US Firm International Paper Sells Russian Stake for $484 Million

International Paper Co. agreed to sell its stake in a Russian venture for $484 million, joining an exodus of western businesses from the country following the war in Ukraine.

The Memphis, Tennessee-based supplier of renewable fiber-based products said it will dispose a 50% holding in Ilim SA to its Russian partners, including billionaire Zakhar Smushkin, according to a statement. The deal still needs regulatory approvals in Russia.

The joint venture was set up in 2007 with Smushkin’s Ilim Holding, the largest integrated manufacturer of pulp and paper in Russia. International Paper first said in March that it will evaluate its ...