Banking, finance and capital markets in Belarus

Arzinger & Partners

Lawyers at Arzinger & Partners ‘combine a very high degree of professionalism and market knowledge with outstanding individual skills and client focus’. Sergey Mashonsky heads the practice alongside Juri Slepitch and his ‘experience' is valued in 'solving complex situations’. He recently acted for Svetlogorsk Pulp and Board Plant on the financing of an investment project for the construction of a new bleached sulphate pulp plant in Belarus. The team is praised as 'a great partner for foreign clients’ and acts for both domestic and international entities, including MasterCard, Belarusbank and Triniti Invest. Senior associate Maksim Slepitch is 'a highly motivated, skilled and brilliant lawyer’, who is ‘able to carry out complicated and complex projects’.

Egorov Puginsky Afanasiev & Partners

The team at Egorov Puginsky Afanasiev & Partners is ‘very good at finance transactions’, providing 'a professional, very swift’ and overall ‘outstanding service’. The group recently received an instruction from Citigroup Global Markets and Raiffeisen Bank International concerning the Republic of Belarus' issuance of $2bn of sovereign eurobonds. The European Bank for Reconstruction and Development is also a client and sought the team’s advice on a €24m senior secured loan provided to OMA LLC. Practice head Dennis Turovets is ‘always responsive and provides sensible solutions to difficult challenges’ while associate Anastasia Yarokhovich is ‘great to work with’.

VMP Vlasova Mikhel & Partners

Tatiana Emelianova heads the practice at VMP Vlasova Mikhel & Partners and delivers ‘timely, adequate and succinct’ advice. Her team acts on bilateral and syndicated loans, trade finance and project finance arrangements and also advises on regulatory matters. Among its recent workload, it acted for JP Morgan, Sberbank CIB and Renaissance Capital on a eurobond placement by a Belarusian corporate issuer and advised the European Bank for Reconstruction and Development on a $10m loan provided to Minsk Transit Bank. Emelianova and associate Marina Khomich are praised for their ‘quick turn-around time and availability around the clock’.

Borovtsov & Salei

Borovtsov & Salei combines ‘experience in local legislation’ with an awareness of ‘international business practices'. The team advises banks, multinational corporations and financial institutions on the full range of financial transactions. Illia Salei, who is praised for his ‘business-focused approach’, recently assisted Food Union Management with a senior facilities agreement under Loan Market Association terms through which the client successfully refinanced its current loan portfolio. Alexander Botian heads the practice and is an expert in loans and project finance.

SBH Law Office

SBH Law Office is well-regarded for fundraising and equity financing, the incorporation and corporate restructuring of banks and other financial institutions, project finance and security issuance. Anastasiya Malakhova heads the practice together with Alexander Bondar and is currently advising the European Bank for Reconstruction and Development on financing provided for the construction of the Cherikov photovoltaic station. Elsewhere, Bonar assisted Belorusneft with financing its activities for the extraction of natural gas in Ukraine.


Sorainen's team is praised for its ‘expertise in the financial and banking area’. It recently advised Eurotorg, a Belarusian food retailer, on a $350m bond issue for a five-year term and also acted for International Finance Corporation on the sale of its 4.99% shares in Belarusky Narodny Bank. The practice is headed by Kiryl Apanasevich and also acts for Bloomberg, Citibank, EBRD and Raiffeisen Bank.

Verkhovodko & Partners LLC

Verkhovodko & Partners LLC is home to 'a compact but dynamic team of experts’, who are noted for their ‘creative and very professional approach’. Nina Knyazeva is experienced in business-structuring, loan granting and securing obligations. She recently acted for Brazil-based Banco Nacional de Desenvolvimento Economico e Social on a loan facility provided to a local borrower, the Development Bank of the Republic of Belarus; senior associate Irina Veremeichuk assisted on the matter. Dmitry Bokhan has 'a wealth of experience’ and is ‘a specialist in handling large investment projects’. He heads the practice with Knyazeva.

Aleinikov & Partners

At Aleinikov & Partners, practice head Dmitry Matveev recently acted for Russia-based PAO PromSvyazBank on the question of the validity and enforceability of loan repayment obligations contained within a financing export contract. In another highlight, Denis Aleinikov was instructed by The National Bank of Belarus to advise on convertible debt financing schemes and a range of issues related to the functioning of international payment systems.


Cobalt is active in the banking, finance and capital markets space. Managing partner Darya Zhuk is the key name.


At REVERA, the ‘service is very professional and the communication flow is excellent’. The team, which is headed by Dmitry Arkhipenko, advised the Croatian Bank for Reconstruction on financing provided to a Belarusian legal entity, which was secured by only one collateral; the financing concerned an LTE network construction project in Belarus. Other notable clients include Zubr Capital and Alnavago.

Stepanovski, Papakul and partners

Sviatlana Valuyeva and Dmitry Kovalchik are the lawyers to note at Stepanovski, Papakul and partners. Strengths for the practice include due diligence reviews and advising on access to foreign financial loan markets.