In Nystad, King Frederick I of Sweden formally recognized the transfer of Estonia, Livonia, Ingria, and Southeast Finland (Kexholms län and part of Karelian Isthmus) to Russia in exchange for two million silver thaler, while Russia returned the bulk of Finland to Swedish rule.

[1][2] The Treaty enshrined the rights of the German Baltic nobility within Estonia and Livonia to maintain their financial system, their existing customs border, their self-government, their Lutheran religion, and the German language; this special position in the Russian Empire was reconfirmed by all Russian Tsars from Peter the Great (reigned 1682-1725) to Alexander II[3] (reigned 1855-1881).

Nystad manifested the decisive shift in the European balance of power which the war had brought about: the Swedish imperial era had ended; Sweden entered the Age of Liberty, while Russia had emerged as a new empire.

In pre-1917 Saint Petersburg, in the Vyborgsky district (relatively nearest to Russo-Finnish border) one of the thoroughfares (now Lesnoy prospekt) was named after the Nystad treaty (Nystadt Street, Rus.

[4] The district also houses a church commemorating the first Russian victory in the Great Northern war, the Battle of Poltava – St. Sampsonius' Cathedral.