Prime Minister Sanna Marin convened a meeting on Tuesday to discuss the idea of building the fence, which would take up to four years to complete, reports Xinhua news agency.
Marin told the media after the meeting that the government will now bring the project forward through a supplementary budget this autumn, with the first year of construction set to cost 140 million euros ($138 million).
Finland shares a land border of some 1,300 km with Russia, and the fence would cover around 300 km.
Currently, the border has only a few small fences to prevent cattle from crossing.
The latest development comes as Finland has announced a series of measures against Russia in the wake of Moscow’s ongoing invasion of Ukraine.
Late last month, the Nordic nation announced a ban on Russian citizens with tourist visas to enter Finland, as well as transit the country.
According to the government, the move aims to “completely prevent Russian tourism”.
Earlier this year, Finland along with Sweden also decided to join the NATO.
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