Finland blocks Russian-linked millionaire’s purchase near Kotka port

Finland’s Ministry of Defence has ordered a property deal involving a Russian-Montenegrin dual citizen to be reversed, citing security risks. The house is in Mussalo, Kotka, less than two kilometres from the port, Yle reported.

The buyer applied for permission to acquire the property. The ministry said the location near a transport hub, the buyer’s connections to Russia and uncertainty over how the property would be used influenced its decision. The property must be transferred within one month.

The buyer said he lived in Montenegro. According to the ministry’s assessment, he had been active in the St Petersburg region until at least late 2025, when the property was acquired, and had no permanent ties or right of residence in Finland. The ministry said he had assets worth tens of millions of euros, was registered as an owner of several Russian companies and served as chief executive of a property development group.

The ministry said building up such wealth since the start of Russia’s war of aggression would be practically impossible without local or possibly state-level approval from Russia. It said the Russian state could require citizens to use property ownership in ways that threaten Finland’s security and security of supply.

The yellow detached house stands on a 1,400-square-metre plot. Local residents said it had been empty for a long time. The property’s stated intended uses were recreation, rental and possibly resale, which the ministry considered unclear. It said it could not verify how the property would actually be used or the buyer’s intentions.

The property was sold for 300,000 euros in October last year. Its previous owner had held it since 2013 and paid 122,500 euros.