Statement by Andrei Borodin, Founder of the Bank of Moscow, on the Situation in Segezha

The Segezha Pulp and Paper Plant, one of the largest plants in Russia, forming part of the InvestLesProm Holding Company, is discontinuing operation as of 1 February. The Plant is the principal major employer in the Karelian town, and its closure means that most of Segezha’s residents are going to be unemployed, at least temporarily. Moreover, if the situation exacerbates, that may result in heating interruptions, including in residential buildings, because heating is also provided by the boiler house of the same Pulp and Paper Plant. This is not only about a social problem but about the people’s survival. Continue reading