Finland Times

 

Roman Rotenberg. File Photo Lehtikuva.

The United States on Thursday expanded sanctions on Russia targeting new individuals and establishments including four Finnish companies and two businessmen. 

 

Among those who ended up in the fresh list of sanctions include Finnish enterprises such as Långvik Capital which has connections to ice hockey team Jokerit as well as Finnish businessmen Roman Rotenberg and Kai Paananen.

 

Rotenberg family company Långvik Capital owns half of the sports entertainment company Arena Events which runs the Helsinki Arena and owns just under half of the ice hockey team Jokerit.

 

The Finnish Ministry of Foreign Affairs through Päivi Kaukoranta, the Director General for Legal Affairs had been in contact with the US regarding the Finnish citizens who have ended up in the list of sanctions, ministry sources said.

 

SET and SET Engineering Group Ltd Signs in Lappeenranta on Friday, July 31, 2015. Photo Lehtikuva.

According to Kaukoranta, the US authorities have presented their assessment on possible ramifications of the sanctions.

 

In addition, efforts have been undertaken to clarify on what basis have the sanctions been imposed on the two Finns.

 

The Minister of Foreign Affairs, Timo Soini told national broadcaster Yle that the US imposed its sanctions independently and according to its own legislation and Finland does not have a say on that.

 

However, Soini is interested to understand the reason behind the list and what effects it had.

 

On Friday, the CEO of Jokerit, Jukka Kohonen could not make comment on the impact the US imposed sanction would have on the Finnish ice hockey club. 

 

SET Goup director general Kai Paananen. File Photo Lehtikuva.

According to Kohonen, those who are fit to comment on the imposed sanctions are Roman Rotenberg, Långvik Capital and Kai Paananen.

 

Reflecting on the sanctions, Paananen said the US sanctions would significantly weaken the operating opportunities for the Finnish companies.

 

“This strongly affects the operating environment of the companies as well as the jobs,” Paananen said.

 

The Finnish businessman told news agency STT that he was disappointed and baffled to be in the sanction list.

 

Paananen is the CEO of SET Group whose two companies, SET Petrochemicals and Southeast Trading have been included in list of sanctions.

 

He said it was quite extraordinary to end up in the list of sanctions “by only knowing people”.

 

“So what? I am a Finnish citizen, he too is a Finnish citizen. That cannot be hidden, but we have our businesses and he has his own," Paananen said.

 

Paananen has also connections to Rotenberg who has also been slapped with sanctions.

 

Paananen said he was waiting for more information from the Finnish Ministry of Foreign Affairs and the US embassy so as to assess how ending up in the sanction list would affect his own business operations.

 

“It will have an effect for sure, but at this stage I cannot assess to what extent. I have had a long view of this in other occasions and have observed that because Finland has unfortunately huge significance especially in the banking sector,” said Paananen referring to the banks operating in the country guideline to comply with the sanctions.