Information about reconstruction and economic sanctions

We share information together with the other members of the Team Finland network.

Updated 5 November 2024

Reconstruction of Ukraine

The war has damaged Ukraine, and it will take years to rebuild the country. The Team Finland network supports companies' efforts to find suitable networks and funding channels. The Ministry for Foreign Affairs together with the Ministry of Economic Affairs and Employment, Ministry of Finance and business stakeholders have drawn up a plan for Finland's participation in the reconstruction of Ukraine: Reconstruction of Ukraine: Finland's national plan, part one

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Finland's support: with the exception of a single implemented construction project, Finland's support for Ukraine is mainly through development cooperation and humanitarian aid and established aid organizations (e.g. Red Cross, UNCHR) or financial institutions (e.g. EBRD, EIB, World Bank, Finnpartnership and Nefco).

Finnpartnership

• Finnpartnership offers business partnership support for financially profitable businesses that create development effects in the target country.
• Business Partnership Support

Finnfund

• Finnfund can invest in private companies that are already operational or being established in Ukraine. In Ukraine, Finnfund is especially interested to find investments where Finnish companies are involved either as the investee (investment into a Finnish-owned company in Ukraine), or as a provider of goods and services (investments into the existing or potential clients of Finnish companies).

Business Finland

• Explorer Funding is available for Ukraine projects

Finnvera

• Export Credit Guarantees

Nefco

• Nordic Nefco aims to promote the green transition and reconstruction.
• Financing for the municipal sector
• Nefco: Rebuilding Ukraine, 24/02/2023

EU support

• The European Commission is expected to act as a key financier of the reconstruction of Ukraine in the future. So far, it has financed the Ukrainian state directly, but there are plans to develop a financing platform for wider financing activities. Among the European and international financiers, the EBRD is perhaps the most important financier of the reconstruction and further development of Ukraine. The EBRD grants grants, soft loans (loan+support) and conventional financing, and it also cooperates with e.g. with local banks. See EBRD tenders.
• EIB is an EU bank that finances e.g. sustainable development projects, and has so far directly financed the Ukrainian state. The EIB is likely to play a significant role in financing the reconstruction of Ukraine. See EIB tenders.

Other support

• Development Aid portal helps in finding funding sources. Licences and instruction to portal are provided by Business Finland, grace.wang (at) businessfinland.fi
• See the World Bank's tenders
• Tender portal USAID, the United States Agency for Development

You can get information about the financing and internationalization services of the Team Finland network by submitting a contact request.

Exploring partnerships

• Enterprise Europe Network: contact persons in Ukraine
• Find a consultant or register an internationalization consultant: Expert Search 
• EastCham collects information about the Finnish waste management system and expertise

Investments and business support in Ukraine

• UkraineInvest  
• Global Business for Ukraine (GB4U)
• Finnish Business Group in Ukraine
• Ukrainian contacts can be searched e.g. through The Supply Chain Resilience (SCR) Platform.

Public procurements and tenders

• The Ukrainian administration's own tenders (in Ukrainian, requires Ukrainian language skills).
• Reconstruction projects' portal DREAM (Digital Restoration Ecosystem for Accountable Management)

Export, internationalization and foreign trade

Russia's military action and the sanctions imposed onto Russia have both direct and indirect effects on companies and their exports. Business Finland is now scouting for new, alternative markets for many companies. Business Finland does not directly promote exports to Russia or identify market opportunities in Russia.

• Business Finland has stopped all communication and activation measures related to market opportunities and program operations connected to Russia. We provide companies with information on other market opportunities and strive to identify alternatives for companies in this changed global environment. See www.marketopportunities.fi
• The European Union, the United Kingdom and the United States have imposed numerous sanctions onto Russia. Companies are to carefully review the changed export regulations and comply with them. Further information on export sanctions and practical assistance to companies are provided by the Federation of Finnish Industries (EK) and the Ministry for Foreign Affairs.
• With regard to Team Finland visits, Business Finland, together with other Team Finland members, monitors the situation. We are aiming to organize visits while taking into account the world political situation and security. 
• We will not arrange any events related to Russia.

Funding and cooperation with Russian companies and other organizations

• Companies with a Finnish business ID have the right to apply for funding from Business Finland.
• We take sanctions provisions into account in our funding decisions. Business Finland may not pay funding to companies that are directly or indirectly owned, controlled or controlled by parties on the European Union's sanctions list.
• We also assess the country risks of funded projects. For example, country risk refers to a situation where the implementation of a project would require the purchase of services, equipment, supplies or intangible assets from Russia or Belarus.
• Horizon Europe: Russian and Belarussian entities do not generally receive EU funding for their projects but have been able to participate in Horizon Europe projects and collaboration through their own funding. Countries that are subject to EU restrictive measures (Russia and Belarus) are not eligible to participate in any capacity to new Horizon Europe projects. Guidance on how to deal with the participation in current Horizon 2020 projects by Russian and/or Belarussian entities will follow.  
• Invest in Finland does not promote the entry of Russian companies into Finland. Invest in Finland also does not organize customer events in Russia.

Travel

• Visit Finland has stopped tourism marketing in Russia. The cooperation with other target markets will be continued.
• Russia's military action in Ukraine will affect the travel industry. Visit Finland monitors the situation and informs travel businesses.
• Visit Finland has compiled questions and answers for international tour operators and tourists.

Working in Finland and international recruitment

• For the time being, Business Finland is focusing its efforts to attract international experts outside of Russia and Ukraine.
• Russia's hostilities in Ukraine do not pose an immediate threat to working in Finland. The Finnish Immigration Service (Migri), which is responsible for residence and work permits, has set up comprehensive support pages regarding the situation in Ukraine. 
• Ukrainians have the right to travel within the EU and also to Finland. EU interior ministers have agreed that Ukrainians can be granted a temporary residence and work permit for one year. This also applies in Finland.
• Finnish companies may need to transfer their experts working in Russia to Finland. A visa or residence permit is required to enter Finland. If this is not the case, persons employed by the companies or coming to work here are encouraged to apply electronically for a specialist's work and residence permit via the EnterFinland.fi service.
• Information on the situation in Ukraine for those involved in integration work.