Finland’s government is proposing a ban on most Russian citizens from purchasing property in the Nordic country, citing national security concerns. Defence Minister Antti Hakkanen emphasized that the move is part of broader efforts to protect the country from potential threats.
Strained Relations with Russia
Relations between Finland and Russia have deteriorated significantly since Russia invaded Ukraine in 2022. The conflict heightened fears about Russia’s intentions, prompting Finland to take several defensive measures, including closing its borders with Russia. This marked a significant shift in Finland’s foreign policy, culminating in its decision to join the NATO military alliance after decades of maintaining a stance of non-alignment.
Exemptions and Legislative Process
The proposed ban on real estate purchases by Russian citizens includes exemptions for dual citizens and Russians with permanent residence in Finland or other European Union nations. However, the proposal will undergo expert consultations and is subject to a parliamentary vote before it can be enacted into law.
Monitoring of Russian-Owned Properties
Finland is currently monitoring approximately 3,500 properties linked to Russian owners, according to the Defence Minister. While specific details were not disclosed, this monitoring aligns with Finland’s ongoing efforts to limit property acquisitions by Russian citizens near strategic locations. Last year, Finland blocked several property transactions under existing regulations, with three cases in October and another three in January.
Fortum’s Shift to U.S. Nuclear Fuel
In a related development, Finnish utility Fortum announced it has successfully begun using nuclear fuel from U.S.-based Westinghouse Electric. This move is part of Fortum’s strategy to replace its reliance on Russian nuclear fuel, which had been supplied by TVEL, a subsidiary of Russian state-owned power company Rosatom.
Ensuring Energy Security
Fortum’s Loviisa Nuclear Power Plant, which accounts for around 10% of Finland’s total power production, has been dependent on Russian nuclear fuel. However, in response to the escalating conflict and Finland’s decision to join NATO, Fortum sought alternative fuel sources. The company stated that the first Westinghouse fuel was loaded during the plant’s annual outage in August, marking a significant milestone in ensuring a reliable Western alternative for fuel supply.
“The safe and reliable operation of our Loviisa Nuclear Power Plant is crucial for Finland’s security of supply,” Fortum emphasized in a statement while explaining the importance of this transition for the nation’s energy security.
