Media: Over 300 firms bankrupt in Finland’s Russian border regions

Around 315 companies in Finland’s regions bordering Russia have gone bankrupt since April 2025.

The hardest-hit sectors include hospitality and construction. In several regions, real estate, wholesale and retail trade, as well as administrative and support services, have also suffered significant losses, Ria Novosti reports, citing the Finnish bankruptcy monitoring website.

Regionally, 45 companies went bankrupt in Kymenlaakso, 34 in South Karelia, 79 in North Karelia, 25 in Kainuu, more than 90 in North Ostrobothnia, and 40 in Lapland.

Finland closed all eight passenger checkpoints along its eastern border in 2023, citing a surge in migrants from third countries. Following the closures, the number of Finns travelling to Russia dropped by 12-fold.

Prime Minister Petteri Orpo has said the country remains far from its desired level of economic development, partly due to the border shutdowns.

Finland’s border regions are losing €1 million per day in the absence of Russian tourism, according to estimates by the Embassy of Russia in Finland.

By Bakhtiyar Abbasov