Capital markets in Russia

Baker & McKenzie - CIS, Limited

Baker & McKenzie - CIS, Limited’s ‘unique’ practice in Moscow contributes to firm’s global reputation in capital markets. The Russian office fields a substantial team with the ability to act on cross-border matters, which is enhanced by its close cooperation with the London-based group, where Roy Pearce is the key contact for CIS-related work. Clients and peers praise the team’s traditional strength in structured capital markets and securitisation work; Moscow-based department head Vladimir Dragunov is highly active in the securitisation space. Other key names include, Dmitry Dembich, who is the key practitioner for transactions involving derivative instruments; UK-qualified Simon Morgan and senior associate Sergey Samokhvalov.

Practice head(s):

Vladimir Dragunov


The team has a unique and, in my opinion, the most extensive experience in capital markets transactions, particularly in the area of securitisation and structured finance. The department’s strengths include flexibility, an ability to take even the non-standard wishes of the client into account, and wide-ranging expertise across multiple legal areas.

All team members are creative, clear and solution-oriented, but I would like to particularly note the skills of Vladimir Dragunov and senior associate Sergey Samokhvalov in this regard.

Key clients

Commercial Bank “Absolut Bank”


PJSC Asian-Pacific Bank

Home Credit & Finance Bank

Citigroup Global Markets

Vozrozhdenie Bank

Trans-Oil Group

Credit Bank of Moscow



Sberbank of Russia

PJSC Metallinvestbank

Otkritie FC Bank

Work highlights

  • Advised J.P. Morgan Securities as dealer on an update of Alfa-Bank’s $5bn EMTN programme.
  • Advised Trans-Oil Group and Aragvi Holding International on the debut issuance of $300m in notes.
  • Advised Transkapitalbank on the off-balance securitisation of its ₽6.8bn SME loans portfolio.

Egorov Puginsky Afanasiev & Partners

Headed up by ‘highly renowned expertDmitriy Glazounov, Egorov Puginsky Afanasiev & Partners is recognised in the market for its ability to handle the full range of complex capital markets transactions. Described as ‘Glazounov’s capable right hand’, recently promoted counsel Oleg Ushakov is experienced in handling projects involving the issuance of bonds and shares, IPOs and securitisation matters. Senior associate Vladimir Goglachev is also singled out.

Practice head(s):

Dmitriy Glazounov


A great team of professionals

I have only good impressions of the services which EPAM renders: the team is client-oriented; it has both international and domestic experience and access to the expertise of other competent departments, where needed; lawyers have a deep understanding of the trends and tendencies on the market and have a good relationship with the regulators.

Egorov Puginsky Afanasiev & Partners’ team members know their business and deserve high praise. They implement pioneering projects and represent clients in cross-border loan and security transactions, transactions involving bonds in both primary and secondary markets, securitization, and others.

Dmitry Glazounov deserves to be singled out as standout team manager and law expert. He is also a sagacious and sharp advocate. Dmitry’s team includes intelligent and hardworking lawyers such as Oleg Ushakov and Vladimir Goglachev, always available for any urgent issue that may appear, even if this extends beyond standard working hours.

Dmitry Glazounov and Oleg Ushakov are enthusiastic, helpful, supportive and precise.

Key clients



Work highlights

  • Acting for Alfa Bank on a multi-currency subordinated bond programme.
  • Advising BaikalInvestBank on securitisation issues.

Latham & Watkins LLP

Latham & Watkins LLP’s practice has ‘cutting-edge’ expertise in debt capital markets and is instructed by issuers and managers on high-profile debt offerings across the CIS and other emerging markets; the group is also singled out for its focus on liability management transactions. Dividing his time between London and Moscow, US-qualified securities specialist David Stewart leads the department and is recommended by clients for cross-border transactional work including ECM offerings. Managing partner Mikhail Turetsky is noted for his experience advising on transactions involving Eurobonds and other debt instruments. Counsel Yulia Dementieva is also singled out.

Practice head(s):

David Stewart


A key advantage is that Latham’s lawyers have legal skills and knowledge relevant to three jurisdictions — the UK, the US and Russia.

An outstanding department across all levels — in terms of expertise, responsiveness, the ability to staff projects at the optimal level, so there are never drops in service levels nor is there any sign of overmanning. The team is also able to manage bringing in lawyers from various locations seamlessly and efficiently.

David Stewart and Yulia Dementieva are our key go-to team on all capital markets transactions. This team always sounds pleased to hear from us and remains fully committed to our needs, even when its workload must be crushing.

Work highlights

  • Acted for the underwriters on the offering of $300m in notes by GeoProMining.
  • Advised HeadHunter Group on the $253m IPO of its American depositary shares.
  • Advising the underwriters on a $700m notes issuance by Evraz.

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP’s capital market team has ‘a market-leading reputation’ and stands out for its high volume of equity offering instructions. The department is jointly led by Dmitri Kovalenko, Alexey Kiyashko and London-based Pranav Trivedi and works closely with the firm's wider network; the group's strong cross-border experience allows it to assist high-profile clients with mandates in the US and Hong Kong markets.


Split between Moscow and London, the team is ready to deal with any task and challenging work and remains available at any time of the day. Our deal was particularly complex and peculiar, but the group was able to adjust and come up with well-considered compromise solutions, which were also well received by all parties.

The team has an extremely strong reputation in the market for handling the most challenging issues. We could not be happier with the services which they have provided us with over the years. Team members really took the time to get to know us and our concerns, which we greatly appreciated, and always seem to be ahead of the curve when it comes to difficult legal developments and finding the best solutions. It is this focus on each client that really made a difference.

Dmitri Kovalenko is a superstar lawyer, but he is still available 24/7, committed to his clients and fully involved in any project.

Pranav Trivedi and Alexey Kiyashko are professional, show great command of both Russian and English languages, and have extensive experience with IPOs.

Key clients

National Atomic Company Kazatomprom

GeoPro Mining


Cherkizovo Group

IBS IT Services

Telegram Group

JP Morgan and Credit Suisse


PJSC Detsky Mir

Work highlights

  • Advised National Atomic Company Kazatomprom as selling shareholder on its $449m IPO of global depositary receipts and shares.
  • Advised GeoProMining Group on its $300m debut Eurobond issuance.
  • Advised Cherkizovo Group on a proposed Rule 144A / Regulation S offering of its ordinary shares listed on the Moscow Exchange.

White & Case LLC

White & Case LLC’s ‘superb’ team stands out for complex capital market transactions, particularly relating to IPOs and the establishment of EMTN programmes; the team also excels in capital markets and securities regulations, where Dmitry Lapshin is a standout figure. Department head Darina Lozovsky divides time between Moscow and London, and regularly handles dual listings on the London Stock Exchange and the Moscow Exchange.

Practice head(s):

Darina Lozovsky


The team simply ticks all the boxes: it is always reliable and easy to reach, updates clients promptly, and adopts a constructive approach by focusing on solutions rather than problems.

The team consists of professionals with in-depth knowledge of the relevant regulatory frameworks and of the market practice.

Darina Lozovsky possesses all relevant knowledge and skills needed to give a quick and definite answer. Darina is also great at finding solutions in fast-changing situations.

Key clients


BCS Global Markets


Credit Bank of Moscow

Credit Suisse

En+ Group

Goldman Sachs

JP Morgan

Morgan Stanley

Renaissance Capital

Republic of Belarus

Republic of Uzbekistan

Sberbank CIB



Sonera Holding B.V.

VTB Capital

Work highlights

  • Assisted a group of leading financial institutions as underwriters with the $250m IPO of American depositary shares by HeadHunter.
  • Advised Magnitogorsk Iron and Steel Works as guarantor on the $500m notes offering by MMK International Capital DAC.
  • Advised a syndicate of banks on the $3bn IPO of JSC NAC Kazatomprom.

ALRUD Law Firm

At ALRUD Law Firm, Vassily Rudomino and Anton Dzhuplin jointly head up the capital markets practice, which handles domestic and cross-border mandates; the practice leverages its extensive international ‘best friends’ network on global matters. The team also has notable strength in advising domestic and international issuers, investment banks and other market participants on the Russian elements of securities offerings. Senior associate Ekaterina Rogacheva is also a key figure in the team.

Practice head(s):

Vassily Rudomino; Anton Dzhuplin


The team is quick in its response and provides high-quality services.’

Key clients

Russian Direct Investment Fund


Monnalisa S.p.A.

South Ural Mining and Processing Company

Kreditech Holding

Goldman Sachs

Work highlights

  • Advised Monnalisa on its IPO and listing on Borsa Italiana, Italy’s stock exchange.
  • Assisted the majority shareholder of a Russian TMT company with capital markets compliance advice relating to the purchase of an additional stake in the company, exceeding 30% of the total share capital.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton acts on cross-border capital markets transactions and stands out for its ability to utilise the expertise of its counterpart in London. Yulia Solomakhina and Murat Akuyev are the key contacts.

Clifford Chance

Clifford Chance has had a steady stream of mandates relating to Central and Eastern Europe sovereign bonds. The team also acts on equity and debt capital markets matters including EMTN programmes, Eurobonds and primary and secondary equity offerings and block trades. In addition, the group works with the firm's London office on liability management issues, where it assists a varied client base of issuers, managers and investors. Arthur Iliev heads up the practice and works closely with counsel Evgeny Soloviev.

Practice head(s):

Arthur Iliev

Key clients

Ministry of Finance of the Russian Federation

Domodedovo International Airport Group

Work highlights

  • Acting for the Ministry of Finance of the Russian Federation on its issuance of $2.5bn sovereign Eurobonds.
  • Advised the joint lead managers on the issuance of $600m Eurobonds by Belarus.

Freshfields Bruckhaus Deringer

Herbert Smith Freehills

Herbert Smith Freehills’ capital markets practice is recognised for its strong track record in handling complex transactions. Department leader Evgeny Zelensky has in-depth expertise in IPOs and secondary offerings. Senior associates Denis Morozov and Anna Vashutina are dual-qualified in Russia and the US.

Practice head(s):

Evgeny Zelensky

Key clients

Mitsui & Co.

Onexim Group


VTB Capital

Bank Otkritie Financial Corporation

Renaissance Capital


Bank of America Merrill Lynch

Alliance Oil Company

Meridan Management


Work highlights

  • Advised Mitsui & Co. on insider law and other capital markets issues arising in relation to the acquisition of RusAgro’s global depository receipts equivalent to 0.75% of the total RusAgro shares.
  • Advised a prominent US bank on its offering of foreign securities in Russia.
  • Advised a US bank on the rules concerning trading on the Moscow Exchange.


Linklaters handles a variety of complex transactions spanning debt, equity and hybrid mandates encompassing debt and equity work, structured finance matters, derivatives, privatisations and Eurobond issuances. Dmitry Dobatkin, Andrew Burge, Sasha Karachourina and Andrei Murygin are key contacts.

Debevoise & Plimpton LLP

The Moscow-based office of Debevoise & Plimpton LLP houses a team of Russian, US and English-qualified lawyers. Led by Alan Kartashkin and Natalia Drebezgina, the department handles capital markets transactions for large Russian blue-chip clients; it also assists with matters relating to buybacks and tender offers.


The team’s advantages are the following: 24/7 support, its holistic approach, and timely and professional advice.

Natalia Drebezgina is a go-to adviser for structuring and executing capital market deals in Russia.

Alan Kartashkin has deep market knowledge and is great in communicating with board members.

Key clients





Work highlights

  • Acted for the principal shareholder of PJSC Polyus on its $390m sale of ordinary shares in the form of shares and global depository receipts through an accelerated bookbuild.
  • Acted for the principal shareholder of NLMK on the placement of shares and global depositary receipts of Novolipetsk Steel through an accelerated bookbuild sale.
  • Advising MegaFon on a delisting of global depositary receipts representing its ordinary shares from the London Stock Exchange.


Dentons acts for a varied client portfolio encompassing issuers, underwriters and trustees. Headed up by the ‘highly qualified and very experiencedTamer Amara, the department handles a range of debt capital markets transactions including Eurobond issuances, private placements and EMTN programmes. The practice is also a key name in the market for liability management mandates. Senior associate Filipp Petyukov is singled out.

Practice head(s):

Tamer Amara


Tamer Amara is our key point of contact on all capital markets transactions. Tamer is fully dedicated to nurturing his client relationships, in addition to being one the most qualified lawyers around.

Senior associate Filipp Petyukov is very helpful.

Key clients

O1 Properties Finance

Domodedovo Airport Management Company

Renaissance Securities

LECAP Law Firm

Clients praise LECAP Law Firm’s expertise in securitisation and structured finance transactions, and the ‘highly competent and hardworking’ team is also well versed in handling matters relating to debt and equity capital markets, derivatives and liability management work. Department co-heads Roman BelenkovMichael Malinovskiy and Elizaveta Turbina are the key contacts.


Team members were always prepared to guide us and advise every time we contacted them. We would definitely turn to them again for any complex matters concerning securities.

The team has deep knowledge of structured products and the relevant practices in Russia and abroad.

Roman Belenkov knows the field of capital markets inside out. He shows care for the client in trying to complete a project and in offering various options to make it happen — this is what we truly valued.

Elisaveta Turbina shows focus and deep engagement in the issues of the client.

Key clients

JSC “Russian Railways”

PJSC “Mikron”

Locotech LLC

Eurotorg LLC (Belarus)

Far Eastern Shipping Corporation

Work highlights

  • Assisted JSC “Russian Railways” with the ₽80bn placement of additional common and preferred shares with the aim of funding the infrastructure projects of the Russian National Wealth Fund.
  • Advised “Mikron” PJSC on the placement of additional shares for the purpose of contributing to the fund of the state’s federal budget.
  • Acted for Online Micro Finance LLC on the registration and placement of its debut issuance of exchange-traded bonds.

LP Law Firm

LP Law Firm has a notable reputation in the Russian equity capital market and acts for leading investment banks, Russian companies and foreign issuers; the team also works with its ‘best friends’ network in India. Department co-head Andrey Novakovskiy has substantial experience assisting with raising capital and regulatory matters. In mid-2019, the practice expanded its transactional expertise with the appointment of department co-head Alexandra Fasakhova, who joined from Danilov & Partners.

Key clients


VTB Capital

Russian Highways (Avtodor)


Sberbank CIB

Work highlights

  • Acted for Gazprombank as arranger and lead manager on a ₽30bn sovereign bond issuance by the Republic of Belarus.
  • Advised VTB Capital on its ₽11bn mandatory offer for the purchase of shares of Novorossiysk Grain Plant.
  • Assisted Russian Highways State Company (Avtodor) with its ₽66.5bn bond programme for the financing a large infrastructure project.

Nektorov, Saveliev & Partners

Nektorov, Saveliev & Partners’ capital markets department has extensive experience in capital market transactions; recent standout highlights include the issuance and placement of equity shares on the Russian market. Name partner Alexander Nektorov and Ilia Rachkov jointly head up the practice. Dmitry Gladkov departed to the Transactional Advisory Group in early 2019.

Practice head(s):

Alexander Nektorov; Ilia Rachkov


The practice’s attention to detail is unique, and so is its commercially oriented approach and focus on the needs of the client.

Lawyers in this department have significant knowledge of the realities in the Russian market, which is very useful.

It is a pleasure working with Alexander Nektorov and his team, as everyone has knowledge and expertise allowing them to assist their clients with finding the most relatable solution.

Key clients


IBS Group


National Bank Trust

Swiss Global

Complex “Mosfilmovskiy”


Work highlights

  • Assisted Prodalliance with the reduction of the charter capital of JSC “Donskaya Agrarnaya Gruppa” by way of share issuances.
  • Acting for IBS Group on its IPO.
  • Advised Novaport on the increase of the charter capital of one of client’s subsidiaries by means of issuing shares by private subscription.