Antti Hakkanen Photo: Getty images
The Finnish Ministry of Defence has announced the blocking of seven real estate transactions involving Russian citizens. According to Defence Minister Antti Hakkanen, the decision was made on the basis of threats to national security, Reuters reports .
This time, the government’s attention was focused on one property in Pargas, on Finland’s southern coast, and five plots in Kokemaki, in the south-west of the country. All the parties to the deals are private individuals with Russian citizenship.
Tighter control over purchases
The Finnish government has long sought to restrict the acquisition of real estate near strategic facilities by foreigners from outside the EU and the European Economic Area (EEA). In recent months alone, six transactions have been blocked: three in October 2023 and three more in January 2024.
“The Ministry of Defence thoroughly checks every property buyer from outside the EU and EEA. Protecting national security is particularly important in the current security situation,” Hakkanen said.
Ban for Russian citizens
In September 2023, the Finnish government proposed to ban Russian citizens from buying real estate, in part due to increased geopolitical tensions after Russia’s full-scale invasion of Ukraine in 2022.
Tensions between Helsinki and Moscow have been further exacerbated by Finland’s accession to NATO in 2023. This was a historic step for a country that had remained non-aligned for decades.
Blocking deals with Russian real estate buyers demonstrates Helsinki’s determination to protect its national security in the face of rising regional tensions.
