{"id":89165,"date":"2025-08-09T05:19:23","date_gmt":"2025-08-09T05:19:23","guid":{"rendered":"https:\/\/tin.happy-projects.ro\/european-sanctions-put-russian-plywood-exporter-in-jeopardy\/"},"modified":"2025-09-19T09:04:48","modified_gmt":"2025-09-19T09:04:48","slug":"european-sanctions-put-russian-plywood-exporter-in-jeopardy","status":"publish","type":"post","link":"https:\/\/www.timberindustrynews.com\/ro\/european-sanctions-put-russian-plywood-exporter-in-jeopardy\/","title":{"rendered":"European sanctions put Russian plywood exporter in jeopardy"},"content":{"rendered":"

<\/span>United Panel Group, once a leading Russian plywood exporter to Europe, has changed ownership amid deepening financial trouble and creditor attempts to initiate insolvency proceedings. The holding includes the Zheshart Plywood Mill, Komi Forestry Company, and North-West Forestry Company\u2014firms heavily affected by Western sanctions introduced in 2022.<\/p>\n

According to Russia\u2019s Unified State Register of Legal Entities, the group\u2019s assets were acquired in July by Universam Diana, a company owned by former St. Petersburg deputy Alexander Salaev. Industry sources quoted by Russian financial daily Kommersant<\/em> say Salaev already owns three woodworking enterprises in Turkey.<\/p>\n

Previously, United Panel Group was jointly owned by Igor Bekker and investment firm Proxima Capital Group (PCG), which confirmed it sold its stake in May. PCG had entered the capital in 2014 as a financial investor, helping refinance debt, modernize production, and boost the group's export potential. At its peak, Zheshart Plywood Mill ranked among the top three Russian plywood exporters to the European Union.<\/p>\n

Following the EU\u2019s import ban on Russian wood and wood products\u2014including plywood, wood pulp, and charcoal\u2014export-oriented producers in the northwest like UPG were severely impacted. The group\u2019s 2024 financial report shows revenue rising slightly by 4.6% to RUB 7.48 billion (approx. EUR 74.8 million), while net loss nearly doubled to RUB 1.1 billion (EUR 11 million). Accounts payable reached RUB 2.79 billion (EUR 27.9 million), a year-on-year increase of 40.9%.<\/p>\n

In April and May 2025, several creditors announced their intention to file for bankruptcy against Zheshart Plywood Mill. Among them are Luzales\u2014a firm that acquired parts of IKEA\u2019s former Russian operations\u2014along with Holz House and Credit Service LLC. Although some claims have been filed in the Komi Arbitration Court, proceedings have not yet advanced. A court ruling from July notes that negotiations are ongoing and that the aim is not to initiate bankruptcy.<\/p>\n

Sources close to the matter suggest Salaev is prepared to continue financing and upgrading the assets. One possible development path is a pivot toward wooden housing construction for the domestic market. While the sector remains underdeveloped in Russia due to cultural skepticism about frame-based building technologies, analysts see potential in modular housing for tourism infrastructure and remote regions.<\/p>","protected":false},"excerpt":{"rendered":"

United Panel Group, once a leading Russian plywood exporter to Europe, has changed ownership amid deepening financial trouble and creditor attempts to initiate insolvency proceedings. The holding includes the Zheshart Plywood Mill, Komi Forestry Company, and North-West Forestry Company\u2014firms heavily … Continue reading →<\/span><\/a><\/p>","protected":false},"author":1,"featured_media":96307,"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-89165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-trends"],"acf":[],"yoast_head":"\nEuropean sanctions put Russian plywood exporter in jeopardy - 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\/european-sanctions-put-russian-plywood-exporter-in-jeopardy\/\" \/>\n<meta property=\"og:locale\" content=\"ro_RO\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"European sanctions put Russian plywood exporter in jeopardy - Timber Industry News\" \/>\n<meta property=\"og:description\" content=\"United Panel Group, once a leading Russian plywood exporter to Europe, has changed ownership amid deepening financial trouble and creditor attempts to initiate insolvency proceedings. 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