Finland Government Cease Three Russian Property Acquisitions

On Wednesday, the Ministry of Defence in Finland announced its intervention in three real estate transactions, with one involving a company partially owned by Russian entities. The ministry justified its actions by asserting that permitting these acquisitions might impede the defense capabilities of Finnish territory.
Notably, in October, the ministry had similarly intervened in three prospective property transactions involving Russian purchasers. The identified properties are situated in Ilomantsi, located in southeastern Finland, and Sotkamo, situated in central Finland, according to an official statement released by the ministry.
The prospective purchaser of the property in Ilomantsi was a company with partial Russian ownership. The parcel of real estate in Sotkamo underwent two successive transactions between entities controlled by distinct proprietors, as indicated by the ministry’s statement.
The potential connection of the Sotkamo property transactions to Russia remains unclear at this juncture. The Finnish Ministry of Defence was not immediately accessible for providing additional details.
Finland implemented legislative amendments effective from the commencement of 2023 to curtail property acquisitions by Russian nationals in proximity to strategically significant locations, a response to Russia’s invasion of Ukraine in 2022.
In accordance with these alterations, Finnish authorities possess the prerogative to scrutinize transactions conducted by enterprises originating from outside the European Union and European Economic Area.