Banking, finance and capital markets in Ukraine
Aequo
Practice head(s):
Yulia Kyrpa
Other key lawyers:
Denys Kulgavyi
Key clients
State Savings Bank of Ukraine (Oschadbank)
Ukrposhta, Ukrainian Postal Service
Piraeus Group
Goldman Sachs
Dow Jones
Pacific Western Bank
Rapyd
Bitpanda Groupa
Microfinance Group
International Finance Corporation
European Bank for Reconstruction and Development
Raiffeisen Bank International AG (Austria)
Kreditanstalt fur Wiederaufbau
Kyiv City Council
Naftogaz of Ukraine
Fitch Ratings
European Fund for Southeast Europe
Ukrainian Global University
ProCredit Bank
Deposit Guarantee Fund of Ukraine
DebtX
DAI
Posco International
Dragon Capital
PrivatBank
Alma Stone
Fursy Energy Group
Epicentr K
Bunge S.A.
NCH Capital
EMSO Asset Management Ltd.
Debitum
SupplierPlus Group OÜ
Industrialbank
Work highlights
- Advised Naftogaz of Ukraine on a consent solicitation for its $1bn portfolio of Eurobonds.
- Assisted Deposit Guarantee Fund of Ukraine with the restructuring of a $5bn debt towards the State of Ukraine.
- Advised Oschadbank on a consent solicitation.
Ante Law Firm
Practice head(s):
Andriy Guck
Testimonials
‘The team is quick to respond with a high level of quality.’
‘A team of professionals.’
‘Ante team is the best choice for aviation finance issues in Ukraine with an excellent reputation and deep knowledge of the industry and international law.’
Key clients
Deutsche Lufthansa
Air France
KLM
Austrian Airlines
Swiss International Airlines
Brussel Airlines
Ekta Insurance Company
Vallair
Novans Jets
RDS cargo
AS “PrivatBank”
Bees Airline
Work highlights
- Advised Bees Airline on issues related to the lease of four aircraft.
- Assisting AS PrivatBank, lessor of the aircraft stuck at the Ukrainian airport, with maintenance procedures.
- Advised international airlines (Lufthansa Group, Air France – KLM, British Airways, Aviareps) on the transfer of all income from sales of international air transportation from representative offices to parent companies.
Arzinger
Practice head(s):
Oleksander Plotnikov
Testimonials
‘Arzinger is a full-service law firm, and their banking and finance practice benefits from close cooperation with other practices within the firm.’
‘Arzinger law office is very competent and practical in their legal services. They maintain a great core team of lawyers.’
‘I mostly work with Oleksander Plotnikov. Oleksander is a very experienced, hard-working and dedicated lawyer. He is able to efficiently work on a wide range of matters, from trade finance transactions to insolvencies and liquidations. He is one of the best lawyers in the market in Ukraine.’
Key clients
Jyske Bank S/A
Raiffeisen Bank International AG
TIU Canada
Innovatus Capital Partners
The European Fund for Southeast Europe S.A.
SID – SLOVENSKA IZVOZNA IN RAZVOJNA BANKA, d.d.
GORENJSKA BANKA D.D.
Sierentz Global Merchants Ukraine
Budhouse Group
EBRD
Nordic Environment Finance Corporation
Investment Fund for Developing Countries
Work highlights
- Advised Jyske Bank and PKO Bank Polski on a €155m facility to Goodvalley group.
- Advised RBI, as lender, on three consecutive loan facilities to finance the construction of a particle board production facility in Rivne city, for a total amount of over €200m.
- Advised Innovatus, as lender, on the provision of a $20m pre-export facility to Black Sea Commodities.
Asters
Practice head(s):
Armen Khachaturyan; Iryna Pokanay; Roman Stepanenko
Other key lawyers:
Gabriel Aslanian; Kateryna Oliynyk
Key clients
Black Sea Trade and Development Bank
CISCO Capital
EBRD
GE Company
Hilong Holding Limited
IFC
Joint Stock Company “Ukrainian Railway”
Santander Bank Polska S.A.
Techiia Holding
WeBuild S.p.A.
Work highlights
- Assisted EBRD and IFC with their loans to JSC Concern Galnaftogaz.
- Assisted EBRD with an up to €15m secured loan to agricultural complex Zelena Dolyna.
- Advised IFC on €13.7m its financing to the city of Kryvyi Rih.
Avellum
Practice head(s):
Glib Bondar
Other key lawyers:
Oleg Krainskyi
Testimonials
‘Glib Bondar is better than the opposition.’
‘Avellum has a great, highly-skilled and experienced law team, ready to help you almost 24/7 with high-quality results. They try to be useful to their clients and very honest with you even in a difficult situation, which helps to find solutions easily. It is nice to work with a team which thinks several steps ahead and gives you valuable advice.’
‘Glib Bondar demonstrates a very helpful strategic view in difficult situations professionally.’
‘Oleg Krainskyi is professional, and all contracts/transactional documents are prepared on time and without any issues. Great job.’
‘The team is ultra-professional, knows inside out the legal regime around Ukraine’s sovereign debt/treasury and debt management and handles smoothly all the internal/administrative processes associated with the borrower side of these processes. They are a reliable and long-term partner to our firm in our long-standing work together.’
‘Glib Bondar contributes effectively when required and has gravitas. Oleg Krainskyi is increasingly prominent and has taken on a more leading role very effectively. They are both highly engaged, responsive and co-ordinate the wider associate team effectively.’
Key clients
Ministry of Finance of Ukraine
National Power Company “Ukrenergo”
The State Road Agency of Ukraine (“Ukravtodor”)
European Bank for Reconstruction and Development
JP Morgan
Metinvest B.V.
Work highlights
- Advised the Ministry of Finance of Ukraine, the State Road Agency of Ukraine and the National Power Company on their consent solicitations.
- Assisted Ukrenergo with its issue of $825m worth of 6.875% notes guaranteed by Ukraine.
- Assisted the Ministry of Finance of Ukraine with several long-term concessional loans from Canada, totalling $1.95bn.
Baker McKenzie, Kyiv Office
Practice head(s):
Serhiy Chorny
Other key lawyers:
Maksym Hlotov; Hanna Shtepa
Key clients
Raiffeisen Bank
Bayerische Landesbank
First Ukrainian International Bank
Citibank Ukraine
Citibank N.A., London Branch
Credit Agricole Indosuez
ING Bank Ukraine
Cargill Financial Services International
PJSC Obolon
DTEK Group
International Finance Corporation
European Bank for Reconstruction and Development
Black Sea Trade and Development Bank
Aragvi Finance International DAC (part of Transoil group)
Ukrzaliznytsia (Ukrainian Railways)
Work highlights
- Assisting Ukrzaliznytsia with debt restructuring, corporate finance and financial lease matters.
- Assisted Aragvi Finance International with an issue of up to $50m notes due 2026.
- Advised International Finance Corporation on the European Union’s program to support Ukraine’s state-owned energy efficiency fund.
CMS
Practice head(s):
Ihor Olekhov; Anna Pogrebna
Other key lawyers:
Kateryna Chechulina
Key clients
ING Bank
Project NEXT-UA
Air Products
UniCredit
European Investment Bank
Export-Import Bank of Korea (KEXIM)
European Bank of Reconstruction and Development
Acciona Energia
DAI Global
Donbasenergo
PrimoCollect Group
CWP Europe
Work highlights
- Assisting NEXT-UA with a joint project launched by the Ukrainian government, USAID, EBRD and the American Chamber of Commerce in Ukraine.
- Advised the European Bank for Reconstruction and Development on its $75m investment in the $825m sustainability-linked bond issued by Ukrenergo.
- Advising AirProducts on its contemplated establishment of a joint venture with ArcelorMittal in Ukraine.
Dentons
Practice head(s):
Natalia Selyakova
Other key lawyers:
Artem Lukyanov; Nadiya Shylienkova
Key clients
European Federation of Energy Traders
OeEB
National Bank of Ukraine
Piraeus Bank
Sigra Group AS
DAI Global
The Black Sea Trade and Development Bank
IFU
IFC
EBRD
Work highlights
- Assisted the Black Sea Trade and Development Bank with an SME term loan to West Finance and Credit Bank.
- Advised Piraeus Bank on the sale of a $62.5m loan, originally granted to Dutch developer GOOIOORD.
- Advised DAI Global on the second phase of a delivery-versus-payment study.
EQUITY Law Firm
Practice head(s):
Andriy Nikitin; Serhiy Chuyev; Oleg Malinevskiy
Key clients
Azovmash, group of companies
PJSC UkrIncom/UkrInBank
Corporate non-governmental pension fund of National Bank of Ukraine
BELMONT INDUSTRIES INC.
United cardboard company of Ukraine
Laran – 07 (Ukraine. Global Fish)
KAIZEN Holding OU
Expert Invest LLC
Nadra Bank PJSC
Work highlights
- Advised UkrIncom/UkrInBank on a $230m debt restructuring and debt collection.
- Represented Belmont Industries in the bankruptcy case of Okean.
- Advised the Azovmash Group on a $2bn debt restructuring.
Eterna Law
Practice head(s):
Nikolas Likhachov
Testimonials
‘Exceptional level of collaboration and attention to the details.’
‘The team is responsive, pragmatic and solution-driven.’
Key clients
Cité Gestion SA
Sartus Capital (Genève) SA
Ibox bank
Bank SYZ
Work highlights
- Advised Cité Gestion on due diligence and compliance research relating to high-net-worth-individuals, beneficiaries of international and domestic businesses originating from Ukraine.
- Advised Sartus Capital (Genève) on due diligence and compliance research relating to a high-net-worth professional football player.
EVERLEGAL
Practice head(s):
Vsevolod Volkov; Andriy Olenyuk
Key clients
UDP Renewables
UkrSibbank
OTP Bank
Work highlights
- Advised OTP Bank on a potential regulatory investigation.
GOLAW
Practice head(s):
Valentyn Gvozdiy; Sergiy Oberkovych
Testimonials
‘Partner-led legal advice, even for small transactions.’
Key clients
Export Guarantee and Insurance Corporation
Erste Abwicklungsanstalt
UniCredit Bank Czech Republic and Slovakia
Work highlights
- Advised Export Guarantee and Insurance Corporation, Erste Abwicklungsanstalt and Euler Hermes on the second stage of Eurocar and RIC’s debt restructuring.
- Represented UniCredit Bank and EGAP in the bankruptcy proceedings of borrower Creative and guarantor Creative Group.
- Assisted EGAP with the sale of a grain storage complex which was foreclosed by EGAP as a result of debt restructuring.
Hillmont Partners LLC
Practice head(s):
Valentyn Zasukha; James Hart
Other key lawyers:
Andrii Chornous
Testimonials
‘Well-organised team with high professional capabilities.’
‘The ability to interact with others – communication skills, sociability, creative thinking.’
‘Hillmont is very responsive as a team, always on top of the issues and managing the process well. Their quality of service is reliable and of the highest practical value for clients. I would particularly commend their client-friendly and accessible approach.’
‘James Hart is well placed to advise on complex finance-related and restructuring matters. He has strong expertise in cross-border work across several jurisdictions. He is very detail-oriented. He is a go-to partner for many Ukraine-related matters and beyond. We like the style and speed with which he works on client matters – he leaves no stone unturned. He is strongly supported by his counsel Andrii Chornous. Andrii is client-focused and provides recommendations and solutions, which are very much appreciated.’
‘The team has a very flexible approach. Every lawyer who worked on our requests was deeply involved in the problem and showed a high class of professional knowledge.’
‘James Hart is an experienced and skilful lawyer with a good personal approach, deep knowledge of legislation and polite in his speech.’
‘The team has huge amounts of experience dealing with banks and financial institutions.’
‘James Hart has massive experience and profile in the sector. He commands respect and can draw upon a rare level of commercial expertise not often seen in the legal world.’
Key clients
F.G. Financing (Foxtrot Group)
Argentem Creek Partners LP
Helios Finance
Work highlights
- Represented F.G. Financing/Nonolet in proceedings relating to the recovery of over $100m in debt obligations across multiple jurisdictions.
Ilyashev & Partners
Practice head(s):
Mikhail Ilyashev
Other key lawyers:
Roman Marchenko
Testimonials
‘We have always found the firm to be thoroughly professional. Its strengths are derived from decades of legal experience and the traditional values instilled by its founders – uncompromising professionalism and ethics.’
‘The department distinguishes itself thanks to its partner-led service and long-standing relationship with some of the most prominent law firms around the globe. It excels at getting deals done efficiently, even in difficult circumstances.’
‘The firm’s attorneys are carefully selected, have broad experience and are well known for their ability to serve in vastly complex transactions. Co-operation with the firm ensures gaining a reliable partner in legal matters and the stability of the timely delivery of quality services at reasonable budgets.’
Key clients
Altares Capital
Arctic Securities
Munich Reinsurance Company
Development Bank of Kazakhstan
BTA Bank (both Kazakhstan and Ukraine)
PZU Ukraine
Deutsche Gesellschaft für InternationaleZusammenarbeit GmbH
CLEARING HOUSE BANK
Work highlights
- Advised Deutsche Bank on a debt repayment of more than $200m.
- Advised the Committee of Creditors of Oschadbank on the restructuring of the bank’s $500m loan.
- Advised on issues relating to PrivatBank’s Eurobonds issue of more than $200m due to its nationalisation.
Integrites
Practice head(s):
Igor Krasovskiy
Other key lawyers:
Oleh Zahnitko; Olena Savchuk
Key clients
JSC Naftogaz of Ukraine
Emergy AS (formerly – NBT AS)
European Commission
Scatec
Simmons & Simmons Solutions Limited
Wärtsilä
Ministry of Energy of Ukraine
KOLO charity fund
Euronet Ukraine
Work highlights
- Advised Naftogaz on €1.5bn worth of financing obtained from Oschadbank.
- Advised Naftogaz on an up to €300m loan arranged by the EBRD for the client to finance gas purchases and compensate for the loss of natural gas production.
- Advised EMERGY on all aspects of the financing for the first 42MW, second 300MW, and third 450MW stages of the 792,5MW Zophia wind farm in southern Ukraine.
Jeantet
Practice head(s):
Karl Hepp de Sevelinges; Bertrand Barrier
Key clients
EIB
EIF
Ateliers de France
Credit Agricole
Stereau
Ocea
Idemia
Imerys
Tryba Energy/ Ekotechnik Shyroke
AmSpec
Motivagri
Verallia
Kinstellar
Practice head(s):
Oleksandr Kurdydyk
Other key lawyers:
Dmytro Pshenychniuk; Anna Kalinichenko
Testimonials
‘Kinstellar has practitioners with great expertise in derivatives trading with Ukrainian counterparties.’
‘Dmytro Pshenychniuk has competence in this legal field, is very friendly, and his response times are very short. That made working with him a great experience.’
Key clients
NEQSOL
U.S. International Development Finance Corporation
Raiffeisen Bank International AG
EBRD
Cyprus Popular Bank
PJSC Citibank
Payoneer
Kyivstar
Deutsche Investitions- und Entwicklungsgesellschaft mbH
Vesco Private Joint Stock Company
World Bank
Mariott
Piraeus Bank
Work highlights
- Advised Vodafone Ukraine on the buy-back and cancellation of $500m 6.20% loan participation notes listed on Euronext Dublin.
- Advised GIZ, BMU and EEF on a grant reimbursement agreement implementing multistage grant reimbursement mechanics.
- Assisted EBRD with a senior secured revolving credit facility of up to €10m for ERU Trading.
KPD Consulting Law Firm
Practice head(s):
Vladyslav Kysil
Testimonials
‘The team provides legal support to its clients during this difficult period and is efficient advising on both straightforward business issues and current changes.’
‘I value their ability to react to rapid changes in legislation driven by the specifics of the current time.’
Key clients
Diebold Nixdorf
Master Avia
EMRF Fund
Werner Wirth GMBH
Kiev Real Estate Recovery Fund
Sberbank of Russia
ING Bank Ukraine
Ukrsibbank (BNP Paribas)
UniCredit Bank AG
DCH
Metropolia
Porsche Leasing
Piraeus Bank ICB
Work highlights
- Advised Diebold Nixdorf on regulatory matters pertaining to payment services and regulations of payment infrastructure services operators.
- Advised Sberbank on the prolongation of its $40m loan to Mater Avia and the rollover of the facility for the reconstruction of Kyiv Airport runway strip.
- Advised UniCredit Bank on the review and rollover of a $60m loan facility to a commodities trader.
KPMG Law in Ukraine
Practice head(s):
Sergey Popov; Yuriy Katser
Key clients
Promtekhservis LLC
Suol Innovations Ltd
Good Governance Fund
Xian Electric Engineering Co., Ltd
JCB International Co., Ltd.
APS Romania S.R.L.
Work highlights
- Assisted Good Governance Fund with the development and implementation of a green bond financing regulatory framework in Ukraine.
- Assisted JCB International with the registration of an international payment system in Ukraine.
- Advised APS Romania on a legal structure for investing in the Ukrainian NPL market.
LCF Law Group
Practice head(s):
Artem Stoyanov; Olena Volianska; Iryna Kobets
Other key lawyers:
Denys Sperov
Testimonials
‘LCF always dedicate a lot of effort and time to investigating related political and market conditions, understanding the nature of the client’s business, investigating the economic environment, and finding the best strategy based on this knowledge.’
‘The team demonstrates their excellency. They are very smart, rapid, efficient and in-depth lawyers. They are always responsive and business-oriented. They always pay precise attention to details, know all the nuances of the legislation perfectly, and are very strong in court too.’
‘The whole LCF team consists of strong and multi-skilled professionals. I mainly co-operate with Artem Stoyanov and Olena Volianska – they have a long and successful track record. They have very deep expertise in their respective fields of practice, excellent managerial and litigation skills and are very strong strategists. They’re committed to the client and fully understand the specifics of their business.’
Key clients
VR Global Partners
Bunge Ukraine
First Ukrainian International Bank
Ministry of Justice of Ukraine
AVK Group
Allianz Ukraine
EasyPay
LLC “Deloitte & Touche Ukrainian Services Company”
Practice head(s):
Dmytro Pavlenko
Key clients
Porsche Leasing LLC/Porsche Mobility LLC
PJSC “CENTRAVIS PRODUCTION UKRAINE”
OPEN MIND FUND
Work highlights
- Advised Porsche Leasing/Porsche Mobility on amending internal AML documentation and bringing it in compliance with new legislation.
- Advising Centravis Production Ukraine on currency supervision matters with Ukrainian banks.
- Assisted charitable foundation Open Mind Fund with the resumption of its fund activity, which had been dormant from 2013.
Pavlenko Legal Group
Practice head(s):
Grygoriy Pavlenko
Key clients
К Invest LLC
LLC« Asset Management Company and Pension Funds Administration «Niko Finance»
LLC “Financial company “Investohills Vesta”
OTP Bank JSC
LLC “Financial Company” Central Capital”
Gastranzit JSC
FC Cantiero LLC
AXA Lantmannen
LLC “Financial Company “Sokur”
Work highlights
- Representing Investohills Vesta in more than 10 related bankruptcy proceedings with a value of $21m.
PwC Legal
Practice head(s):
Vadym Romaniuk
Other key lawyers:
Olga Butnik
Testimonials
‘We note the team’s interest in innovation in providing services.’
‘The distinguishing feature is a deep understanding of the financial market regulator’s requirements and the provision of audit services which fully cover these requirements.’
‘Speed, ease of communication, professionalism, understanding the essence of the problem and its analysis from all possible angles, and searching for the best solution are the key features.’
Redcliffe Partners
Practice head(s):
Olexiy Soshenko
Other key lawyers:
Andriy Nikiforov; Evgeniy Vazhynskiy
Key clients
European Bank for Reconstruction and Development
JP Morgan
Citibank
Deutsche Bank
Credit Suisse
UBS
Credit Agricole CIB
FMO
EIB
Black Sea Trade and Development Bank
Nordic Investment Bank
DZ Bank
Work highlights
- Advised EBRD on several deals, including the €75m unfunded guarantee to Raiffeisen Bank Ukraine and establishment of financial risk-sharing frameworks.
- Represented Nordic Investment Bank in a $59m suretyship claim against Dniprovsky Iron and Steel Works before the Supreme Court of Ukraine.
- Advised a syndicate of banks on Ukrainian law matters related to the restructuring of up to €400m credit facilities provided to Origin Enterprises.
Sayenko Kharenko
Practice head(s):
Nazar Chernyavsky; Michael Kharenko; Anton Korobeynikov; Igor Lozenko
Testimonials
‘The Sayenko Kharenko team is unique, being a Ukraine-based team with tremendous experience in managing international transactions.’
‘Our primary contact at Sayenko Kharenko is Anton Korobeynikov. Very smart and professional lawyer.’
‘The team has a very professional and client-oriented approach.’
‘The team has a practical and innovative approach with high professionalism.’
‘Nazar Chernyavsky has extensive experience in handling the most complex financing projects. Definitely great client service and professionalism.’
‘In our work with Sayenko Kharenko, their team showed extreme legal creativity in complicated situations. Sayenko Kharenko has great knowledge and experience across all sectors of finance. This combination of knowledge, sophistication and creativity is difficult to find in the market.’
‘Primarily we work with Anton Korobeynikov. He is usually extremely determined to make our business goals work. Often he challenges straightforward restrictive approaches proposed by other lawyers in Ukraine.’
‘Usually, we work with Anton Korobeynikov – he knows all the practicalities and nuances we are usually facing. We are very comfortable with him managing our deals as an external Ukrainian counsel.’
Key clients
BNP Paribas
Citigroup
Deutsche Bank
Dragon Capital
European Bank for Reconstruction and Development
European Fund for Southeast Europe
French Development Agency
Goldman Sachs International
ING
International Finance Corporation
J.P. Morgan
National Securities and Stock Market Commission
Nordic Environment Finance Corporation
Renaissance Capital
Ukreximbank
UK Export Finance
USAID-financed project “Financial Sector Transformation”
Work highlights
- Advised BNP Paribas, Deutsche Bank, Goldman Sachs International and Ukreximbank on the debut $825m ESG bond issue by Ukrenergo.
- Advised BNP Paribas and Goldman Sachs International on a $500m Eurobond tap issue by Ukraine.
- Advised J.P. Morgan and Dragon Capital on a $300m Eurobond issue by Ukrainian Railways.
Vasil Kisil & Partners
Vasil Kisil & Partners
Practice head(s):
Alexander Borodkin Kyiv; Anna Sisetska
Key clients
Arcona Property Fund N.V.
NIRAS A/S
Tchibo GmbH
Hellenic Bank
European Bank for Reconstruction and Development
USAID Project Credit for Agricultural Producers
Fin.Do
Dubai Aerospace Enterprise
Energy Standard Group
Work highlights
- Advised the European Bank for Reconstruction and Development on the validity and enforceability of a security package relating to a project finance loan to an energy generation company.
- Advised the World Council of Credit Unions on implementing a project concerning available options to structure US government financial support to Ukrainian agricultural producers.
- Advised Arcona Property Fund, the Euronext Amsterdam and Prague Stock Exchange on fund increase transactions.
Wolf Theiss
Practice head(s):
Oksana Volynets
Key clients
Optimum Solar Kft
Ukrmilk
AmTrust International
VakifBank International AG
Vienna Insurance Group
Urbanleap Inc.
Uniqa Real Estate
Metro International AG
Work highlights
- Advising Ukrmilkinvest on various Ukrainian law issues in relation to cross-border and local financings.
- Advised a US-based insurer and reinsurer on an insurance coverage program related to an extended warranty product in respect of electronic devices.
- Advised Vienna Insurance Group on the potential acquisition of a major Ukrainian life-insurer.