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Primorye is the first in Russia to begin exchange trading in timber for export
In Vladivostok, a pilot project of exchange trading in timber for export has started. The first deals will be concluded on bases located on the territory of the Primorsky Territory. The region is the first in Russia to begin such bidding.
Bidding will take place on the site of the St. Petersburg International Commodity Exchange. Their participants will be Russian sellers and buyers from China.
According to the press service of the Administration of Primorye, bidders will use universal contracts that will allow, simultaneously, within the framework of a single trading session, to purchase wood at exchange auctions for companies representing different countries. Settlements will be made in rubles.
In total, representatives of 11 regions of Russia participate in the auction. In the Far East, these are Primorsky Territory, Amur Region, Buryatia and Khabarovsk Territory.