I see the small flag inside has two colors. So this narrow it down to less countries. Also the color of the ribbon is blue and yellow, this is the colors of sweden.
So the medal/decoration is swedish or danish (i believe)
Edit: I didnt read what you wrote, i see you found it in sweden.
Collect ROA, Cossack, Schuma and other WW2 Volunteer militaria.
"Be Humble and kind, for you may find that it was Odin you entertained"
Mayby a templar medal ? I dont Think it has anything to do with NS.