Mustvee is a town in Estonia. It lies on the west coast of Lake Peipus, and is administratively part of the Mustvee Parish in Jõgeva County. Ethni…Mustvee is a town in Estonia. It lies on the west coast of Lake Peipus, and is administratively part of the Mustvee Parish in Jõgeva County. Ethnic Estonians and Russians both make up around half of its current population of approximately 1,600.