The city of Helsinki has moved to forcibly acquire its largest sports arena from sanctioned Russian owners, reports Reuters.
In 2023, Helsinki notified Russian-Finnish businessmen Gennadi Timchenko and Roman Rotenberg—who own the arena through their company—that the property would be expropriated if not sold voluntarily.
The Helsinki Arena, used for concerts and hockey events, has been closed since 2022 due to sanctions on Russian investors following Russia's full-scale invasion of Ukraine.
City officials cited the arena’s deterioration and the reputational risk to Finland from losing a major event venue as reasons for the forced purchase.
In addition, Helsinki authorities estimate that the arena’s closure has led to annual revenue losses of up to $425 million for hotels, restaurants, and other businesses in the area.
Timchenko’s assets within the European Union remain frozen, and Rotenberg is under U.S. sanctions due to his family’s close ties with Russian President Vladimir Putin.
The city’s action underscores Finland’s commitment to enforcing sanctions and minimizing economic fallout from unused assets tied to sanctioned owners.
