Jun 24, 2008. /Lesprom.com/. VTB quit the Finnish timber Ruukki Group by selling 10.07% of shares, Russian forestry review reported. There are no comments; the name of the buyer is not disclosed. According to the company’s management, the purchaser was Japanese Hanwa. VTB bought a 10% stock of Ruukki Group for Euro 76.9 million from Procomex this February. The Helsinki stock exchange priced such stock 30% less – Euro 53.7 million. Analysts believe that VTB’s quit from Ruukki Group is related to the latter’s final decision to refuse from the project in Kostroma region. Ruukki was to spend Euro 1.1 billion on a sawmill and a pulp mill in Kostroma region. In early January, regional governor Igor Slunayev terminated the investment agreement with the Finnish company. Ruukki shut down the project and is seeking for another region to be used as a project site.