Lithuanian Authorities Freeze Assets of 'Mere' Owner's Companies Amid Sanctions Evasion Probe

Lithuanian authorities have frozen the assets of several companies, including the storage firm 'Next Logistics,' food retailers 'Litproduktai' and 'Valientė,' which operates the 'Mere' discount stores in the country. The Financial Crime Investigation Service (FNTT) took this action based on suspicions of attempts to circumvent EU sanctions.

According to service data, S. Shnaider indirectly owns significant stakes in these companies: 79% of 'Valientė,' and 74.87% each of 'Litproduktai' and 'Next Logistics.' The European Union added S. Shnaider, the owner of the 'Svetofor Group' which includes 'Mere' stores, to its 21st sanctions package on July 23. Latvian authorities also reported that sanctions apply to 'Latprodukti' and 'Valiente's' subsidiary in Latvia, which manages the 'Mere' network there. These companies are required to cease economic activities immediately under the new EU measures against Russia.

The Economic and Innovation Ministry requested the FNTT to assess whether individuals sanctioned under the EU's 21st package are directly or indirectly connected to Lithuanian companies. This request was spurred by signs of potential sanctions evasion. The ministry confirmed that the opening of the 'Ola' shopping center in Šiauliai, reportedly linked to 'Mere' owners and sanctions evasion, also contributed to the ministry's referral to the FNTT.

'Delfi' reported that the ministry's referral was prompted by visible signs of possible sanctions circumvention and the mention of the retail chain opening 'Ola' stores. The investigation aims to determine if Lithuanian entities are being used to bypass the imposed sanctions on Russian-linked individuals and businesses.

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The Ministry's referral was prompted by the fact that signs of possible sanctions circumvention are visible and the retail chain opening [Ola] stores is mentioned.