The European Commission and Russia reached an agreement on lower tariffs in talks last held last weekend.
Väyrynen considers it a 'satisfactory' settlement that will allow the timber trade to continue between Finland and Russia.
Timber tariffs have been one of the main barriers to Russia's membership in the World Trade Organization.
The forest industry has also welcomed the agreement. Director General Timo Jaatinen of the Finnish Forest Industries Federation described the move as positive. He said Russian export duties on hardwood will decrease to a quarter of the current level. Duties on softwood will decrease by half, he added.