The Swedish Security Service (säkerhetspolisen, usually referred to as Säpo) said in a statement that the two suspects had been arrested last week and were both remanded in custody.
It added that several searches had been conducted in southern and western Sweden in connection with the arrests.
"The Security Service has carried out several operations and house searches, and an extensive investigation is currently underway," Säpo said.
According to court documents viewed by AFP, the suspected "aggravated sanctions violations" were believed to have occurred between June 2025 and May 2026.
Swedish public broadcaster SVT reported that the suspected crimes concerned "industrial products", where the end user was believed to be the "Russian military-industrial complex".
"This type of crime often involves multiple stages and several intermediaries. The simple reason is that those involved are trying to conceal their involvement and reduce their traceability," said Christoffer Wedelin, deputy head of operations at Säpo.
Prosecutor Carl Mellberg said in a separate statement last week that the investigation was in an "intensive phase" and that charges needed to be brought by June 5.
The sanctions were introduced following Russia's 2022 invasion of Ukraine.
Säpo noted in its statement that Swedish legislation had been tightened to criminalise "attempts, aiding and abetting, and incitement to sanctions violations."
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