PPP and infrastructure projects in Russia

Freshfields Bruckhaus Deringer

Herbert Smith Freehills

Regional infrastructure partner Olga Revzina, who divides her time between the firm's Moscow and Paris offices, leads the 'very experienced, committed and flexible' team at Herbert Smith Freehills. Revzina is a 'market leader' in the infrastructure space, advising on some of the most significant PPP/concession projects across Europe, Russia and the CIS region, including assisting DSK Avtoban with the construction of the Moscow central ring road project and advising a consortium during the pre-bidding stage for the Sofia Airport concession project in Bulgaria. Counsel Roman Churakov and senior associate Grigory Smirnov advise private investors and public authorities on major projects in the transport, utilities and public services sectors.

Practice head(s):

Olga Revzina


‘Olga Revzina is a market leader in this area and has great experience. She is always ready to provide personal attention and advice.’

‘They are a top adviser in the Russian PPP market, particularly for complex projects. The team is very experienced, committed and flexible. A distinguishing feature is the breadth of their legal practice, which makes it possible to get advice on all legal issues, including sanctions, disputes and finance. The whole firm is excellently organised.’

‘This is an excellent team which has been involved in the majority of complex infrastructure and PPP projects in Russia and throughout the CIS. The team is led by the excellent Olga Revzina and has excellent depth. I have found them to be very commercial and responsive, with strong client relationships with both sponsors and lenders. I always get the sense that they are involved in many of the key deals and also have good relationships with local regulators which makes a difference for these projects.’

‘Olga Revzina is responsive and experienced, with strong client relationships. Others that I have dealt with and who also impressed me include Olga Davydava, who is working on some of the largest energy-related projects in Russia and the CIS. Associate Lola Shamirazayeva has also impressed me with her diligence and confidence – she is one to watch for the future.’

Key clients

Federal Road Agency (Rosavtodor)

VTB Capital

DSK Avtoban

RT-Invest Transport Systems


Sberbank of Russia

Work highlights

  • Advising DSK Avtoban on various matters in connection with the construction of section three of the Moscow central ring road (A-113), a four-lane toll road which will connect the M11 Moscow – St Petersburg highway with the M7 Volga highway.
  • Assisting RT-Invest Transport System with the negotiation of the private concession initiative for the implementation of automatic number plate recognition systems to identify vehicles and weigh-in-motion systems on the Russian federal public roads.
  • Advising a consortium of VTB Group, Limak Group and Institute Stroyproekt on the financial close of the concession project in the Republic of Bashkortostan for the construction and operation of the Eastern Exit project, a 15km road network in the city of Ufa.

Squire Patton Boggs

Alexander Dolgov leads the strong team at Squire Patton Boggs, which moved from Hogan Lovells (CIS) in 2018. The practice has 'an excellent and well-deserved reputation' in the Russian PPP market, underpinned by its involvement in landmark concession projects in the transportation, IT, utilities and healthcare sectors. Senior associate Konstantin Makarevich advises international and Russian banks, state authorities at various levels, sponsors, borrowers and operators, development finance institutions and other international financial institutions on the financial aspects of major PPP projects.

Practice head(s):

Alexander Dolgov


‘SPB’s PPP team perfectly understands the peculiarities of the Russian PPP market and concession framework in particular, and is very responsive and commercially minded. The team has an excellent and well-deserved reputation in the market. They quickly adapt to clients’ needs and project specifics and operate subject to very tough deadlines, always maintaining the high quality of their services.’

‘Alexander Dolgov manages the work streams very well and provides the quality control. He is very hands-on and client-oriented.’

‘Konstantin Makarevich has been instrumental on some of the largest projects.’

Key clients

State Company “Russian Highways” (Avtodor)

Investments Agency of Amur Region

Pizzarotti I.E. LLC

Sberbank Leasing JSC

RVC-Capital LLC (Rosvodokanal Group of Companies)


Work highlights

  • Advised Nevskaya Medicinskaya Infrastructura (Impresa Pizzarotti & C.) in connection with the construction of a medical rehabilitation centre in St. Petersburg.
  • Advising RVC-Capital, part of the Rosvodokanal Group, on the reconstruction and further operation of water supply and water disposal system facilities in Arkhangelsk.
  • Advising the Russian Highways State Company (Avtodor) on the operation and maintenance contract for the Central Ring Road, Moscow.


VEGAS LEX is highly recommended for its 'wealth of expertise' in the Russian PPP sector. Practice head Denis Shtirbu and senior associate Irina Dolgikh have an 'excellent reputation' for providing 'top-quality legal support' in relation to the financing, construction and implementation of the largest federal and regional PPP/concession infrastructure projects, such as the construction of the Northern Latitudinal Railway in the Russian Arctic region and the Lavna coal trans-shipment complex, the first seaport concession in Russia.

Practice head(s):

Denis Shtirbu


‘VEGAS LEX provides top-quality legal support for PPP projects. The results of their work demonstrate a high level of professionalism, full commitment and a focus on practical results.’

‘Recommended for their high quality of service, wealth of expertise in the PPP field and impressive attention to detail. With VEGAS LEX’s PPP team, we can always be sure that they will give reasonable advice in any situation, no matter how complicated or sensitive it is.’

‘Denis Shtirbu and Irina Dolgikh both have an excellent reputation, and broad expertise and practical knowledge of Russian PPP law. They promptly respond to our needs as a client. They are very open and honest in our discussion regarding PPP project related risks.’

Key clients

Dorogi Rossii

Russian Railways

State Transport Leasing Company (GTLK)

Lavna Commercial Seaport LLC

Northern Latitudinal Railway


Work highlights

  • Advising Russian Railways on a PPP project for the construction of the Eurasia high-speed rail shared passenger and freight corridor.
  • Advised Lavna Commercial Seaport in respect of financing the federal concession to construct Lavna coal terminal and other facilities at the Murmansk seaport.
  • Advising Russian Railways on the engineering, procurement and construction (EPC) contract for the Elegest-Kyzyl-Kuragino railway line PPP project, the first federal railway concession in Russia.

Bryan Cave Leighton Paisner (Russia) LLP

Bryan Cave Leighton Paisner (Russia) LLP's multi-disciplinary infrastructure team advises sponsors, lenders, developers and procuring authorities on all aspects of infrastructure development, with a core focus on corporate and tax structuring and investment in major projects in the transportation, energy and natural resources sectors. The team is jointly led by Vitaly Mozharowski, a specialist in the real estate, construction and transportation infrastructure fields, and banking partner Oleg Khokhlov. Khokhlov is particularly recommended for secured and unsecured lending transactions, restructuring, asset finance and venture capital deals.

Practice head(s):

Vitaly Mozharowski; Oleg Khokhlov

Key clients

Kopy Goldfields AB

New Concession Company


Russian Direct Investment Fund

Sheremetyevo International Airport, Moscow

Nord Stream AG

Work highlights

  • Advising the Russian Direct Investment Fund on an EPC contract for the construction of two toll railroad overpasses under a concession agreement with the Moscow region.
  • Advising New Concession Company on the development of a toll bypass of Kutuzovsky Prospekt in the centre of Moscow.
  • Advising Aero-Sheremetyevo in connection with the development of a brand-new air fuelling complex and a de-icing liquid storage and distribution facility.

Capital Legal Services

St Petersburg-based Pavel Karpunin heads the project finance and PPP practice at Capital Legal Services and is experienced in advising both private investors and public sector clients on complex M&A and project financing transactions in the transport infrastructure, healthcare, utilities, leisure and public services sectors. Senior associate Dmitry Raev is the head figure at the Moscow office, specialising in project finance, real estate and corporate matters related to major infrastructure development projects. Senior associate Julia Antipova is likewise recommended for project finance advice.

Practice head(s):

Pavel Karpunin


‘Professionalism, immediacy of responses, availability, ability to resolve complicated situations’

Key clients

Seventh Concession Company, LLC (PF VIS)

Arkhangelsk Transport Hub

Siberian Concession Company

Perm Concession Company

EKS Group of Companies

Northern Capital Tramways, LLC (Company Group VTB)

Pizzarotti I.E., LLC

Ecology-Novosibirsk, LLC

Work highlights

  • Advised Nevsky Medical Infrastructure on the construction and operation of a healthcare and rehabilitation centre in the Kurortny district of St. Petersburg.
  • Advising Pizzarotti I.E., the general contractor, as part of its agreement to construct a large amusement theme park on the grounds of the Exhibition of Achievements of National Economy in Moscow.
  • Advising an investor, Ecology-Novosibirsk, in the concession project to construct two waste sorting plants and waste disposal sites in the Novosibirsk region.


Dentons' full-service practice advises on all aspects of PPP projects, including specialised concession legislation, legislation on public-private and municipal public-private partnerships, and corporate, M&A and tax issues. The multi-disciplinary team is jointly led by Karina Chichkanova and counsel Vladimir Kilinkarov from the St Petersburg office. In the infrastructure space, key areas of expertise include the financing, construction, operation and management of infrastructure facilities and advising on tender procedures.

Practice head(s):

Karina Chichkanova

Key clients




Polyplastic Group

Northern Capital Gateway

Work highlights

  • Advised Sovcombank in connection with the bank’s participation in financing Rusatom’s concession project for the provision of central water supply and wastewater disposal system facilities for a municipality in the Sverdlovsk region.
  • Advising Matrix (Polyplastic Group) on a heat concession project in the Moscow region.
  • Advising the Polyplastic Group on two regional IT PPP projects: a project to create a governmental IT system for controlling infrastructure for heat supply, and a project to create a governmental IT system for managing public contracts for construction works.

Kachkin & Partners

Managing partner Denis Kachkin at Kachkin & Partners frequently advises federal and municipal governmental bodies, such as the Ministry of Economic Development, the Ministry of Transport and the government of St Petersburg, on nationally significant infrastructure PPP and PFI projects.

Practice head(s):

Denis Kachkin


‘The team has a solid understanding of PPP projects on both the legal and financial sides. We appreciate the team’s excellent communication skills, practical recommendations and fast work.’

‘Denis Kachkin possesses rich and broad experience in the PPP sphere and in addition shows tremendous negotiation skills.’

Key clients


Government of St Petersburg

Ministry of Economic Development of the Russian Federation

ATP-Saigon Center

State Museum Peterhof

Work highlights

  • Advising the Peterhof State Museum on various construction and project finance matters in connection with the construction of a training centre and an exhibition hall, as part of a public-private partnership.
  • Advising Gazprombank on a concession agreement to set up and operate a tram network within St Petersburg.
  • Assisting the working group of the Russian Ministry of Transport in relation to the drafting of key regulatory and legislative amendments to passenger traffic legislation and PPP and concession agreements.


The team at Linklaters is headed by counsel Julia Voskoboinikova, who advises sponsors and lenders on a wide range of transactions in the oil, gas, mining and infrastructure sectors. She is particularly recognised for her advice on all aspects of PPP/concession projects in Russia on both the federal and regional levels. Recent notable mandates include advising a consortium of major Russian and international financial institutions as lenders in respect of their involvement in the ongoing Western High-Speed Diameter project, the world's largest PPP project in the toll road construction sector.

Practice head(s):

Julia Voskoboinikova

Key clients

VTB Capital plc


European Bank for Reconstruction and Development

Eurasian Development Bank


Work highlights

  • Advising the lenders – VTB Capital, Gazprombank, Vnesheconombank, the European Bank for Reconstruction and Development, and the Eurasian Development Bank – in respect of their involvement in the Western High-Speed Diameter project, Russia’s first city-based toll road.
  • Advising Sberbank on the preparation of the standard concession for the implementation and financing of a waste treatment concession project.

LP Law Firm

LP Law Firm primarily focuses on advising private investors, public bodies and financial institutions in relation to project finance, due diligence and concession agreements for a variety of infrastructure projects, spanning the automotive, public transportation, utilities, healthcare and leisure sectors. Andrey Novakovskiy is the lead partner for all PPP infrastructure work.

Practice head(s):

Andrey Novakovski

Key clients

Vnukovo International Airport

Avtodor Invest

Regional Medical Service Company

Work highlights

  • Advised Vnukovo International Airport on the structuring of the concession agreement for the financing of an investment programme for the maintenance and development of airfield infrastructure.
  • Advised Regional Medical Service Company as a private partner on various matters in connection with its involvement in the construction of a specialist radiodiagnosis facility as part of a concession agreement in the Chelyabinsk region.

ALRUD Law Firm

ALRUD Law Firm focuses on corporate M&A in the projects and infrastructure space, bolstered by the group's expertise in drafting agreements and structuring joint developments and investments into natural resources development and construction projects. Corporate partner Andrey Zharskiy has extensive experience assisting foreign corporate clients with their investments, while Anton Dzhuplin specialises in corporate and acquisition finance.

Practice head(s):

Andrey Zharskiy

Key clients

Russian Direct Investment Fund

Block AS

China National Gold Corporation

Trafigura B.V./Puma Energy

Tata Power

Work highlights

  • Advised VTB Capital on its acquisition of the Novorossiysk Grain Terminal for approximately $550m.
  • Advised the Russian Direct Investment Fund on its involvement in the Moscow Central Ring Road project.  
  • Advised a foreign investor, the Indian conglomerate Tata Group, on various corporate matters in relation to the group’s investment into the development of a coal mining project in the Russian Far East.

Clifford Chance

Clifford Chance advises a mix of private investors, developers and international financial institutions as lenders on large-scale regional and federal PPP projects in the transportation, healthcare, mining and energy sectors. The practice assists in the drafting of concession/PPP agreements,  financial documentation and construction contracts, including EPC and design and build contracts. Managing partner Victoria Bortkevicha is the main figure in the practice.

Practice head(s):

Victoria Bortkevicha

Key clients

VTB Capital

Far East Development Fund


Egorov Puginsky Afanasiev & Partners

Egorov Puginsky Afanasiev & Partners provides full-service corporate and financial support in relation to national, regional and municipal infrastructure projects in the areas of transportation, waste utilities, leisure and public recreation, industrial facilities and healthcare centres. Core areas of expertise include advising on PPP procurement and bidding processes, risk analysis and due diligence, and the drafting of concession and project agreements and all related documentation. Real estate and construction partners Elena Gavrilina and Andrey Vorobyev are the key contacts in the practice.

Practice head(s):

Elena Gavrilina

EY Law

EY Law continues to make advances in the PPP, infrastructure and construction sectors following the recruitment of Ilya Skripnikov in 2018 as head of the practice. Skripnikov frequently works alongside tax partner Dmitry Babiner, with further support from the firm's corporate department, in the areas of project finance, corporate structuring, procurement and regulatory work.

Practice head(s):

Ilya Skripnikov 

Key clients

JSC Corporation for Development of Kamchatka Region

FC Zenit

DSK Avtoban JSC Russia

International Airport in Yamal Region


Work highlights

  • Advised the Development Corporation of Kamchatka in the drafting and preparation of a PPP project in the form of a concession agreement for the construction and operation of a regional hospital.
  • Advising a logistics company on the construction of the port terminal in the Nazimov Peninsula in the seaport of Vladivostok.

FBK Legal

The team at FBK Legal is led by Nadezhda Orlova, who specialises in tax structuring and the drafting of concessionary agreements and EPC contracts for the construction of oil and gas infrastructure. Alexander Ermolenko is also recommended for corporate transactions.

Practice head(s):

Nadezhda Orlova

Key clients

Gazprom and its subsidiaries

CRRC Corporation Limited (China Railway Rolling Stock Corporation)



Work highlights

  • Advising Nucmed Innovation on a private concessional initiative to construct a healthcare facility.  
  • Continuing to advise CRRC Corporation, a Chinese foreign investor, on various Russian PPP and corporate matters in connection with the development and construction of a railroad car factory in Russia.
  • Advising Cen Geo (Central Geological Company) on the construction of a terminal for the trans-shipment of natural gas liquid on the border of Mongolia and China.


Focusing on the development of infrastructure in the transportation sector, Infralex provides 'excellent value for money and quality legal support', with a 'wealth of expertise in PPP legislation, project structuring, investments and project management'. Dmitry Ivanov and Maxim Chernigovsky focus on project finance and investment into PPP projects.

Practice head(s):

Dmitry Ivanov; Maxim Chernigovsky


‘The Infralex team is highly professional. They have excellent experience in infrastructure PPP projects and provide excellent value for money and quality legal support.’

‘Infralex demonstrate a wealth of expertise in various PPP matters: legislation, project structuring, investments and project management’

‘Dmitry Ivanov is very experienced in digital PPP projects.’

‘Dmitry Ivanov and Maxim Chernigovsky are very experienced in the field of infrastructure projects and manage their team based on responsiveness and transparency.’

Key clients

The Russian Ministry of Transport


Russian Highways

Tzentralnaya PPK


Work highlights

  • Continuing to advise the Russian Ministry of Transport on various aspects of the Northern Latitudinal Railway PPP project, a 707km railway line in the Russian Arctic.
  • Assisting the Russian government with drafting a new federal law aimed at promoting competition in the railway service market and improving the quality of services and rolling stock.
  • Advising a client in its application to and negotiations with the Russian government to initiate the construction of a high-speed rail line under a private concession initiative.

Maxima Legal

Maxima Legal advises engineering companies, developers, regional governmental entities and municipal government authorities on various social and public infrastructure PPP and PFI projects. Natalia Diatlova is the key partner for all PPP matters, including corporate and tax structuring, due diligence, preparation of concession agreements, real estate and construction matters, and foreign investments.

Practice head(s):

Natalia Diatlova

Key clients

Kulturnaya Stolitca

Stroyproekt Engineering Group

The Government of the Tula Region

Work highlights

  • Advising Stroyproekt Engineering Group on its involvement in the largest PPP project in the Altai region of Siberia, the construction of a toll road and bypass through Barnaul with a bridge over the Ob river.
  • Advising the government of the Tula region on the terms of concession agreements for the construction of a toll road linking Tula and Novomoskovsk.

PwC Legal (PricewaterhouseCoopers Legal)

Vladimir Sokolov leads the team at PwC Legal (PricewaterhouseCoopers Legal), specialising in advising on all aspects of the development and operation of infrastructure facilities and the use of PPP mechanisms. He has extensive experience in advising public sector entities and corporate and private investors on the construction and operation of motorways, airports and ports, and heat supply facilities, and on the development of public healthcare, educational and recreational facilities under PPP concession schemes.

Practice head(s):

Vladimir Sokolov

Key clients

Mezhotraslevoy Innovacionniy Komplex


Tollway Company Group

Sakhalin Energy Investment Company


Work highlights

  • Advised Sakhalin Energy Investment Company on the construction and operation of an oil and gas industrial park on Sakhalin Island.
  • Advised Bashkirdorstroy on the construction and operation of the partial toll road in the Republic of Bashkortostan.

YUST Law Firm

The team at YUST Law Firm is led by Anna Kotova-Smolenskaya, who is highly recommended for her 'impressive expertise' in PPP schemes and advice on major federal and regional developments in the transportation, oil and gas, and public infrastructure areas. Her practice spans corporate and financial transactions, project financing and construction.

Practice head(s):

Anna Kotova-Smolenskaya


Anna Kotova-Smolenskaya effectively heads one of the strongest PPP teams in Russia. Anna knows the legislation beyond PPP and corporate law. She has truly impressive expertise in complex PPP projects and is able to foresee non-obvious, but potentially serious risks. When it seems that the situation is in a stalemate, Anna offers a completely unexpected solution that works very efficiently.

Key clients

CSKA Football Club

Feniks LLC


Fund for Infrastructure and Educational Programs (RUSNANO subsidiary)

Work highlights

  • Advised CSKA Football Club on various issues in connection with the construction of its home stadium.
  • Acted for Feniks as the developer of the new seaport terminal in Saint Petersburg in a real estate dispute with the state authorities.
  • Advising Israeli health clinic Hadassah Medical Center on its expansion into the Russian healthcare market and the development of a medical centre in the Moscow International Medical Cluster.