Stas Although there are some references to the same world as the First Law, they're mostly just in-jokes. It's most surely not the same world, as there are very few common threads between the worlds, apart from the fact that they're both medieval.
Satima If this one is set in the same world as the First Law, it's a different part of the that world. That was sort-of Britain: this is sort-of Baltic. Still believably alternate-earth medieval, though.
Fredrik No, this is a far-future version of our world, where society has regressed into a new dark age. It's set in the Baltic Sea.