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. Last Updated: 07/27/2016

Finnish Hub Thwarted

HELSINKI, Finland -- Russia's economic crisis, high Finnish labor costs and competition from the Baltics have hindered Finland's aims to become a leading transport hub to the Russian market, economic research center ETLA said Wednesday.

In transit traffic, where goods are not cleared by the customs of the handling nation, Finland earned 650 million Finnish markka ($106 million) in 1998 - just 0.13 percent of GDP, according to an ETLA report.

In terms of volume, Finland accounted for only five percent of total Russian transit traffic in the Baltic Sea, according to ETLA figures.