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. Last Updated: 07/27/2016

Finns Sees Compromise on Wood Duty

HELSINKI -- Finland's Foreign Ministry said Monday that the European Commission was expecting a compromise proposal from Russia on wood export duties soon.

Finland's minister for foreign trade, Paavo Vayrynen, met with the EU Trade Commissioner Peter Mandelson on Monday in Brussels regarding the wood duties.

"Mandelson said the [EU] Commission is expecting a Russian compromise proposal in the very near future," the ministry said in a statement.

Finland's Prime Minister Matti Vanhanen is set to visit Moscow on Nov. 27 with Vayrynen to discuss the wood duty issue further, the ministry said.

The Bank of Finland said last month that if Russian wood duties came into effect as planned and Finland could not source wood elsewhere, national gross domestic product could fall by 1 percent and 16,000 people would lose their jobs.