Lithuania’s Vilnius Regional Court has postponed sentencing in the criminal case against the former owners of the now liquidated Snoras bank, Vladimir Antonov and Raimondas Baranauskas, until 5 November 2024, BNS reports. The Prosecutor General’s Office asked for both to be sentenced to 10.5 years in prison. The pretrial investigation lasted over 7 years, from…
Estonia’s privately-owned gas supplier, Eesti Gaas, will raise the price of natural gas for household consumers as of 1 October 2024 due to fluctuations in European gas market prices, ERR reports. The new tariff will be EUR 0.59 per m3, including VAT. In August 2024, Eesti Gaas cut the gas price to EUR 0.525 per…
The Latvian government has decided to launch an initial public offering (IPO) of shares in the state-owned national air carrier, airBaltic, by the end of 2024, ERR reports. Transport Minister Kaspars Briskens said that the IPO would proceed concurrently with talks with a new strategic investor, LSM reported. He said that the state only planned…
Lithuania’s central bank, the Bank of Lithuania, has called on Taiwan’s state-owned Bank of Taiwan (BOT) to provide as diverse banking services in Lithuania as possible, BNS reports. Earlier, business news outlet Verslo Zinios reported that BOT had obtained regulatory approval to open a representative office in Lithuania. Lukas Jakubonis, chief business development officer at…
Polish-owned fuel trading company Orlen Latvija remained the largest single taxpayer in Latvia in 2023, according to the State Revenue Service (VID), LSM reports. VID awarded 20 companies in 5 regions in the large, medium, small, and micro-enterprise categories for their labour tax contributions in 2023. The biggest taxpayers in the segment of large enterprises…
Electricity prices in Estonia will increase significantly following the planned decoupling from the Russian electricity grid in February 2025, Postimees reports. Currently, the rate for production and consumption stands at just EUR 0.04 per MWh. Estonia’s transmission system operator, Elering, has proposed raising the rate to as much as EUR 5.31 per MWh, largely due…
A strategic investor has shown interest in Latvia’s national air carrier, airBaltic, Transport Minister Kaspars Briskens revealed, LETA reports. He suggested that the investor could acquire a minority stake in airBaltic before the company’s possible IPO. Briskens refused to disclose the name of the potential investor. No talks are currently under way with Estonia or…
Taiwan’s largest commercial bank, state-owned Bank of Taiwan, plans to open a representative office in Lithuania, BNS reports, citing business news website Verslo Zinios. The Financial Supervisory Commission of Taiwan has approved the bank’s application to open an office in Lithuania. The Bank of Taiwan said that the office would help expand business operations in…
The European Commission will allocate an additional EUR 1.2bn of EU funds for the construction of the Rail Baltica railway, the project’s coordinator, RB Rail, announced, LSM reports. Of the sum, around EUR 370mn will go to Estonia, EUR 346mn to Latvia, and EUR 458mn to Lithuania. Together with national co-financing, total available funding will…
