President of Ukraine Petro Poroshenko has signed the law on the peculiarities of state regulation over the activities of businesses involved in timber sales and exports (the moratorium on exports of timber and lumber in its raw form, bill No. 1362).

A report on the parliament's website states that the law signed by the president was submitted to the legislative authority on July 7.

As reported, CJSC Euroshpon-Smyga, one of Europe's largest producers of veneer, on June 12 filed a lawsuit against Poroshenko and Chairman of the Verkhovna Rada Volodomyr Groysman alleging improper execution of their duties related to their failure to sign and publish the law, while the Ukrainian Association of Woodworking Companies appealed to court for joint participation in the process.