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The Russian Railways’ (RZD) board recently approved a joint venture between First Freight Co. (FFC) and Finnish Railways.

The joint venture will be established as a joint-stock company incorporated under Finnish law. FFC, which moved more than 100 million tons of freight in 2008, and VR Ltd. each will own 50 percent shares in the venture.

The joint venture’s core business will be the “organization” of about 50,000 annual tons of paper shipments from Finland to Russia, according to a prepared statement. The entity’s other “activities” will include sales, marketing, expediting and organization of the full range of rail freight services between Russia and Finland. At some point, the joint venture may expand into other European Union countries, Russian Railways said.