In May 1714, Russian galleys set out for the Aland Islands. However, near Gangut their route was blocked by the Swedish fleet. The Swedes had a serious advantage in strength, especially in artillery, so Apraksin did not dare to act independently and reported the situation to Tsar Peter I. Upon arriving with the fleet, Peter ordered a portage to be made across the narrow part of the peninsula and to haul part of the vessels over it to the other side of the cape into the Rilaks Fjord, then strike the Swedes from the rear. Seeking to stop this maneuver, 10 ships under the command of Rear Admiral Ehrenshield arrived in the Rilaks Fjord. (26 July) On 6 August 1714, a calm set in, depriving the Swedish sailing ships of freedom of maneuver. Peter took advantage of this. His galleys outflanked the Swedes and blockaded them in the Rilaks Fjord.
When offered surrender, the Swedish rear admiral refused. Then, (27 July) on 7 August during the day, Russian galleys attacked the Swedish ships in the Rilaks Fjord. After a fierce fight, the Swedish flagship—the frigate "Elefant"—was taken by boarding, and all the other vessels surrendered.
As a result of this victory, the Aland Islands were occupied by the Russians. This success significantly strengthened the position of Russian troops in Finland. Gangut became the first major victory of the Russian navy. Peter I considered its importance equal to that of the Battle of Poltava.
In September 1714, celebrations were held in Petersburg on the occasion of the Gangut victory. The victors marched under a triumphal arch depicting an eagle sitting on the back of an elephant. The inscription read: "The Russian eagle does not catch flies."
In modern Russia, an official holiday has been established in honor of this event.
31 January — Peter I establishes the Kunstkamera in Petersburg, the oldest museum in Russia.
22 February — the Apothecary's Garden is founded in Saint Petersburg (now the Botanical Garden of the Komarov Botanical Institute of the Russian Academy of Sciences).
1 September — by order of Peter I, the first state public library in Russia is created in Petersburg.
To ensure that Petersburg would not face a shortage of masters of stonework and ordinary masons, in 1714 a strict ban followed on building stone houses and any stone construction not only in Moscow, but throughout the entire state, which lasted until 1728.
Tsar Peter I issued a decree to deport from Dmitrov to Petersburg "first-rank merchants... for permanent residence" with their wives and children.