A team of Swedish and Finnish divers has located the wreckage of a Soviet World War Two S-type submarine near the Aland islands in the Baltic Sea.

A diver examines the deck gun of a Soviet submarine that was sunk during Finland's Winter War in 1940 in this handout photo made available June 9, 2009. [Stefan Hogeborn/Scanpix/CCTV/REUTERS]

The submarine sank on January 2nd, 1940, likely after hitting a mine during the Winter War between the Soviet Union and Finland.

All 50 crew members onboard at the time were killed. The team started the search for the sub around a decade ago.

It was first located in February, but the discovery wasn't reported until now because it took time to confirm the vessel's identity.

S-type subs were one of the most widely produced and deployed submarine classes in the Soviet Navy during World War Two.

Russia has placed great importance on finding the remains of the submarine and has continually made inquiries with authorities in Sweden and Finland about the fate of the S-2.