(MENAFN) Finland is on the brink of implementing a comprehensive prohibition on Russian citizens acquiring real estate within its borders, according to an announcement by Defense Minister Antti Hakkanen. The decision is framed as a response to the evolving security situation, with Finland aiming to strengthen controls on property transactions involving non-European Union entities. While legislation was amended last year to address this issue, the government is now seeking to intensify measures specifically targeting Russian nationals.
Hakkanen outlined the rationale behind the proposed ban, citing Russia's engagement in what he described as a "war of aggression in Europe" and the need to safeguard border security, critical infrastructure, and real estate holdings. The minister expressed concern that Russia might exploit vulnerabilities in Western societies, including the potential use of real estate for influence campaigns.
The Finnish government has established a cross-administrative working group tasked with evaluating the feasibility of a complete ban on real estate acquisitions by Russians. The objective is to finalize legislation that will not only cover property sales but also extend to rentals. Hakkanen emphasized the need for proactive protection against potential destabilization of society through these measures.
Acknowledging the challenges in anticipating which real estate holdings could pose problems, Hakkanen stated that the initial approach involves a total ban, with the possibility of considering exceptions later. The legislation is still in progress, with a target date for its completion set for March 31, 2024. The government's move to restrict property transactions with Russian involvement reflects the broader global response to geopolitical tensions and concerns about potential security threats. As the legislation takes shape, it is poised to impact real estate dynamics and diplomatic relations between Finland and Russia. Moscow has not yet provided an official response to this development.
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