Reuters: Helsinki to seize control of city’s largest events venue from sanctioned Russians

The city of Helsinki, Finland, will initiate a forced takeover of the Helsinki Halli arena, the Finnish capital’s biggest sports and events venue, from its Putin-linked Russian owners, Gennady Timchenko and Roman Rotenberg, the city’s executive governing board announced on 11 November, as per Reuters.

Both oligarchs are close to Putin, with Timchenko a 1990s ally and Rotenberg a son of Putin’s childhood friend, Boris Rotenberg. Putin’s support enabled Timchenko to launch Gunvor, a global oil trading firm, and secure stakes in Novatek, a major Russian gas company. The Rotenberg family amassed a fortune through their longstanding ties with Putin. Boris and his brother Arkady, trusted confidants since youth, secured major state contracts and business opportunities.

The Helsinki Arena has been closed since 2022 following the imposition of sanctions on Russian investors after Moscow’s full-scale invasion of Ukraine that year. The arena’s Russian-Finnish owners were targeted by the sanctions.

Timchenko’s holdings in the European Union have been frozen. Rotenberg, who is the vice president of the Russian Ice Hockey Federation, is the target of US sanctions issued against his father Boris and uncle Arkadiy and their families for their close ties with Russian President Vladimir Putin.

“Moving forward with the expropriation was necessary to stop the building from deteriorating and to prevent damage to Finland’s reputation from not being able to cater for large international events,” the city board said in a statement. The process could potentially take years to complete and will require a permit from the Finnish government as well as compensation to the owners.

Authorities in Helsinki estimated in 2023 that up to 400 million euros ($425.24 million) of annual income for hotels, restaurants, and other local businesses was being lost as long as the arena remained idle.

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