Finland seizes 40 Russian properties valued at over €35 million

This compensation is owed to Ukraine's Naftogaz due to the damages incurred from Russia's occupation of Crimea.

In response, Russia has signaled potential retaliatory actions. However, Finnish journalists have reported that such retaliations may only impact a single property in St. Petersburg, specifically a historic mid-19th century building that previously housed the Russian consulate.

Yle has obtained a list from the Bailiff Office detailing the Russian state-owned real estate and housing shares that Finland has confiscated. The seizure means that these properties cannot be sold or transferred.

The confiscated properties include:

• Real estate in Kirkkonummi on Häggesbölevägen, valued at €2,000,000
• Three properties in Saltvik, Åland, valued at €65,000
• Property in Siuntio Marsuddenintie, valued at €1,500,000
• Property in Helsinki's Lastenlinnantie, valued at €1,500,000
• Property in Helsinki Töölö on Nordenskiöldinkatu, valued at €7,000,000
• Property in Helsinki's Vattuniemenkatu, valued at €10,000,000
• Multiple apartment shares in Helsinki and Turku, collectively valued at several million euros

For example, in Turku, four housing shares in the city center have been seized, with Mika Akkanen, head of international affairs at the city, noting that the city has been unaware of how these apartments were utilized.

The official residence of the Russian Consulate General was among the confiscated properties in Turku, located on Sairashuoneenkatu.

Context of the confiscation

The recent property seizures stem from an April 2023 ruling by the Hague International Court of Arbitration, which mandated Russia to pay Ukraine’s Naftogaz for damages caused by the annexation of Crimea in 2014 and the subsequent full-scale invasion of Ukraine in February 2022.

With regards to potential retaliation from Russia, there is speculation that Finland's property in Russia may be targeted. Finland owns three properties there, including the embassy in Moscow, the consulate, and the House of Finland in St. Petersburg. While the embassy and consulate are protected under diplomatic law, the House of Finland lacks such protections, making it a likely target for Russian confiscation, according to Kari Liuhto, a professor at the Turku Graduate School of Economics. However, officials from Finland’s Ministry of Foreign Affairs state that, as of now, Russia has not taken action against Finnish properties.