` Kaarel Eller - COBALT

Kaarel Eller

Senior Associate / Estonia


Kaarel Eller is a Senior Associate of the COBALT Estonian banking and finance practice group. Kaarel has extensive experience in the public sector, including long experience in the Ministry of Finance, where he held various positions in the Financial Markets Department and later on as the Head of the Legal Department. There he was tasked with drafting some major legislative acts for the Estonian financial sector, including the first Estonian covered bond act and transposing PSD2 into the Estonian payment institutions and e-money institutions act. Prior to joining COBALT, Kaarel worked for an international law firm.

Kaarel is a member of the Estonian Bar Association since 2020.


  • Legal 500, Banking, Finance and Capital Markets/Fintech, Rising Star – 2023


  • Estonian, English, German

Membership & education

  • Estonian Bar Association (2020)
  • Bachelor of Arts degree, (equal to master´s degree qualifications), Faculty of Law, University of Tartu (2006)
  • Humboldt University Berlin, guest student (2008)