The Finnish flag flies outside City Hall on April 4, 2023, in Helsinki, Finland, as Finland becomes a member of NATO.Photo – Reuters
The Finnish Ministry of Defense blocked three real estate transactions, one of which involved a company partially owned by Russians.
The ministry justified its actions by saying that allowing these acquisitions could impede the defense of Finland’s territory. The move follows a similar decision in October, which also blocked three planned real estate deals involving Russian buyers.
The ministry said in a statement that the decision concerns one property in Ilomantsi in southeastern Finland and two properties in Sotkamo in central Finland.
The potential buyer of the Ilomantsy property was a company with some Russian capital. According to the ministry, the Sotkamo real estate parcel was sold twice between companies held by different owners.
It was not immediately clear whether Sotkamo’s real estate deals were linked to Russia. No further comment was available from the Finnish Ministry of Defense.
In response to Russia’s invasion of Ukraine in 2022, Finland has moved to restrict the acquisition of property by Russian citizens near strategically important locations through legal reforms that took effect in early 2023.
Finnish authorities have the right to review transactions by companies outside the European Union and the European Economic Area.
Information provided by Reuters.
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Published date: January 10, 2024 23:24:21 (IST)