The Significance of Russia for Finnish Companies

Jyrki Ali-Yrkkö, Johannes Hirvonen and Aki Kangasharju

No 105, ETLA Brief from The Research Institute of the Finnish Economy

Abstract: Abstract This Policy Brief analyses the importance of Russia on the Finnish economy. We scrutinize both the trade relations and the presence of Finnish firms in Russia and that of Russian firms in Finland. We will show how Russia was seen as a large opportunity for the Finnish economy in the first two decades after the collapse of Soviet Union. During the 2010s, relations have, however, weakened, due to economic sanctions and the devaluation of ruble. The relations reached such low levels by the new war in Ukraine that new sanctions will most probably not cause economic crisis in Finland. A recession outcome would need an escalation in war and/or more severe deterioration in energy and raw material markets. Nonetheless, growth will decline and inflation will spike.

Keywords: Russia; Significance; Economy; Companies; Exports; Imports; Investment (search for similar items in EconPapers)
JEL-codes: F1 F14 F23 F51 (search for similar items in EconPapers)
Pages: 14 pages
Date: 2022-03-10
New Economics Papers: this item is included in nep-cis, nep-his and nep-int
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Citations: View citations in EconPapers (1)

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