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The Significance of Russia for Finnish Companies

Author

Listed:
  • Ali-Yrkkö, Jyrki
  • Hirvonen, Johannes
  • Kangasharju, Aki

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.

Suggested Citation

  • Ali-Yrkkö, Jyrki & Hirvonen, Johannes & Kangasharju, Aki, 2022. "The Significance of Russia for Finnish Companies," ETLA Brief 105, The Research Institute of the Finnish Economy.
    • Handle: RePEc:rif:briefs:105
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    File URL: https://www.etla.fi/wp-content/uploads/ETLA-Muistio-Brief-105.pdf
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    Cited by:

    1. Ali-Yrkkö, Jyrki & Hirvonen, Johannes & Rouvinen, Petri, 2022. "In Search of Upcoming Supply Chain Surprises: The World Export Market Shares of Belarus, Russia and Ukraine," ETLA Brief 107, The Research Institute of the Finnish Economy.

    More about this item

    Keywords

    Russia; Significance; Economy; Companies; Exports; Imports; Investment;
    All these keywords.

    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F51 - International Economics - - International Relations, National Security, and International Political Economy - - - International Conflicts; Negotiations; Sanctions
    • F1 - International Economics - - Trade

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