The project is central to Russia’s plan to increase liquified natural gas (LNG) production. Novatek, Russia’s LNG producer, has begun operations at its Arctic LNG 2 project despite US sanctions. According to Bloomberg, Russia’s Deputy Prime Minister, Alexander Novak, said in an interview with a state-run TV channel at theContinue Reading
Nearly half of respondents say they are postponing buying or renovating apartments or holiday homes due to rising interest rates and the global political situation. Feelings of economic uncertainty are increasing among people in Finland, according to the results of a survey commissioned by lobby group Finance Finland (FFI). SomeContinue Reading
Russia’s operation in Ukraine and the resulting sanctions on Russia are impacting businesses in Finland, according to a survey by the Finland Chamber of Commerce. The majority of the companies polled—62 percent—said that the ongoing crisis has hampered their operations. However, only a fifth of respondents expect a decline inContinue Reading
Just over a week ago, it remained unclear whether the Saimaa Canal would open, due to possible EU sanctions on Russia. The Saimaa Canal officially re-opens on Monday, although resumption of traffic will depend on ice and weather conditions. Canal authorities announced on Friday that the annual traffic season onContinue Reading
European Union sanctions against Russia could affect one in four companies in Finland doing business in Russia, according to Finnish Customs. Some 2,000 companies in Finland do business across the eastern border. A quarter of these operate in sectors targeted by sanctions, Customs said. The EU’s sanctions package targets theContinue Reading
A Kaunas-based company that is linked to Russia has breached EU sanctions and supplied equipment to the construction of power plants in the Russian-annexed peninsular of Crimea, according to Rūta Juknevičiūtė, LRT Investigation Team, Mikhail Maglov, Russian anti-corruption website Scanner project, Ivanna Trutnenko and US broadcaster RFE/RL. In the KaunasContinue Reading
According Birgitta Berg-Andersson, a researcher at the Research Institute of the Finnish Economy, the latest sanctions imposed by the United States on Russia will have little impact on the Finnish economy. “It seems quite far fetched that this would affect Finnish companies and business,” she told Yle. The US sanctionsContinue Reading