According to the terms of the treaty Finland was forced to cede the Karelian Isthmus, including Viipuri and a strip of territory northeast of Lake Ladoga, the islands in the Gulf of Finland, the western half of the Rybachi Peninsula, and territory around Salla and Kuusamo a total of 10% of it's territory, and 20% of the industrial capacity.

The Soviet Union also acquired a 30-year lease on Hanko for use as a naval base. Finland lost its most defensible territory and had to absorb 400,000 refugees into an already badly shaken economy.

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