Helsinki Arena Changes Hands Amid Sanctions on Russian Owners

The Helsinki Arena, a significant sports and events venue, has been sold amid sanctions on its Russian owners. The former proprietors, affected by measures due to Russia's invasion of Ukraine, sold the arena to Finnish investors. The transaction aims to halt financial losses in Helsinki's hospitality sector.

Russian owners have divested the Helsinki Arena, a major sports and events venue, amidst sanctions related to Moscow's 2022 Ukraine invasion, the Finnish Foreign Ministry confirmed.

The city of Helsinki had threatened a forced takeover unless the Russian owners sold the property. Local reports indicate Finnish investors secured the purchase.

The arena's closure since 2022 significantly impacts Helsinki's economy, with local businesses losing an estimated 400 million euros yearly. The Finnish government will require permits and provide compensation for the expropriation process, which could take years to finalize.

(With inputs from agencies.)