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Recently, the White House of the United States issued an announcement announcing that from July 27, 2022, the United States will impose a 35% import tariff on 570 kinds of Russian goods. The list of tariffed goods includes wood, wood products, paper products, metals, etc. kinds of goods.

The White House said the move was aimed at further imposing additional economic penalties on Russia. In the first half of this year, trade between the U.S. and Russia was down nearly 90 percent from a year earlier, according to the White House.

Since the Russia-Ukraine incident, many countries such as Canada, New Zealand, and the United Kingdom have taken boycott measures against Russian timber.

Up to now, the list of sanctioned countries includes but is not limited to: Japan has banned the import of 38 kinds of commodities including timber (including three types of processed timber, including veneer, wood chips and logs) from Russia; Russian goods are subject to an additional 35% tariff; Estonia has banned imports of Russian timber and furniture, among other goods.

As a result, Russian timber exports have fallen sharply over the past few months, and its log prices have also been falling.

According to data from Lesprom Analytics, from January to May 2022, Russian log exports fell by 3 million cubic meters compared to the same period last year, including a 72% year-on-year decline in log exports to the EU to 563,000 cubic meters, and a 69% decline in transaction value to $31 million.