SIFMANet: Helsinki Report

In late November 2024, the Sanctions and Illicit Finance Monitoring and Analysis Network (SIFMANet), which is led by RUSI’s Centre for Finance and Security (CFS) and supported by the National Endowment for Democracy, held a workshop in Helsinki to discuss the challenges and successes of sanctions implementation and enforcement in Finland. The meeting brought together representatives from Finnish national authorities and financial institutions (FIs), as well as compliance experts and private sector stakeholders. Discussions underscored Finland’s evolving role as a key player in European sanctions policy, particularly in response to Russia’s ongoing aggression in Ukraine. 

This report synthesises insights from the workshop to provide an overview of Finland’s sanctions journey, the private sector’s perspective, the country’s unique challenges, and the practical steps taken to ensure compliance and enforcement. It also captures recommendations made by the representatives of Finnish public authorities and the private sector attending the roundtable discussion that are more broadly applicable across the EU.