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Saturday, August 8Saturday, August 8Lithuanian authorities are investigating whether the Russian-owned discount supermarket chain Mere, forced to close under European Union sanctions, has re-emerged under a new brand. The country’s Minister of the Economy and Innovation has asked the Financial Crime Investigation Service to determine if newly opened Ola stores are linked to sanctioned Russian business interests, following speculation that Mere may have reopened under a different name.
Mere ceased trading in Lithuania and Latvia after the EU’s latest sanctions package targeted its owner, Sergei Shnaider, and all shareholders of the Svetofor Group, which operates the chain. Before closing, Mere ran nearly 30 stores across Lithuania, employing around 250 people. Customers noted the chain offered low-cost groceries, including products from Ukraine, Latvia, and Lithuania.
Attention turned to Ola, a new discount chain that opened a store in Šiauliai shortly before Mere’s closure. Customers reported that Ola’s product range, prices, and shopping experience closely resemble Mere’s. In Latvia, Ola stores have also appeared in premises previously occupied by Mere, and both retailers use nearly identical slogans. A woman identifying herself as one of Ola’s managers told LRT Radio that she had previously worked for Mere and acknowledged the business model was similar, stating, “Yes, they’re similar – so what? We’re not connected to our former colleagues. We’re separate businesses. The model is similar, and we’re not hiding that.”
Meanwhile, Aspora, a global fintech serving the Indian diaspora, announced it is establishing its EU base in Vilnius. The move provides the company with its first regulated foothold in the EU, with its CEO, management board, and all business lines relocating to Lithuania. Aspora, rebranded from Vance in 2021, serves over 1 million users and employs more than 200 people across offices in Lithuania, the UK, the US, Canada, Singapore, the UAE, and India. The company has raised around $98 million and facilitated billions in cross-border transfers. It has been approved to acquire a Lithuanian-licensed electronic money institution, allowing it to serve customers across the EU and EEA.
Nedas Sipovičius, CEO of Aspora, said Lithuania offered the fintech talent, engineering expertise, and regulatory environment the company needed. “A Lithuanian licence lets us serve customers right across the EU and EEA from a single, well-run operation. We’re not opening a back-office here; we’re building a serious European business, with our leadership and full organisation based in Vilnius,” he said .
Bulgaria also advanced its transition to the euro on Aug. 8, ending a dual pricing system where goods were displayed in both leva and euros. The change marks a step toward adopting the single currency .
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