Russian investments and economic interests in Sweden

Authors:

  • Oscar Almén
  • Tomas Malmlöf
  • Jens Lusua

Publish date: 2022-12-06

Report number: FOI-R--5377--SE

Pages: 62

Written in: Swedish

Keywords:

  • Russia
  • investments
  • economic interests
  • security

Abstract

In connection with Russia's expanded invasion of Ukraine, EU decided to impose extensive economic sanctions against Russian individuals and companies. There is a lack of previously compiled open statistics on Russian investments and economic interests in Sweden. This study maps Russian investments and financial interests based on a variety of sources. The economic interests that are investigated include Russian property ownership and other assets, participation of Russian-owned companies in public procurement and Russian-Swedish trade with a focus on critical inputs. Furthermore, the security consequences of this have been analysed. The report presents a list of 128 companies in Sweden with Russian ownership whose total assets amount to SEK 34 bn. So far in 2022, 18 of the companies have changed their beneficial owner to a non-Russian citizen, liquidated, gone bankrupt or otherwise ceased to operate. The assets of remaining companies amount to SEK 15.8 bn. The study contains a number of case studies of Russian investments and presents new data on Russian property ownership and the participation of Russian companies in public procurement. The security implications identified include a certain dependence on Russian fertilizers and aluminium, as well as possible risks of unwanted technology transfer and illicit intelligence activities linked to companies with Russian ownership.