Finland to ban Russians from buying property

The country’s government cites security concerns behind the move

The Finnish Ministry of Defence spent the summer preparing legislation that would ban Russian citizens from owning property in the Nordic country. The bill is still in the process of expert consultations before submission to parliament for approval.

The move is only the latest chapter in the relationship deterioration saga between the two countries in the wake of the Russian invasion of Ukraine. Since then, Finland has dropped its neutral stance and joined NATO and has also shut down its border crossings and began building a border fence in stretches.

The proposed ban on real estate purchases would exempt dual citizens and Russians with permanent residence in Finland or other European Union nations.

Finnish Defence Minister Antti Häkkänen explained to the media that the restriction was motivated by security concerns over Russian citizens attempting to purchase properties located near strategic objects.

The ministry has intervened in several similar attempts by Russian nationals to buy properties in Finland over the past six months, where the buyer's background raised concerns about the potential transaction.

The reality is that it’s already difficult for most Russians

to own a place in the Nordic country. Yle news agency reported that many Russian-based owners had begun selling off their cottages in the EU country due to the inability to visit them or maintain them.

Reportedly, the southeastern border area of Finland used to be a popular destination for weekend getaways for St. Petersburg residents due to the pristine, lake-studded nature on the Finish side of the border.

However, even selling the properties is problematic because due to the sanctions imposed on Russian banks. Yle reported a trend of Finland-based Russians being the main buyers of such properties since it probably often involved some kind of barter or payment through Russian banks.