We are keeping an eye on the Russian timber industry as government regulation could have the opposite effect it is intended. The Kremlin previously announced an initiative to develop downstream industries of Russia’s natural resources. For example it is much better to develop modern metal fabrication plants and even finished product manufacturing rather than just exporting raw iron ore. The problem is how they are doing it, for example with timber they are not guaranteeing foreign companies investments’ from local interference or even providing tax incentives. They are simply adding a massive export tax that will likely make many companies uncompetitive in the industry. We hope the next administration will meet and deal the structural changes that are necessary for real growth.