The Legal 500

‘Outstanding’ global banking and finance powerhouse Allen & Overy Legal Services ‘has pioneered new syndicated lending techniques in the Russian market,’ and ‘has strong Russian law expertise available as well as English law capacity to service large and complex transactions out of its Moscow office’. The firm recently advised a consortium of banks including Barclays Capital and BNP Paribas on a syndicated pre-export facility for JSC TATNEFT worth $2bn, and assisted Goldman Sachs on a synthetic structure involving an equity investment in Bank of Moscow. Managing partner of the Moscow office Tony Humphrey, who is due to retire in the summer of 2011, is praised for his ‘clarity and creativity’, while Dmitry Shiryaev provides ‘Russian law expertise and thorough analysis’. Other practitioners of high repute include Irina Mashlenko, Stephen Matthews and Elena Tchoubykina.

Clifford Chance ‘provides high-level legal services’. Both Logan Wright and Victoria Bortkevicha, who ‘meets tough deadlines and never compromises on the quality of her work,’ have impressive reputations for their expertise in banking and finance work. The firm recently advised the co-ordinating committee of lenders in relation to the restructuring of facilities made available to the RUSAL Group, which has total indebtedness of approximately $18bn. The firm has also recently advised Integra Group in connection with a $225m syndicated facility arranged by EBRD. Other clients include Credit Agricole, Halyk Bank and RBS. Jan ter Haar, who specialises in banking and secured finance, recently joined the Moscow office as its managing partner.

Herbert Smith CIS LLP impresses with its superb track record in the energy finance sector. It advised Calyon and Deutsche Bank on a $750m secured financing for TNK-BP secured by receivables from the export of crude oil and assisted RBS on a $200m unsecured finance facility to Rosneft backed by Swedish export credit agency EKN for the purchase of equipment from Siemens. Alexander Currie, the firm’s banking and finance practice head and project finance and restructuring specialist, is ‘an outstanding banking lawyer’. Also highly recommended is commodity, real estate and acquisition finance and syndicated loans expert Ed Baring. Artjom Buligin provides Russian law insight.

Linklaters CIS not only recently advised 30 banks on the restructuring of various syndicated debt facilities for Mechel, but also acted on one of the only new money transactions in Russia – a loan from ING, Raiffeisenbank and Unicredit to a gold producer, Pokrovskiy mine. The firm also assisted Calyon and Nordea on their EKN-covered financing for Turkcell. Head of banking and finance in Moscow, Michael Bott is a recognised force in this field. Dmitry Suschev is also highly regarded. In 2010, the team was bolstered by the arrival of emerging markets specialist and Russian speaker John Stansfield from the firm’s office in Frankfurt.

At Baker Botts L.L.P., the ‘prompt and reliable’ Maxim Levinson heads the banking and finance group that provides ‘outstanding levels of service’. His team ‘foresees issues well in advance’ and ‘is very commercially minded’. The ‘firm works to find solutions’ and ‘maintains a firm but non-confrontational stance in negotiations’. Recently, the group advised Aeroflot in relation to the financing of six new Airbus A321 aircraft, and the IFC and EBRD on a number of new financings totalling over $500m. John Sheedy joined the firm in 2010 from Orrick (CIS) LLC.

At Freshfields Bruckhaus Deringer, Mikhail Loktiniov leads a team that boasts a number of talented senior associates. Recently, the firm advised Rolf Group on a $500m secured syndicated facility to restructure its existing bilateral facilities with five banks. The firm also assisted EuroChem on a $261m unsecured facility from a syndicate of international banks lead by Barclays Capital, and covered by The Export Credit Insurance Corporation of South Africa. Corporate finance partner Harvey Nugent is also recommended.

Salans’ highly experienced, ‘most attentive and helpful’ Timothy Stubbs heads up a team that excels in its ‘high level of industry knowledge and response time as well as flexibility in remuneration issues plus excellent teamwork worldwide’. The team assisted Eurasian Bank (Kazakhstan) with an SPA for the acquisition of 100% of the shares in Troika Dialog Bank. It also advised Syneron Holdings on the successful restructuring and refinancing of secured debt to VTB Capital in connection with the earlier acquisition financing of Kapital Insurance Group, the leading corporate insurer in Russia. Andrei Strijak is ‘one you can rely on’.

The highly regarded Irina Nesvetova heads the Moscow banking and finance group at White & Case LLC. Recently, the firm advised the project company, Nord Stream AG in the construction of the Nord Stream Baltic Pipeline and Unicredit Bank on the first totally rouble-denominated facility to a leading Russian retailer. In 2010, Simon Morgan moved to Chadbourne & Parke LLP. Maxim Kobzev was made up to partner.

Alrud Law Firm’s Vassily Rudomino ‘is a driven professional with strong business acumen’. Meanwhile, the ‘fiercely bright’ Alexander Zharskiy is ‘an eminent expert whose strong experience in the area is combined with innovativeness and approachability’. Clients include OTP Bank Nyrt, Alfa Bank Ukraine and Capital Group.

Baker & McKenzie – CIS, Limited recently advised BTA Bank’s creditors’ steering committee on the restructuring of BTA’s obligations of over $12bn. The firm also acted as Russian counsel to ECGD on a $367m financing for JSC Gazprom, arranged by Citibank Europe, to finance the purchase of gas pumping units for the North Stream gas pipeline. Vladimir Dragunov and David Scott head the banking and finance group.

CMS Russia is gaining recognition for its work in restructuring, distressed acquisition finance, and international bank regulatory work. The firm recently advised Bank of Tokyo Mitsubishi on a Russian Central Bank regulatory compliant debt programme and LLC North-West Concession Company on the $2bn Moscow – St Petersburg 15-58 km toll road. Grant Williams has a strong reputation in the market.

Chadbourne & Parke LLP represents private sector bank lending clients and borrowers such as OAO Nomosbank and Turkcell. It also acts for international financial institutions such as the IFC and EBRD. Office managing partner Jennifer Handz leads the banking and finance group that recently welcomed Simon Morgan from White & Case LLC, but lost Dmitry Gubarev to Dewey & LeBoeuf LLP.

Cleary Gottlieb Steen & Hamilton LLP has acted as borrower’s counsel on many large syndicated loans and project financings over the last 12 months. The firm recently advised OAO Tatneft as borrower in a $2bn pre-export financing, structured as a self-arranged club deal of 18 international and Russian banks. Scott Senecal is based in Russia and recommended.

‘Very efficient and professional’ DLA Piper has developed expertise in syndicated and secured transactions, restructuring and the disposal of distressed assets. Aviation and transport finance are particular strengths. The firm’s clients include Alfa Bank, Bank of Moscow, Commerzbank and the Eurasian Development Bank. Vyacheslav Khorovskiy is highly regarded. Sadly in 2010, aviation finance specialist Andrew Muriel died.

Egorov, Puginsky, Afanasiev & Partners recently advised on corporate debt restructurings in Russia totaling over $20bn and assisted with drafting the legal framework for the Russian Government’s anti-crisis programme and the reform of Russian bankruptcy legislation. Dimitry Afanasiev, Stanislav Puginsky and Dmitry Stepanov are held in high esteem.

Gide Loyrette Nouel is gaining ground in the banking and finance market. The firm advised one of the largest Russian pre-export financing in 2010, the $1.9bn pre-export financing arranged for Mechel by a syndicate of international banks. Grigory Marinichev is ‘quick, very professional and reliable’.

Hogan Lovells (CIS) specialises in trade and export finance work, ECA-backed financings and restructurings. Recently, the firm advised Société Générale as documentation agent and co-mandated lead arranger in the provision of €524m multi-source ECA-backed export finance facilities to Novolipetsk Steel. Counsel Alexander Rymko heads the banking practice in Moscow. Sergey Komolov has extensive restructuring experience.

Dmitry Gravin’s banking and finance team at Norton Rose (Central Europe) LLP is instructed on projects ranging from conventional secured lending to Islamic finance and clean energy financings. Clients include Bank Intesa Sanpaolo, BNP Paribas and Société Générale. Scott Cameron has relocated to Moscow from Brisbane as a senior foreign counsel.

Alexander Barmin’s banking and finance team at the newly merged SNR Denton advises clients such as Standard Bank, Eurasian Bank of Development and new client Credit Europe Bank. It recently advised Logopark Ob, part of the Raven Russia group, in the $95m limited-recourse financing by IFC of a logistics centre in Novosibirsk.