the company struggles with financial losses exacerbated by Western sanctions. 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