Russian Timber has halted an IPO scheduled for London due to negative market conditions, in other words there is less of a desire for people to throw money around carelessly as they have done the past several years. That is not to say Russian Timber is not a fundamentally good company, well run, with a good product. Principally, I suspect the Kremlin’s desire to place export taxes on timber in a misplaced bid to get more downstream production in the timber industry has caused people to examine the profitability of this company, at least in the short-term. This could signify a certain amount of caution on investors as well as election time is fast approaching.