EU’s new anti-Russian sanctions package to allow seizure of Helsinki arena - STT

WORLD  28 November 2023 - 16:20

The EU’s 12^th anti-Russian sanctions package in the pipeline will allow the expropriation of the Helsinki Hall (former Hartwall Arena), owned by Arkady and Boris Rotenberg and Gennady Timchenko, the Finnish agency STT reports. All three businessmen are under EU sanctions.

According to the source, the option of providing those on the sanctions list with the opportunity to sell frozen assets is being discussed. If they agree to the sale, the block on their assets may be lifted for six months, but the proceeds from the sale will still remain frozen.

In case of refusal to sell assets, the possibility of their seizure will be provided. STT explains that the Finnish Constitution allows the expropriation of property for “public need”. The corresponding permit is issued by the government, its decision can be appealed. The owner of the property will receive compensation, but in the case of the Helsinki Arena, the funds will also be frozen.

The land for Helsinki Hall belongs to the City of Helsinki. The arena has not been used since the spring of 2022, and at the end of 2022, Finnish media wrote that Gennady Timchenko and Roman Rotenberg were selling the facility. In September 2023, Timchenko's charge d'affaires in Finland, Kai Paananen, confirmed to Helsingin Sanomat that the businessmen had been permitted to sell the arena. The transaction amount was not disclosed.

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