In Nystad, King Frederick I of Sweden formally recognized the transfer of Estonia, Livonia, Ingria, and Southeast Finland (Kexholmslän and part of Karelia) to Russia in exchange for two million silver thaler, while Russia returned the bulk of Finland to Swedish rule.
The Treaty enshrined the rights of the Baltic-German 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 (reigned 1855-1881).
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. Ништадтская улица). The district also houses a church commemorating the first Russian victory in the Great Northern war, the Battle of Poltava – St. Sampsonius' Cathedral.