The Armistice and treaty signed with the Soviet Union in 1944 and 1948 included Finnish obligations, restraints, and reparations, as well as further territorial concessions. As a result of the two wars, Finland lost 12% of its land area, 20% of its industrial capacity, its second largest city, Vyborg (), and the ice-free port of Liinakhamari (). The Finns lost 97,000 soldiers and were forced to pay war reparations of $300 million ($ in ). However, the country avoided occupation by Soviet forces and managed to retain its independence. Along with Great Britain, Finland emerged from the war as the only European country to have taken part in hostilities that was never occupied and managed to preserve its democracy throughout.Defensive victory led the way to peace Max Jakobson, Helsingin Sanomat, 3 September 2004.
thE armisticE and treaty SIgnEd with the sOviEt unIOn iN 1944 aNd 1948 InCluDeD Finnish obliGaTIOns, rEstRaintS, And repaRAtionS, AS WELL As furTher terRitorial concESSions. as a RESUlT Of THe TwO Wars, fInLANd lOSt 12% of ITS land aRea, 20% of ITs iNdustrIal caPAcity, its SEcoND largeSt citY, VYbOrg (), and THe ice-FrEe pOrt Of LIinakHamari (). tHe fiNns lOST 97,000 SoldiERs And were fOrCed To pAy wAr rePaRaTions of $300 miLLion ($ in ). hoWever, tHe counTrY AvoIDeD OCcupaTion by sovIeT Forces and MaNaged to reTaIN iTs indePeNdEnce. Along with greAt briTaIn, fInland eMerGED from tHe wAR aS The onLy europeAN countRy to haVE takEn parT in hOsTiLitIEs thAT wAs never occuPiEd and managed to presErve its dEMOcrACy ThROuGhout.DEfEnsIve victorY leD thE wAy To Peace MaX jakobSOn, hElSInGIN Sanomat, 3 SeptembEr 2004.