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The Legal 500 Hall of Fame Icon The Legal 500 Hall of Fame highlights individuals who have received constant praise by their clients for continued excellence. The Hall of Fame highlights, to clients, the law firm partners who are at the pinnacle of the profession. In Europe, Middle East and Africa, the criteria for entry is to have been recognised by The Legal 500 as one of the elite leading lawyers for seven consecutive years. These partners are highlighted below and throughout the editorial.
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Russia > Capital markets > Law firm and leading lawyer rankings


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Leading individuals

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Who Represents Who

Find out which law firms are representing which Capital markets clients in Russia using The Legal 500's new comprehensive database of law firm/client relationships. Instantly search over 925,000 relationships, including over 83,000 Fortune 500, 46,000 FTSE350 and 13,000 DAX 30 relationships globally. Access is free for in-house lawyers, and by subscription for law firms. For more information, contact


Cleary Gottlieb Steen & Hamilton LLP’s ‘client-oriented’ team has ‘a strong understanding of business and commercial issues’ and ‘deep knowledge of the relevant fields’. The firm handles a strong mix of debt and equity transactions, and has recently advised on a number of IPOs and eurobond offerings. Recent highlights include acting for the Ministry of Finance of the Russian Federation on the issuance of $1.8bn-worth of bonds, a transaction that saw the Russian Federation return to international capital markets, and advising Sovcomflot on its $750m eurobond offering to refinance its debt. Murat Akuyev is recommended along with Yulia Solomakhina, who has ‘excellent management and organisational skills’.

Latham & Watkins LLP represents issuers and underwriters, and has a strong track record in advising on IPOs, eurobonds and other securities offerings across the Commonwealth of Independent States (CIS). Recent highlights include advising steel and mining company Severstal on its issuance of $500m-worth of notes, and acting for Goldman Sachs, UBS and VTB Capital as joint lead managers on X5 Retail Group’s issuance of RUB20bn-worth of notes on the Irish Stock Exchange. Practice head David Stewart splits his time between Moscow and London; Mikhail Turetsky handles eurobond transactions across the CIS. Yulia Dementieva is another key practitioner.

Linklaters advises on the full range of international securitisation transactions, handling a mix of debt, equity and regulatory capital matters. Managing partner Dmitry Dobatkin has significant debt capital markets (DCM) expertise across the oil and gas, mining and telecoms sectors, and recently advised VTB Capital on a $3bn bond issuance by the Ministry of Finance of the Russian Federation. Other work included acting for a number of banks including Credit Suisse, Goldman Sachs and Sberbank on Detsky Mir’s RUB21bn IPO, and handling several bond issuances on behalf of Citigroup and J.P. Morgan.

The ‘strong team of legal advisers’ at Skadden, Arps, Slate, Meagher & Flom LLP has been notably active in the equity space, having handled a number of listings on stock exchanges such as those of New York, London and Hong Kong. Recent highlights include representing Renault in an open subscription for new shares totalling RUB26bn, acting for Roust in a restructuring of senior notes, and advising PIK Group on its $255m cash tender offer for global depositary receipts listed on the London Stock Exchange. Dmitri Kovalenko and Alexey Kiyashko are the names to note.

White & Case LLC has ‘unique experience in advising Russia-based issuers on international capital markets transactions’. The ‘proactive, efficientDarina Lozovsky heads the team and is supported by Dmitry Lapshin, who ‘strikes the right balance between the highest possible amount of knowledge and a bright, business-driven and commercial approach’. Highlights included representing the Republic of Belarus in its dual eurobond issuance worth $800m and $600m respectively, and advising Credit Suisse, Morgan Stanley, VTB Capital and Aton on a $175m secondary public offering of shares in PAO TMK.

ALRUD Law Firm’s ‘professional’ team has ‘substantial expertise in advising both domestic and international clients’. Practice head Vassily Rudomino advises a mix of banks, financial institutions and investors on the full range of capital markets transactions, and Anton Dzhuplin is noted for his expertise in international bond offerings. The team recently advised Western Siberian Petrochemical Complex on a $1.8bn bond issuance for the financing of an infrastructure project.

Baker & McKenzie - CIS, Limited provides ‘high-quality service, good response times and strong business acumen’, and is considered ‘great value for money’. The practice covers securitisation matters, liability management and domestic debt and equity capital markets transactions. The ‘highly experiencedVladimir Dragunov heads the practice; other key figures include derivatives expert Dmitry Dembich and the ‘business-oriented’ Sergey Samokhvalov. The team is advising Citigroup Global Markets on the issuance of RUB10bn-worth of loan participation notes to finance a loan to Alfa-Bank. Other active clients include Promsvyazbank, Transkapitalbank and Vozrozhdenie Bank.

Clifford Chanceperforms well under tight deadlines’ and is ‘always readily available to answer questions’. The firm acts for a mix of issuers and underwriters, and has significant expertise in the oil and gas, mining and infrastructure sectors. In a recent highlight, the team advised several banks including J.P. Morgan, Sberbank and Renaissance Capital as joint lead managers on two eurobond issuances by Polyus Gold totalling $1.3bn. The firm is also advising Domodedovo Airport Group on its $350m eurobond issuance alongside a $79m tender offer for its outstanding eurobonds. Arthur Iliev is recommended along with ‘responsive, client-oriented’ counsel Evgeny Soloviev.

The ‘highly professional, client-oriented’ team at Egorov Puginsky Afanasiev & Partners has ‘a deep knowledge of capital markets laws and regulations’ and provides ‘timely responses, good structuring information and consistent monitoring of legal updates’. Recent work includes advising the State Agency for Housing Mortgage Loans on its single-tranche bond issuance, and acting for Bank Saint-Petersburg on the sale of its mortgage loans portfolio. Dmitriy Glazounov has ‘excellent knowledge of the relevant fields, including practical issues of law enforcement’.

Herbert Smith Freehills CIS LLP’s ‘very smart team’ provides ‘quick and valuable advice, reasonable fee structures and a deep knowledge of the banking and capital markets industries’. The practice covers all types of debt, equity, securitisation and derivatives matters, and also offers capital markets-related tax advice. The ‘efficient’ Evgeny Zelensky heads the team, which, along with corporate partner Alexei Roudiak, recently advised Onexim Group on various securities regulatory matters arising out of Uralkali’s listing on the Moscow and UK stock exchanges following its acquisition of a 20% stake in the company. Rosneft, Renaissance Capital and Rosbank are also key clients.

Allen & Overy Legal Services utilises its global expertise across the DCM, equity capital markets (ECM), hybrid capital and structured finance markets to advise on Russian and CIS transactions. The team works closely with its London office, and recently advised issuer GTLK Europe on a $500m eurobond issuance on the Irish Stock Exchange. Igor Gorchakov is the name to note.

Debevoise & Plimpton LLP counts a number of blue-chip Russian companies among its clients, and advises on the full range of DCM, ECM and leveraged financing transactions. Notable work included advising Polyus Gold on its $858m public offering of shares and depositary receipts, and acting for Norilsk Nickel on its $1bn eurobond offering. Alan Kartashkin acts for Russian enterprises on international market listings, and Natalia Drebezgina is the other key practitioner.

Freshfields Bruckhaus Deringer’s ‘close-knit, efficient’ team is ‘available around the clock’ and ‘combines excellent corporate and capital markets knowledge with an understanding of how investments are structured’. Highlights included advising EuroChem Group on its $500m eurobond issuance, and acting for Borets Finance on its issuance of $330m-worth of loan participation notes. Mikhail Loktionov heads the practice.

LECAP Law Firm advises on the commercial and regulatory aspects of capital markets transactions, and has been notably active in bond offerings and IPOs on Russian and international stock exchanges. Roman Belenkov is advising Polyus Gold on its secondary public offering of shares, and Elizaveta Turbina and Michael Malinovskiy recently acted for RussNeft on its RUB32.4bn IPO on the Moscow Stock Exchange.

Liniya Prava Law Firm has a strong track record in advising issuers and investment bankers on the full spectrum of public and private offerings, and also regularly acts for foreign issuers on the placement of securities on the Russian stock market. Managing partner Andrey Novakovskiy is recommended along with ‘reliable professionalOleg Bychkov.

The ‘astute’ team at Nektorov, Saveliev & Partners advises on the placement and issuance of shares on the Russian market, handling the full range of offerings including IPOs, secondary offerings, private placements and capital increases. Alexander Nektorov heads the team, and recently advised IBS IT Services on a share issuance completed as a result of a reorganisation. Dmitry Gladkov has significant distressed asset expertise, and associate Nadezhda Minina is ‘competent and detail-oriented’.

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Legal Developments in Russia for Capital markets

  • Information law for company participants – the search for a balance of interests

    At the present time, in various legal relationships there exists the acute problem of observing a balance of interests concerning the parties involved in these legal relationships, their legal rights, and their mutual economic needs. Judicial practice, when considering disputes between these kinds of parties, takes into consideration not only the formal requirements of legislation, but also the real economic and legal goals and interests of the participants.
    - Vegas Lex Law Firm

Legal Developments in Russia

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • The coming into force of the legislative package on the second stage of "Capital amnisty"

    On 19th February 2018, a legislative package on the extension of the tax capital amnesty and the tax-free liquidation of foreign companies came into force.
  • No More Linked In Russia?

    One of the biggest and most popular Internet companies, LinkedIn, has become the first target of the recent Russian data localization law. The legislation requires businesses operating online to keep Russian Internet users’ data on servers located within Russia. Read more...
  • New standards on the unjustified tax benefit included in the tax code

    The Federal Tax Service of Russia issued Letter № CA-4-7/ 6152 @ of 16.08.2017, in which it clarified to its subordinate tax authorities the application of new Art. 54.1 of the Tax Code of the Russian Federation "Limits on the Exercise of Rights in Calculating the Tax Base and (or) the Amount of Tax, Levy, Insurance Contributions", which was included in the Tax Code of the Russian Federation by Federal Law № 163-FZ of 18.07.2017.
  • Information law for company participants – the search for a balance of interests

    At the present time, in various legal relationships there exists the acute problem of observing a balance of interests concerning the parties involved in these legal relationships, their legal rights, and their mutual economic needs. Judicial practice, when considering disputes between these kinds of parties, takes into consideration not only the formal requirements of legislation, but also the real economic and legal goals and interests of the participants.
  • What businessmen should know about legislative changes with major and interested transactions?

    It is well known that before making significant managerial decisions, the general director must obtain approval from the shareholders or the board of directors. Apart from that, if a director is personally interested in entering into a transaction, approval is also required to proceed with the transaction. In the absence of such an approval, the transaction can be challenged and, in certain circumstances, invalidated. In order to minimize such risks and to eliminate legal uncertainty for the parties to the transaction, the rules governing major transactions and interested transactions must be sufficiently clear. Previously, however, the application of these rules was associated with a large number of controversial legal issues, which were finally solved as a result of the legislative amendments, which will enter into force on January 1, 2017. According to the new amendments, the distinction between major and non-major transactions has been delineated more clearly, parties have been allowed more flexibility in relation to approving transactions, the burdensome obligation to obtain prior approval of interested transactions has been abrogated, and finally the procedure for challenging transactions in question has been made much more complex. Overall, the changes should have a positive influence on business, as they contribute to the establishment of firm legal certainty in this area of the law. 
  • A Lessee’s Dream: the Drastic Devaluation of the Russian Currency Has Triggered New Discussions of

    The rent for leases, especially those in downtown Moscow and other large cities, is often based on the foreign currency exchange rate, which has recently increased almost threefold. Many businesses have been taken aback by this consequence of the economic crisis. Some of them have been put on verge of bankruptcy because of the increased rent and were forced to seek remedies in courts.
  • Amendments to Part IV of the Russian Civil Code in 2015

    Author: Valentina Orlova, Head of Intellectual Property and Trademarks Practice, Pepeliaev Group
  • Parallel Import of Medicines: High Time or the Wrong Time?

    Authors: Sergey Klimenko, Head of Life Sciences Group; Yuri Yahin, Head of IP Group, Pepeliaev Group
  • A Look at Russia's Antimonopoly Legislation

    Elena Sokolovskaya, Head of Antimonopoly Regulation Group, Pepeliaev Group The main areas covered by Russian antimonopoly legislation are prohibition of the abuse of a dominant position, regulation of prohibited agreements, antimonopoly requirements for bidding, merger control, and prohibition of unfair competition. In recent years more attention has been paid to the development of Russian antimonopoly legislation. For this purpose, the State Duma of the Russian Federation (the lower chamber of Russia's parliament) is considering draft measures billed as the 'Fourth Antimonopoly Package'. This comprises amendments to Law No. 135-FZ 'On Protecting Competition' (the "Law on Competition") as well as to the Russian Administrative Code. The measures have already been passed in the first reading and are expected to make it onto the statute book before the end of 2015.

    Pepeliaev Group Advises of Amendments to Article 178 of the Russian Criminal Code to Decriminalise Certain Offences and Introduce a New Condition for being Released from Criminal Liability for Restricting Competition

Press Releases in Russia

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to