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Sweden officially joins NATO
(www.nato.int)
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The former won't happen. Sweden is sorrounded by friendly countries. The second is a downside for Sweden.
So globally it is a nothing burger and locally it is a negative development for Sweden.
Russia has access to Sweden through the Baltic Sea via Kaliningrad and St. Petersburg.
There has been a concern that Russia wants to get Gotland. If they get Gotland, which is a good strategic island in the Baltic Sea. Now that island is under NATO.
Sweden. Who else?
Based on Russian presence in the Baltic Sea the past few years. There has even been reports of Russian exercises training to use nuclear warheads against Sweden. Lots of military exercises in Sweden has been stationed in Gotland due to its strategic importance. I’ve heard it be jokingly called “Sweden’s largest aircraft carrier”.
I’m a Swede, and it has been quite frequent with news about Russian presence the past decade or so. The sentiment has for a long time been that Sweden should remain neutral despite all these threats. This sentiment changed by the invasion of Ukraine when it became clear Russia is ready to attack non-NATO members in Europe.
Baltic Sea
Swedish article, but I guess you know how to translate: https://www.svt.se/nyheter/inrikes/rysk-atomubat-med-kapacitet-for-24-karnvapenrobotar-ovade-i-ostersjon