Russian timber companies seek three-year bankruptcy moratorium

Forestry companies in Russia have asked the Ministry of Industry and Trade for a three-year moratorium on bankruptcy, citing mounting financial pressure across the sector. The request was outlined in a letter addressed to First Deputy Prime Minister Denis Manturov, according to Kommersant. The draft was prepared by a committee of the Arkhangelsk Regional Legislative Assembly and submitted to the regional Duma. The authors point to a sharp deterioration in the sector’s financial position. Total losses over the past three years have exceeded 15 billion rubles (approximately €150 million), while many enterprises are struggling to meet tax ...