This week has marked a serious setback for corporate Sweden global ambitions.

TeliaSonera, the telecoms operator effectively controlled by the Swedish government, saw its strategic goal of gaining control over Turkcell, a key Turkish affiliate, slip away from under its nose. Instead, coveted shares in the mobile operator were snapped up by an upstart from Russia which, unlike Sweden, is hardly known for its telecoms expertise. After a fight involving multiple lawsuits, Alfa Telecom, which this week renamed itself Altimo, emerged as the owner of 13.2 per cent in Turkcell.