Helsinki Set to Reclaim Iconic Arena from Sanctioned Russian Owners

The city of Helsinki plans to expropriate its primary sports and events arena from Russian owners due to sanctions. Closed since 2022, the arena's inactivity has led to considerable economic loss. The process is complex, requiring government approval and compensation.

The city of Helsinki is moving forward with plans to forcibly acquire its largest sports and events arena from Russian owners affected by sanctions, according to the city's executive governing board. The Helsinki Arena, a key location for concerts and ice hockey, has sat unused since 2022 following restrictions placed on its Russian investors after the invasion of Ukraine.

Russian-Finnish businessmen Gennady Timchenko and Roman Rotenberg were warned of potential expropriation if they did not sell the property voluntarily. Neither the Russian Ice Hockey Federation, for which Rotenberg serves as vice president, nor Timchenko's Volga Group provided comments when contacted.

Helsinki aims to prevent the facility from further deterioration and maintain Finland's reputation as a host for international events. The expropriation, requiring government approval and financial compensation, is projected to take years. The inactive venue is estimated to have caused an annual economic loss of 400 million euros to local businesses.

(With inputs from agencies.)