Following some media reports about the JSC Volga’s (Russia) bankruptcy petition, the company’s press service made the following statement earlier this week:

"Considering the company’s size, business volume, and social significance within the national paper industry as a whole, we regard the bankruptcy as a necessary step in the current situation.

At present, Volga has to struggle with financial difficulties due to its judicial disputes with PAO MRSK of Centre and Privolzhie electricity network company. Even so, we would like to emphasize that Volga continues, without limitation, to perform its contractual obligations to the partners and customers. JSC Volga supports its customers and meets their requirements in newsprint to the highest standards. Top-quality production, implementation of advanced technologies, and professionalism remain the key elements and a priority in our business. Maintaining export supplies will be one of the most important tasks of the company in the near future."