Of course it must be the Austrian Red Cross! I can't believe I didn't think of that! 😐
The button is maker marked for Boullanger Paris France. It's quite usual that Swedish boutons are made in France, I have some others in my collection.
The bouton have what I think the following ribbons:
Yellow ribbon
Pale blue ribbon - Swedish jubilee medal?
Red ribbon - Legion de Honor?
White/red ribbon on outside - Austrian red cross?
Dark blue ribbon on outside - Finnish White Rose?
I first thought that the yellow ribbon was the Swedish order of the sword. But it looks like all-yellow.