International Paper sells Russian JV stake to local shareholders -Ilim Group

September 18, 2023
Category: Business & Politics
Region: United States, International

International Paper has sold its 50% stake in a Russia-based joint venture to Russian shareholders, its JV partner Ilim Group said on Monday. Ilim named Ilim Global Timber Rus, owned by Zakhar Smushkin and Boris Zingarevich, as the buyer and said the transaction has obtained all required regulatory approvals. Scores of companies have sold or abandoned assets in Russia since Moscow’s February 2022 invasion of Ukraine. British paper and packaging company Mondi on Monday said it had agreed to sell its largest plant in Russia to a unit of Moscow-based real estate developer Sezar Group for 80 billion roubles ($825.7 million) in cash. Ilim, a leading Russian pulp and paper producer, said control over former JV assets had been transferred to the Russian shareholders as a result of the transaction.

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