Lithuania’s State Energy Regulatory Council (VERT) stripped Inter RAO Lietuva, a group owned by the Russian energy giant Inter RAO, of its electricity export, import and independent supplier licenses. The decision to revoke the import and independent supplier licenses, suspended in late May, was taken after the company failed to inform the watchdog until June…
Lithuania attracted 15 new foreign investors in the first half of this year, and another 16 have expansion plans, says Investuok Lietuvoje (Invest Lithuania), Lithuania’s foreign investment promotion agency. The new investments attracted during the six months will create more than 3,000 jobs, which shows that Lithuania remains competitive in attracting foreign investment. (BNN/Business World…
Revolut Bank has received permission to increase its authorized capital from 5.5 million euros to 36.8 million euros, the central Bank of Lithuania reports. The central bank’s Financial Market Supervision Committee made the decision after assessing the application and the information submitted by Revolut Bank, allowing the company to register the amendment to the bank’s…
The insolvency administrator of Lithuania’s bankrupt bank Snoras and Swiss bank Julius Baer & Co. Ltd amicably settled a legal dispute over the financial transactions made by Snoras’ former executives and shareholders when they transferred large amounts of money to foreign banks. Under the signed agreement, Julius Baer & Co Ltd will pay 105 million…
The budget for NATO’s summit in Vilnius in 2023 is tentatively estimated at 30 million euros, the Lithuanian Foreign Ministry has said. “The preliminary estimate is that the budget for the NATO summit could reach 30 million euros,” the ministry said. According to the ministry, the summit will be organised at the expense of the…
Lithuania’s Ministry of Defence has tripled funding for the Lithuanian Riflemen’s Union, a paramilitary non-profit, with funds earmarked for procuring weapons and equipment. The Lithuanian Riflemen’s Union has been allocated up to 4.8 million euros in additional funding this year, which is a three-fold increase compared to last year. The Union, the main activity of…
As of July 1, flavoured electronic cigarettes are no longer available in Lithuania. The new ban aims to tackle the rise in smoking among teenagers and children. “The use of electronic cigarettes among teenagers aged 15 to 16 is one of the highest in Europe, second only to Monaco,” said Grazina Belian, interim head of…