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Economic sanctions and military action affect the operations of companies and Business Finland

Russia's attack on Ukraine affects many Finnish companies as well as Business Finland's operations. Russia is one of our largest trading partners. Economic sanctions imposed onto Russia and the humanitarian emergency caused by the war also affect Finland.

We are closely monitoring the situation and the instructions of the authorities. We share information together with the other members of the Team Finland network.

Updated 5 May 2022

Export, internationalization and foreign trade

Russia's military action and the sanctions imposed onto Russia have both direct and indirect effects on companies and their exports. Business Finland is now scouting for new, alternative markets for many companies. Business Finland does not directly promote exports to Russia or identify market opportunities in Russia; the Finnish-Russian Chamber of Commerce (SVKK), a partner of the Team Finland network, is responsible for these activities.

  • Business Finland has stopped all communication and activation measures related to market opportunities and program operations connected to Russia. We provide companies with information on other market opportunities and strive to identify alternatives for companies in this changed global environment. See www.marketopportunities.fi
  • The European Union, the United Kingdom and the United States have imposed numerous sanctions onto Russia. Companies are to carefully review the changed export regulations and comply with them. Further information on export sanctions and practical assistance to companies are provided by the Federation of Finnish Industries (EK) and the Ministry for Foreign Affairs.
  • With regard to Team Finland visits, Business Finland, together with other Team Finland members, monitors the situation. We are aiming to organize visits while taking into account the world political situation and security. The Finnish-Russian Chamber of Commerce is responsible for the Team Finland visits to Russia, and Business Finland generally has not been involved in these arrangements.
  • We will not arrange any events related to Russia.

Funding and cooperation with Russian companies and other organizations

  • Companies with a Finnish business ID have the right to apply for funding from Business Finland.
  • We take sanctions provisions into account in our funding decisions. Business Finland may not pay funding to companies that are directly or indirectly owned, controlled or controlled by parties on the European Union's sanctions list.
  • We also assess the country risks of funded projects. For example, country risk refers to a situation where the implementation of a project would require the purchase of services, equipment, supplies or intangible assets from Russia or Belarus.
  • Horizon Europe: Russian and Belarussian entities do not generally receive EU funding for their projects but have been able to participate in Horizon Europe projects and collaboration through their own funding. Countries that are subject to EU restrictive measures (Russia and Belarus) are not eligible to participate in any capacity to new Horizon Europe projects. Guidance on how to deal with the participation in current Horizon 2020 projects by Russian and/or Belarussian entities will follow.  
  • Invest in Finland does not promote the entry of Russian companies into Finland. Invest in Finland also does not organize customer events in Russia.

Travel

  • Visit Finland has stopped tourism marketing in Russia. The cooperation with other target markets will be continued.
  • Russia's military action in Ukraine will affect the travel industry. Visit Finland monitors the situation and informs travel businesses.
  • Visit Finland has compiled questions and answers for international tour operators and tourists.

Working in Finland and international recruitment

  • For the time being, Business Finland is focusing its efforts to attract international experts outside of Russia and Ukraine.
  • Russia's hostilities in Ukraine do not pose an immediate threat to working in Finland. The Finnish Immigration Service (Migri), which is responsible for residence and work permits, has set up comprehensive support pages regarding the situation in Ukraine
  • Ukrainians have the right to travel within the EU and also to Finland. EU interior ministers have agreed that Ukrainians can be granted a temporary residence and work permit for one year. This also applies in Finland.
  • Finnish companies may need to transfer their experts working in Russia to Finland. A visa or residence permit is required to enter Finland. If this is not the case, persons employed by the companies or coming to work here are encouraged to apply electronically for a specialist's work and residence permit via the EnterFinland.fi service.
  • Information on the situation in Ukraine for those involved in integration work.