Finland's Ministry for Foreign Affairs has granted an exemption for a deal to transfer ownership of Helsinki Halli — from its current Russian owners who are subject to sanctions — to a group of Finnish investors.
The ministry said it granted the exemption for the deal on Thursday, adding that it still needs approval from the National Enforcement Authority Finland.
A group of Russian oligarchs are the facility's current owners and they have been unable to pay electricity and other bills due to the sanctions. The facility has stood unused for nearly three years, and in November the arena was reportedly starting to smell bad because the power had been cut, which turned off its ventilation system.
The group of Finnish investors aiming to buy the facility is called Trevian Kasvu. They applied for the exemption at the beginning of last month, according to the foreign ministry.
Revenue from sale frozen
"The ministry completed its consideration of the application on 6 February 2025 and granted the exemption for the planned share transaction," the foreign ministry stated on Thursday.
"When considering the application for exemption, the ministry assessed the planned deal from the perspective of fulfilling the conditions under the sanctions legislation and the purpose of sanctions. The exemption granted by the ministry requires that the revenue from the sale of the shares be frozen," said a ministry press release on Thursday.
According to the ministry, the exemption was part of the National Enforcement Authority's authorisation procedure.
The deal was enabled by the EU's 15th sanctions package on Russia, which included an exemption rule.
The ministry said that it would not comment on details about the deal, nor the "official processes of granting the exemption".
According to its website, the National Enforcement Authority Finland "enforces court judgments and collects directly enforceable receivables, such as fines, taxes and insurance premiums upon application".
