Finland proposes to restrict Russians from buying real estate

The Government of Finland has submitted to the Parliament a bill that will limit the purchase of real estate by Russians. This was reported on the website of the country's Ministry of Defense on February 6.

"The purpose of this bill is to limit the ability of Russians to buy real estate in Finland," said Finnish Defense Minister Antti Hakkänen.

According to him, real estate can be used by Russian citizens to "exert hostile influence."

The ministry noted that the ban will not apply to those who have a permanent residence permit in Finland or a long-term resident of the European Union (EU) issued by Finland.

Earlier, on August 21 last year, it was reported that the Finnish authorities have prepared a bill to ban Russians from real estate transactions in the country.

In late June, the Finnish authorities warned that they would simplify the procedure for confiscation of real estate of those owners who defaulted on payments and stopped contacting, including Russian citizens.

Before that, in May, the media reported that the Finnish government was preparing amendments to the legislation that would simplify the procedure of alienation of housing from Russians. It was noted that owners residing in the Russian Federation, but owning a share in the housing stock of Finland, are currently unable to pay installments for real estate, as the exchange of payments between Finnish and Russian banks has been stopped due to sanctions.