KOMATSU and Ponsse have suspended all forestry deliveries to Russia following the nation's invasion of Ukraine.
New and used machinery and spare parts will no longer be shipped to the country, with Ponsse also halting trade in and out of Belarus. The Finnish firm is likely to suffer a financial hit as a result of the move as sales to the nations account for around 20 per cent of all net sales.
Coming amid uncertainty across the market and concern over the impact the war will have on the timber trade, Ponsse has also confirmed it has withdrawn its profit guidance for the year ahead.
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A statement read: "Ponsse Plc has decided today to discontinue temporarily all export operations to Russia and Belarus for both PONSSE forest machines and their spare parts.
"Also the Ponsse Group's Russian subsidiary OOO Ponsse is discontinues temporarily its local spare parts and service operations.
"Sales in Russia and Belarus account for about 20 per cent of the company's net sales calculated from the 2021 financial statements."
At least 9,000 people have lost their lives and one million fled the country since president Vladimir Putin launched the attack last month.
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Russia is one of the world's most prominent exporters of timber but has been widely shunned by the international community in recent weeks, with numerous sanctions placed on the nation.
A Komatsu statement read: "Due to the current supply chain disruption and the uncertainty of the financial and economic situation, the company has decided to suspend shipments to Russia for the time being.
"The Komatsu Group’s top priority is the safety and health of all stakeholders, including its employees and their families, customers and suppliers, and the many global communities in which the company does business.
"Komatsu is deeply concerned about the current situation in Ukraine and is closely monitoring developments. The company sincerely hopes that the situation is settled peacefully as soon as possible."
John Deere is also understood to have halted trade to Russia and Belarus.
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