One immediate impact of the war in Ukraine is a tighter market for softwood lumber in Europe. About 20% of European lumber import and 9% of European supply is lumber from Russia, Belarus, and Ukraine (“BRU”) – in total, almost 9 million m3 in 2021. The largest importers include the UK, Italy, and Netherlands, but the supply-demand balance throughout Europe will be upset with the loss of this volume. Europe is a net exporter of lumber, of almost 20 million m3, mostly to the US and China.  To maintain the current market balance in Europe, lumber exports might ...