Sanctions on Russia likely to affect US lumber prices

Posted on May 30, 2022   |  

In March, the Timber Trade Federation, a UK timber association, encouraged its members to execute a trade ban on Russian timber.

The withdrawal of Russian banks from the SWIFT international payment transaction procedure will problematize payments for Russian export products, sawmills, plywood mills, timber harvesters, and pulp mills.

Asia and Europe are Russia's main export markets, in which 40% of Russia's exports went to China for over $3 billion in 2020, which include Egypt, Finland, Japan, and Uzbekistan.

Other significant importers are Germany, Poland, Italy, and Estonia, and the US, Korea, Ukraine, Kazakhstan, Azerbaijan, India, and Belarus.