The treaty was signed by Vyacheslav Molotov, Andrei Zhdanov and Aleksandr Vasilevsky for the Soviet Union, and Risto Ryti, Juho Kusti Paasikivi, Rudolf Walden and Väinö Voionmaa for Finland.

Finland rejected the demands and intensified its pleas to Sweden, France and the United Kingdom for military support by regular troops.

Positive signals, however inconstant, from France and Britain and more realistic expectations of troops from Sweden, for which plans and preparations had been made throughout the 1930s, were further reasons for Finland not to rush into peace negotiations.

[7] Finland ceded approximately half of Finnish Karelia, exceeding the amount of territory demanded by the Soviets before the war.

Military troops and remaining civilians were hastily evacuated inside the new border: 422,000 Finns, i.e. 12% of Finland's population, left their homes.

Finally, the Hanko Peninsula was leased to the Soviet Union as a naval base for 30 years at an annual rent of 8 million marks.