TGS Baltic has advised HeavyFinance on forming a partnership with Multitude Bank – backed by the European Investment Fund’s Sustainability Guarantee – to bring more than EUR 17.5 million in funding for farmers in Lithuania and Poland.

Popescu & Asociatii Partner Loredana Popescu and Avellum Partner Maksym Maksymenko look at the current status of agribusiness in their countries – both traditional powerhouses in the sector – highlighting how they are managing to show resilience despite tough years.

TGS Baltic has advised Latvian agricultural cooperative LPKS Latraps on the EUR 8 million issuance and listing of bonds on the Nasdaq Riga First North alternative market with Signet Bank as the arranger.

Nyerges & Partners has advised KER Toki on obtaining an electricity supply license from the Romanian Energy Regulatory Authority.

CMS has advised Florian Prasky on co-founding with Katharina Porenta Wattwise FlexCo.

JPM Partners has advised Presto Pay on obtaining a payment institution license from the Central Bank of Montenegro.

Koutalidis, working with Clifford Chance, has advised Attica Bank on a EUR 220 million synthetic securitization of its SME and Large Corporate portfolio.

TGS Baltic has advised HeavyFinance on forming a partnership with Multitude Bank – backed by the European Investment Fund’s Sustainability Guarantee – to bring more than EUR 17.5 million in funding for farmers in Lithuania and Poland.

Fort Legal has advised EfTEN Capital on the EUR 7.5 million financing for Releven for the development of the Horizontai project in Vilnius. Motieka advised Releven.

Currently, the Croatian AML Act (Official Gazette no. 108/2007, 39/2019, 151/2022) uses the term “virtual assets,” while the Markets in Crypto-Assets Regulation (MiCA) (EU Regulation 2023/1114), along with subsequent Implementing Act for MiCA (Official Gazette no. 85/2024) adopted by Croatian Parliament in July 2024), uses the term “crypto-assets.” Clearly governing the same, the terms used are similar, but slight nuances persist in definitions. Yet, inconsistency of legal terms should be avoided to prevent misinterpretation and confusion in legal applications.

White & Case has advised on Dr. Max’s second retail domestic bond issuance valued at CZK 1.25 billion, guaranteed by Glebi Holdings, and listed on the Prague Stock Exchange.

CK Legal Chabasiewicz Kowalska has advised PragmaGO on its issuance of four-year secured bonds of series D2.

A leniency procedure has been in place in Ukraine for over two decades. However, until recently, there was no public record of its successful application by the Antimonopoly Committee of Ukraine (AMC).

Former Baker McKenzie affiliate law firm Esin Attorney Partnership Co-Head of the Competition Practice Sinan Diniz has joined KST Law as a Partner.

WKB Lawyers has advised Lisner Holding on obtaining the competition clearance for the acquisition of Greenwich Investments, a company controlling the Graal Group.

Companies will have an additional year to comply with new EU rules aimed at preventing deforestation, which will prohibit the sale of products in the EU that originate from deforested land
The European Parliament and the Council of the EU have decided to postpone the application of the European Union Deforestation Regulation (EUDR) by one year, now taking effect on 30 December 2025 instead of the original 2024 deadline. The decision comes in response to concerns raised by EU member states and stakeholders about the feasibility of meeting the requirements within the initial timeframe.

On 6 December 2024, the Law on Amendments to the Law on Prevention of Money Laundering and Financing of Terrorism and the Law on Amendments to the Law on Public Notaries entered into force. These two laws were adopted by the National Assembly of the Republic of Serbia and published in the Official Gazette of the Republic of Serbia on 28 November 2024.

The Ministry of Energy, taking into account regulatory experience as well as public feedback, has adjusted the emission limits for several particularly toxic air pollutants in factories, raising them to stricter levels in line with German standards, which are more stringent than the EU regulations.

Lambadarios has advised BriQ REIC on its merger with Intercontinental International REIC. Machas & Partners advised Intercontinental International REIC.

Filip & Company has advised Mozaik Investments on its sale of a minority stake in 5 To Go to Invenio Partners and Accession Capital Partners. Schoenherr advised ACP. Dentons reportedly advised Invenio Partners.

Havel & Partners, working with Milbank, has advised Capiton on the sale of Gritec to the Viessmann Generations Group. Rowan Legal advised the Viessmann Generations Group. Frankfurt-based Schalast and the Nuernberg office of Roedl & Partner reportedly advised the Viessmann Generations Group as well.

Energy law in Croatia is governed by a series of laws and regulations designed to ensure energy security, promote renewable sources, and support environmental protection. The key legal framework in the energy sector in Croatia includes the Energy Act (Zakon o energiji, Official Gazette no. 120/12, 14/14, 95/15, 102/15, 68/18) and the related Energy Development Strategy of the Republic of Croatia until 2030, with a view to 2050, adopted on February 28, 2020. The Energy Act, which has seen a few amendments since its adoption, is still slowly trying to meet the challenging EU requirements in terms of the green transition, which emphasize renewable energy integration, energy efficiency, and environmental responsibility.

The Croatian M&A market in 2024 is experiencing significant changes, largely driven by two key factors: the rise of sustainability and ESG considerations alongside a notable surge in energy-sector transactions. These trends reflect both global movements and Croatia’s commitment to the EU’s broader climate goals.

Even though renewables have been very popular in Croatia for quite some time, the good old hydrocarbons are once again creating a significant buzz.

Musat & Asociatii has won an appeal before the High Court of Cassation and Justice against a prior decision by the Bucharest Court of Appeal, allowing the retrial of the review application in the case concerning the torturers of Romanian anti-communist dissident Gheorghe Ursu.

Ellex has offered pro bono representation in a same-sex parenthood case before the national courts in Lithuania, resulting in the first-ever recognition of same-sex parents.

On April 22, 2024, Everlegal announced it had been appointed to provide legal support to the United Nations High Commissioner for Refugees – the UN Refugee Agency – for its activities in Ukraine.

Former Polskie Elektrownie Jadrowe Vice-President of the Management Board Lukasz Mlynarkiewicz has joined Kochanski & Partners as a Partner in its Infrastructure, Energy, Environment, and ESG Practice Group and will also serve as the Head of the Nuclear Energy Practice.

BIT Law advises PUC Belgrade Metro and Train on a EUR 720 million design and build contract with contractor PowerChina for the civil works of the first phase of Line 1 of the Belgrade Metro, identifying Lot 2 as a distinct section.

Over the past two decades, the Greek State has increasingly relied on self-financing techniques for large-scale infrastructure projects, namely concession agreements and public-private partnership (PPP) agreements which differ from the traditional public works contracts first of all in terms of private financing (either through equity or bank financing) provided by the contractor against consideration. At the same time, the contractor assumes significant part of the associated economic and business risks.

Filing a claim in insolvency proceedings may be the only way for creditors to recover at least part of the amount they are owed. In the Czech legal system, however, creditors face an understated but significant risk: if they overstate the amount of their claim, not only do they risk having it disregarded but they may also be required to pay a penalty to the debtor’s estate. This provision, embedded in the Czech Insolvency Act, acts as a double-edged sword: while it aims to prevent unfounded claims and speculation in insolvency proceedings, it often deters legitimate creditors from fully asserting their claims. This financial penalty has no equivalent in other European countries. So, how can creditors avoid penalties, and what should they know before submitting a claim in insolvency proceedings?

Rymarz Zdort Maruta has advised the bankruptcy trustee of Getin Noble Bank on the sale of Noble Securities to Skarbiec Holding.

Rymarz Zdort Maruta has advised the bankruptcy trustee of Getin Noble Bank and Idea Bank on the sale of a total holding of approximately 86.83% of the shares in Noble Funds TFI fund management company to VeloBank.

Law 5162/2024 (“New Law”), which aims to enhance business innovation and competitiveness through tax incentives for investments in start-ups, introduces significant changes in Law 4172/2013 (Income Tax Code) and Law 5038/2023 (Immigration Code) providing substantial benefits and opportunities to Angel Investors.

Employers often find themselves contemplating whether they should disclose the reasons for an employee’s termination to the entire workforce. While the motivations behind this consideration can be well-intentioned – such as educating remaining employees about unacceptable behaviors, promoting transparency, and preventing the spread of misinformation, there are legal implications to take into account.

In The Debrief, our Practice Leaders across CEE share updates on recent and upcoming legislation, consider the impact of recent court decisions, showcase landmark projects, and keep our readers apprised of the latest developments impacting their respective practice areas.

BDK Advokati has advised Vetti Group on its acquisition of 80% of Belgrade-based animal healthcare institution Vet Planet Clinic from Andrija Dakovic. Mikijelj, Jankovic & Bogdanovic advised the seller.

White & Case has advised on Dr. Max’s second retail domestic bond issuance valued at CZK 1.25 billion, guaranteed by Glebi Holdings, and listed on the Prague Stock Exchange.

Stratulat Albulescu has advised Duman Clinic on the acquisition of La Stejari, which owns and operates a hotel in Pianu de Jos, Alba County, from sellers Dorin Mateiu and Ioan Strajan.

Musat & Asociatii has won an appeal before the High Court of Cassation and Justice against a prior decision by the Bucharest Court of Appeal, allowing the retrial of the review application in the case concerning the torturers of Romanian anti-communist dissident Gheorghe Ursu.

1,111 complaints have been submitted to the Constitutional Court of Hungary by domestic solar panel users, who argue that the change in the balance accounting system is causing them significant financial disadvantages. Specifically, the amendment introduces a monthly gross settlement after 10 years of solar panel installation.

It is without a doubt that, like the economy in general, the legal market was also affected in recent years. Though the economy has been turbulent for a longer period than during the crisis that started in 2008, this time, the number of large disputes has remained constant. Despite the growing legal costs, high-value disputes rarely dropped due to costs. Smaller law firms, however, seem to have more problems when navigating in this economy – there are cases of closing businesses or consolidating to survive. 

Reff & Associates | Deloitte Legal has advised Damen Galati Shipyard on EUR 25 million in financing from Exim Banca Romaneasca.

Cobalt has advised PSA on its acquisition of 50% of Parnu Sadam shares from Transcom.

Baker McKenzie and its Turkish affiliate Esin Attorney Partnership advised DFDS on its acquisition of Ekol Transport and the international transport network connecting Turkiye and Europe from Ekol Logistics and individual sellers led by founder Ahmet Musul. Caliskan Okkan Toker reportedly advised the sellers.

Kyriakides Georgopoulos announced that the Hellenic Republic Asset Development Fund's sale of a 67% stake in the Heraklion Port Authority to a consortium consisting of Grimaldi Euromed and Minoan Lines (as reported by CEE Legal Matters on January 11, 2024) closed on September 18, 2024.

PeliPartners has advised Bogdan Idu and his group companies on the sale of an LPG maritime terminal in Romania to Nawaf Salameh Family Office Group.

Your Legal Partners’ Katerina Politopoulou, Maria Golfinopoulou, and Prokopis Linardos Talk About the Deal of the Year in Greece.

Filip & Company has advised Mozaik Investments on its sale of a minority stake in 5 To Go to Invenio Partners and Accession Capital Partners. Schoenherr advised ACP. Dentons reportedly advised Invenio Partners.

Fort Legal has advised EfTEN Capital on the EUR 7.5 million financing for Releven for the development of the Horizontai project in Vilnius. Motieka advised Releven.

Law 5162/2024 (“New Law”), which aims to enhance business innovation and competitiveness through tax incentives for investments in start-ups, introduces significant changes in Law 4172/2013 (Income Tax Code) and Law 5038/2023 (Immigration Code) providing substantial benefits and opportunities to Angel Investors.

Musat & Asociatii has won an appeal before the High Court of Cassation and Justice against a prior decision by the Bucharest Court of Appeal, allowing the retrial of the review application in the case concerning the torturers of Romanian anti-communist dissident Gheorghe Ursu.

Ellex has offered pro bono representation in a same-sex parenthood case before the national courts in Lithuania, resulting in the first-ever recognition of same-sex parents.

Dentons has successfully represented an unlawfully sterilized woman in administrative court proceedings against the Ministry of Health of the Czech Republic regarding a denied claim for compensation and subsequent appeal on a pro bono basis.

White & Case has advised TPG Real Estate on the EUR 470 million sale of CT Real Estate to funds managed by Blackstone. Schoenherr, working with Simpson Thacher & Bartlett, advised Blackstone. Talers reportedly advised TPG Real Estate as well.

Fort Legal has advised EfTEN Capital on the EUR 7.5 million financing for Releven for the development of the Horizontai project in Vilnius. Motieka advised Releven.

Linklaters has advised Investika Real Estate Fund and its joint venture partner Bud Holdings on the acquisition of a 212,500-square-meter logistics portfolio in Poland from commercial real estate developer 7R. A&O Shearman reportedly advised 7R.

Law 5162/2024 (“New Law”), which aims to enhance business innovation and competitiveness through tax incentives for investments in start-ups, introduces significant changes in Law 4172/2013 (Income Tax Code) and Law 5038/2023 (Immigration Code) providing substantial benefits and opportunities to Angel Investors.

The Law of Ukraine on Tax Increases №4015-ІХ, adopted by the parliament and awaiting presidential signature, came into effect on November 30, 2024. Below are the key changes to the taxation system.

On December 7, 2023, Austria saw a significant shift in its tax regulations with the suspension of key provisions in the double taxation agreement (DTA) with Russia.

With the Cybersecurity Act entering into force in February 2024, Croatia was, unexpectedly, one of the first EU member states to implement NIS2, and it seems this happened just in time. Throughout this year as well as in 2023, government and financial institutions, companies, and even airports and hospitals were targets of multiple cyberattacks. Unsurprisingly, these resulted not only in temporary loss of availability of crucial services but also in loss of data – at times even life-and-death patient data.

Six years after the introduction of the GDPR, many businesses still treat it as if it were a “new law,” a regulation to be addressed later, rather than a priority today. It took years for the GDPR and data protection in general to even make their way onto Q&A lists in legal due diligence, competing alongside other established legal risks when analyzing target companies.

Currently, the Croatian AML Act (Official Gazette no. 108/2007, 39/2019, 151/2022) uses the term “virtual assets,” while the Markets in Crypto-Assets Regulation (MiCA) (EU Regulation 2023/1114), along with subsequent Implementing Act for MiCA (Official Gazette no. 85/2024) adopted by Croatian Parliament in July 2024), uses the term “crypto-assets.” Clearly governing the same, the terms used are similar, but slight nuances persist in definitions. Yet, inconsistency of legal terms should be avoided to prevent misinterpretation and confusion in legal applications.

On 6 December 2024, the Law on Amendments to the Law on Prevention of Money Laundering and Financing of Terrorism and the Law on Amendments to the Law on Public Notaries entered into force. These two laws were adopted by the National Assembly of the Republic of Serbia and published in the Official Gazette of the Republic of Serbia on 28 November 2024.

The UK government recently unveiled guidance on a major update to its corporate fraud laws: the “failure to prevent fraud” offence, introduced through the 2023 Economic Crime and Corporate Transparency Act (ECCT). Taking effect on September 1, 2025, this law could have serious implications for companies operating within the EU.

Romania-based Mares & Mares and Cyprus-based Emilianides Katsaros have formed a partnership spanning Cyprus, Romania, and Greece.