Confiscation of Russian state-owned properties sparks controversy in Helsinki

Last week, Yle reported on several properties confiscated from the Russian state, with a significant number located in Helsinki. These confiscated assets include both real estate and shares in various apartments. Notably, several apartment shares owned by Russians have been seized in areas such as Punavuori.

In Punavuori, a woman carrying grocery bags hurriedly moved towards an apartment building, speaking in Russian on her phone. When approached for an interview, another woman from the refuse area declined to comment before quickly getting into a black Audi, which bore diplomatic plates.

Jukka Kurkela, a resident of a building where multiple confiscations have occurred, stated he is unaware of the current occupancy status of these apartments. “I haven’t seen any moving activity since the announcement. To my knowledge, all fees have been paid, and there haven’t been any issues in the housing company. There is no cause for concern,” he asserted.

Residents expressed varying levels of awareness about the confiscation. Marja Laitinen, another local, mentioned that the housing company is immense and that the confiscations do not alarm her, noting that Russian-speaking families reside in the building.

The value of Russian state-owned properties and assets confiscated in Finland is estimated to reach tens of millions of euros. This action is linked to a ruling from April 2023 by the Permanent Court of Arbitration in The Hague, which mandated Russia to pay over five billion euros to a Ukrainian energy firm for damages sustained during the annexation of Crimea.

Despite the confiscation, owners maintain the right to use their properties; however, they cannot sell or transfer ownership, and can lose their apartments if fees remain unpaid. Russia has stated it does not recognize these confiscations and intends to contest them. According to public law experts, it may take years to resolve the fate of these seized properties.