Major Finnish paper and packaging producer Stora Enso will stop all production and sales in Russia in response to Moscow's assault on Ukraine, the group announced Wednesday.

The forestry giant, with 1,100 employees at three packaging plants and two sawmills in Russia, will also freeze all its Russian imports and exports.

"The war in Ukraine is unacceptable and we are fully behind all sanctions," President and CEO Annica Bresky said in a statement.

Russia accounts for around three percent of Stora Enso's revenues, which totalled 10.2 billion euros last year, and the measures would not have a "material" impact on sales and EBIT, the statement said.

The group has activated plans to source materials from elsewhere.

A number of other Finnish firms have also interrupted their Russian operations since the invasion, including mining technology group Metso Outotec, for which Russia accounted for a tenth of total sales last year.

Finnish energy company Helen, which supplies the capital Helsinki, said on Monday it will begin importing coal "from elsewhere than Russia".

sgk/jll/bp

STORA ENSO

METSO

OUTOTEC

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