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Cobalt has successfully represented the Republic of Estonia during the judicial proceedings in the VEB Fund case, with the fund having been established 30 years ago to address the issue of banking funds blocked in the Russian Federation.

Cobalt has successfully represented the interests of Tukuma Auto in a dispute against the Road Transport Administration in Latvia regarding amendments to procurement agreements executed with Nordeka for the provision of public transport services by buses on regional route networks.

On 20 April, the European Parliament endorsed two regulations which will fundamentally change the crypto-asset market landscape in the EU and potentially beyond: the Regulation for Markets in Crypto-assets (MiCA) and the recast version of the Transfer of Funds Regulation (TFR recast). As a forerunner in regulating crypto business, Estonia has had local crypto laws in place since 2017, however, MiCA and TFR recast will be directly applicable in the EU and will replace the respective local legislation.

Following the general election, the new coalition government has committed to balancing the state budget and consequently revealed many intended taxation changes. While these ideas are not yet set in stone, here are the key changes that could be expected based on what has been communicated.

On February 24, 2023, the Latvian Constitutional Court issued a long-awaited Judgement in case 2022-03-01 confirming that the current control mechanism over arbitration in Latvia is incomplete and unconstitutional. This means that the government will now be required to introduce a procedure for setting aside arbitral awards made by tribunals seated in Latvia.

Cobalt at a Glance

COBALT is a closely integrated alliance of top-tier law offices across the Baltics, uniting more than 250 attorneys and support staff. During 25 years of experience, we have become a strategic partner to our clients in handling both daily matters and complex large–scale transactions and disputes.

The firm’s broad spectrum of expertise and established position as the market leader gives a comprehensive basis for providing full-service business law advice.

Top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups are among our clients. We offer leading-edge solutions in key industry sectors: Consumer Products, Trade & Distribution, Real Estate & Construction, Pharmaceuticals & Healthcare, Energy & Utilities, Communications, Media & Technologies, Financial Services, Transport & Logistics.

COBALT has been named Baltic Law Firm of the Year 7 times receiving Chambers Europe, IFLR, The Lawyer and Mergermarket awards, and we are regularly listed amongst the top-performing M&A legal advisors in the Bloomberg, Refinitiv and Mergermarket deal tables. Recognized as the No.1 Lithuanian law firm in the Prospera Law Firm Review 2021 and No. 1 law firm in Latvia in 2022, 2020, 2019, and 2018 client satisfaction surveys. We were recognized as a Baltic-wide Law Firm of the Year at the 2022 Chambers Europe Awards ceremony and named the Baltic States Tax Firm of the Year and Pro Bono Firm of the Year at the annual ITR EMEA Tax Awards 2021 ceremony. 

More information on COBALT can be found at www.cobalt.legal.