Banking, finance and capital markets in Ukraine


Aequo is 'experienced and provides high-level advice with good knowhow and market experience, and extremely fast responses'. Practice head Yulia Kyrpa and of counsel Denys Kulgavyi, who rejoined the firm after a secondment with a large agricultural company, are highly recommended for their experience advising international financial institutions. The team has also been strengthened by the arrival of associates Olesia Mashtaler and Anna Potapova, from the National Bank of Ukraine and Arzinger, respectively, to handle its growing workload, which includes high-value matters such as large bond issues and cross-border loans. It also excels in regulatory matters. Of counsel Maria Tsabal joined from Avellum in 2020.

Practice head(s):

Yulia Kyrpa


Yulia Kyrpa and Bohdan Dmukhovskyy understand the industry and always try to apply a practical approach.

Maria Tsabal delivers promptly and effectively and is a pleasure to deal with and enables us to deliver a seamless service to clients.

Key clients

European Commission


European Bank for Reconstruction and Development



Fitch Ratings

Dragon Capital

Hungary Central Bank

Agroprosperis Bank


Naftogaz of Ukraine



China Development Bank

Raiffeisen Bank International

Work highlights

  • Advising the European Commission as a lender on Ukrainian and international law related to providing macro-economic assistance to Ukraine.
  • Acted as Ukrainian counsel to Naftogaz of Ukraine on its landmark €1bn eurobonds issue.
  • Advising TMM, one of the major construction companies in Ukraine, on a first-of-its-kind restructuring under the new law on financial restructuring.


Asters is known for the 'very consistent quality, responsiveness and good value' of its work for international and domestic banks and financial institutions, trading and finance companies, issuers and borrowers in financing and capital markets transactions. The National Bank of Ukraine, the EBRD and GE are among its many high-profile clients. Practice heads Armen Khachaturyan, Iryna Pokanay and Roman Stepanenko have expertise in cross-border financial deals and capital markets transactions. Senior associate Kateryna Oliynyk and counsel Gabriel Aslanian advise on areas including project finance, secured lending and restructuring projects.


Iryna Pokanay is excellent.’

‘Gabriel Aslanian is always very effective and on top of all the issues.’

‘The whole bench of associates is of good quality.

The team is highly competent and readily available to assist with queries. This is particularly important given that our case deals with matters in an unfamiliar jurisdiction.

Kateryna Oliynyk is very accessible and her legal opinion is to a high standard. Furthermore, her communication is clear and concise.

We appreciate Oleksiy Demyanenko and Oleksandr Khomenko for their high level of responsiveness, excellent knowledge of the local environment and extremely efficient provision of legal services. Furthermore, we would also like to mention their client-oriented approach.

Key clients



The National Bank of Ukraine

Credit Suisse International

China Machinery Engineering Corporation (CMEC)


GE Company

China Development Bank


Black Sea Trade and Development Bank

Emer Group Limited

Work highlights

  • Acted for the International Finance Corporation on its restructuring deal with the Mriya group.
  • Advised GE Transportation on the execution and performance of a $1bn framework agreement with Ukrainian Railways.
  • Advised Black Sea Trade and Development Bank on an additional $20m financing for Galnaftogaz.


Avellum is frequently involved in the largest capital markets, finance and debt restructuring transactions in the market. Senior partner and practice head Glib Bondar is known for his expertise in international financing and capital markets projects, and last year his team advised on capital markets deals with a combined value of more than $5.3bn, including a Ukrainian sovereign bond issue. It also handled direct lending for international financial institutions including the European Bank for Reconstruction and Development (EBRD). Associate Oleg Krainskyi is also noted. Counsel Maria Tsabal joined Aequo in 2020.

Practice head(s):

Glib Bondar


They are very responsive. Clearly they are very immersed in their sectors  – their knowledge about the energy market and how that bears on project financing is excellent. It is a firm I recommend to colleagues with confidence.

Glib Bondar delivers promptly and effectively and is a pleasure to deal with. The team enables us to deliver a seamless service to clients.

The well-organised banking team, well led by Glib Bondar, is able to combine an international approach with deep expertise and practical advice on Ukrainian law issues.’

‘Glib Bondar brings presence and gravitas. He is available to step in when required and can co-ordinate and deliver the more sophisticated work.

Oleg Krainskyi is responsive and organised.

We receive an excellent service from Avellum and they understand us and our clients. They interface particularly effectively with the Ministry of Finance and others in the public and state-owned sector in Ukraine.

Key clients

Ministry of Finance of Ukraine

White & Case LLP

Freshfields LLP

Latham & Watkins LLP

Linklaters LLP

European Bank for Reconstruction and Development (EBRD)

ING Bank N.V.

UniCredit S.p.A.

Deutsche Bank AG

Amsterdam Trade Bank N.V.

VTB Leasing

Coöperatieve Rabobank U.A.

MHP (Myronivsky Hliboproduct)

Citigroup Global Markets Limited

J.P. Morgan Securities plc

Slobozhanska Budivelna Keramika

Metinvest B,V.



Work highlights

  • Acted as Ukrainian counsel to the Ministry of Finance of Ukraine on its $2bn sovereign eurobond issue.
  • Acted as Ukrainian counsel to the noteholders’ committee of Mriya Agro Holding in a $1.1bn notes issue.
  • Acted as Ukrainian counsel to the Ministry of Finance of Ukraine on two syndicated euro-denominated facilities arranged by Deutsche Bank with a combined value of $1bn.

Baker McKenzie, Kyiv Office

Baker McKenzie, Kyiv Office's banking and finance group is headed by Serhiy Chorny, who is 'an unbeaten leader in banking', with expertise in debt capital markets, financial restructuring and corporate finance. The firm has 'proven experience and reputation' in finance transactions in sectors such as agriculture and renewable energy. It is also a leading adviser on financial service regulations and reform, payment services regulations and fintech. Counsel Hanna Shtepa is an expert in the effect of the sanctions regime on banking transactions, and senior associate Maksym Hlotov specialises in payments law.

Practice head(s):

Serhiy Chorny

Key clients

International Finance Corporation (IFC)

European Bank for Reconstruction and Development (EBRD)

BNP Paribas S.A.

Deposit Guarantee Fund


Credit Agricole

Bayerische Landesbank






ALAFCO Aviation Lease and Finance Company K.S.C.P.


Work highlights

  • Acted for Bayerische Landesbank on a €180m loan facility purporting to finance the construction of the second stage of the 200MW Primorsk wind power plant in the Zaporizhzha region of Ukraine.
  • Acting as Ukrainian counsel to Aragvi Finance International, a designated activity company organised and existing under the laws of the Republic of Ireland, in connection with an  issuance of up to $300m in notes.
  • Advising the IFC on the matters related to the debt restructuring of the Mriya group of companies.


CMS added senior expertise with the hire of Ihor Olekhov from Baker McKenzie, Kyiv Office to lead its banking and finance practice along with the 'professional and proactiveAnna Pogrebna, who has substantial expertise in international financing and debt restructuring projects. Olekhov focuses on finance projects and financial regulation. The team acts for both international and local clients, among which are ING Bank and the EBRD, and handles loans, restructuring, regulatory matters and capital markets transactions in sectors such as agriculture, infrastructure, real estate and energy. Counsel Kateryna Chechulina is recommended for cross-border financing deals.

Practice head(s):

Anna Pogrebna; Ihor Olekhov


Ihor Olekhov has good expertise in the banking industry in Ukraine.

‘We highly value their professional, proactive and fast approach to solving any issue which occurs. It is worth mentioning, that the team always takes into account the experience of previous negotiations – this helps to avoid the unnecessary repetition of discussions.

The team knows the company, which significantly helps the process. The team is always available for discussions over the phone – not a single phone call was left unanswered.

The key partner for me is Anna Pogrebna. She is a good example of the fact that it is all about the people you are working with, not the price. Anna’s professional and proactive approach towards transactions – irrespective of the transaction amount – and the firm’s transparent pricing and individual approach towards each matter helped CMS to win a number of deals with our company.

Key clients

ING Bank N.V.

Bank Gospodarstwa Krajowego

EuroCape New Energy Limited

ING Bank N.V.


Meyer Bergman

Work highlights

  • Advised ING Bank on an $80m financing for Nibulon.
  • Acted for Bank Gospodarstwa Krajowego on a €41.1m loan to a Ukrainian company for the purposes of financing the construction of the Retrovil shopping and entertainment centre.
  • Advised EuroCape New Energy on the $150m financing of a 500MW wind farm.


Dentons has 'the willingness and ability to work under high pressure' and it is a prominent force in sovereign finance, regulatory and sanctions advice, distressed debt trading, cross-border lending, trade finance, insolvency and debt recovery. Its recent work includes one of largest restructurings in the history of Ukraine. Natalia Selyakova's team acts for large domestic companies as borrowers, as well as leading global banks in complex and high-value cross-border matters. Selyakova is also developing a fintech practice. Counsel Nadiya Shylienkova and associate Artem Lukyanov have expertise in cross-border financing and debt restructuring.

Practice head(s):

Natalia Selyakova


The Dentons team is highly qualified in the financial sector.’

‘Natalia Selyakova has a strong ability to stay unprejudiced and objective, which is a must-have in transactions involving many participants.

Key clients

PJSC “Ukrainian Railway”

BCP Securities LLC

PowerChina Guizhou

Work highlights

  • Advised Ukrainian Railways on Ukrainian and English law in connection with the raising of an external financing through the issue of $500m in loan participation notes in the international capital markets.
  • Acted for the biggest creditor of a group of Ukrainian companies in insolvency proceedings and a complex debt restructuring.
  • Advised a syndicate of international banks jointly led by BNP Paribas and Deutsche Bank on the extension of and increase to a $400m pre-export secured revolving facility to Ferrexpo.

DLA Piper

DLA Piper has a strong finance, projects and restructuring practice that is heavily involved in advising both lenders and borrowers on the financing of high-value projects, notably in the energy sector. The majority of the work done by Oleksandr Kurdydyk's team is project finance, though it also has significant expertise in asset finance and leasing, bank lending, trade finance, debt capital markets, restructuring and insolvency, derivatives and securitisation. Among its clients are banks, private equity sponsors,  development finance institutions and corporate borrowers.

Practice head(s):

Oleksandr Kurdydyk

Key clients

Hutchison Westports Limited

Black Sea Trade and Development Bank


Cyprus Popular Bank

PJSC Citibank

UniCredit Bank



Pegasus Aviation

China Machinery Engineering Corporation (CMEC)


PwC Ukraine

Work highlights

  • Advising Hutchison Westports, a leading port operator, on its $300m expansion to Ukraine and the development of container terminal facilities at Chornomorsk Port on the Black Sea.
  • Advising the Overseas Private Investment Corporation (now the US International Development Finance Corporation) on the financing of the four-phase, 500MW Zaporizhzhia wind project in central Ukraine.

Redcliffe Partners

Redcliffe Partners is 'used to working on international transactions and is very responsive and business-oriented, providing a very high quality of legal advice'. Led by Olexiy Soshenko, who is noted for his advice to international banks and financial institutions, the firm is visible in many of the largest financing transactions in the market, ranging from complex restructurings of financial liabilities to project and infrastructure finance and loans for major lenders. The firm counts Natixis, Credit Suisse, UniCredit and the EBRD among its clients. Associate Evgeniy Vazhynskiy advises on areas including syndicated loans and project and renewables finance.

Practice head(s):

Olexiy Soshenko


Evgeniy Vazhynskiy is a great lawyer, very responsive, thorough and business oriented.  It’s been a great experience working with him.’

Overall, the firm is absolutely first-rate. I have done a lot of Ukrainian work including a restructuring of one of the biggest Ukrainian corporates and would not go anywhere else. They can be trusted to perform on the most high-profile of deals.

Olexiy Soshenko is a great lawyer who wins the complete trust of international clients. In one of the most challenging of European jurisdictions he speaks their language.

Associate Olesia Mykhailenko is absolutely superb.

Key clients



Investment Fund for Developing Countries (IFU)






ING Bank N.V.

Deutsche Bank AG



Credit Suisse



Citibank Europe Plc

Work highlights

  • Advised EBRD, Nefco, BSTDB, Proparco, Finnfund, IFU, FMO, Green for Growth Fund and JP Morgan Securities (as debt co-ordinator) on a €262m secured term loan to Ukrainian project company SyvashEnergoProm.
  • Advised Citibank on a $30m short-term trade facility extended to Myronivsky Hliboproduct, one of the largest agricultural producers in Ukraine.
  • Acted as Ukrainian counsel to Ferrexpo, a leading European producer of iron ore pellets, on a $400m four-year committed revolving pre-export finance facility.

Sayenko Kharenko

Sayenko Kharenko is a leading firm for capital markets work and is also a prominent player in other domestic and cross-border financing transactions, including debt restructurings and project finance. Its enviable client roster includes international financial institutions such as BNP Paribas, Deutsche Bank, the EBRD, JP Morgan Securities and Dragon Capital. Nazar Chernyavsky, who handles complex financing projects such as securitisations, and Michael Kharenko, who has expertise in structuring international investments, lead the 'exceptionally smart, knowledgeable and cleint-oriented team' with capital markets partner Anton Korobeynikov. New partner Igor Lozenko has experience in cross-border matters.


The team reacts so quickly and provides absolutely fantastic advice. It is a real pleasure to work with them. I wouldn’t go to anyone else.

Nazar Chernyavsky and Anton Korobeynikov are the best finance lawyers in the country – proactive, business-focused and affordable.

A great full-service team that couples technical expertise with commercial advice. Probably the best finance and restructuring team in Ukraine.

Anton Korobeynikov is incredibly creative and goes the extra mile to ensure the deal gets done.

Sayenko Kharenko is well known as Ukraine’s local transactional heavyweight. It acts for lenders, borrowers, underwriters and local issuers on the full range of banking and finance matters. The team works across a range of sectors.

Nazar Chernyavsky, Michael Kharenko, Anton Korobeynikov and Igor Lozenko see more transactions in the market than anyone else, so they are really great deal-doers.

When working with Sayenko Kharenko, we very much value their reliability and responsiveness. We also admire their high level of professionalism and profound expertise when it comes to dealing with the most sophisticated finance and capital markets matters. Their team always provides excellent advice in a timely manner for quite a reasonable price.

Igor Lozenko was responsible for the smooth internal and external communication of the team, ensuring that all of our requests were handled on time and high-quality project deliverables were submitted. Igor is very easy going and open-minded, which allows him to have a bigger and more complex vision on the case, thus minimising our risks.

Key clients

BNP Paribas


Deutsche Bank

Dragon Capital

European Bank for Reconstruction and Development (EBRD)

European Fund for Southeast Europe (EFSE)

Goldman Sachs International

J.P. Morgan Securities

Mriya Agro Holding

Nordic Environment Finance Corporation (Nefco)

Renaissance Capital

UBS Investment Bank

VR Global Partners L.P.

Work highlights

  • Advising Deutsche Bank on a World Bank-guaranteed €529m facility to Ukraine.
  • Advising Deutsche Bank on a €394.3m term facility extended to Ukraine under the World Bank guarantee.
  • Advising EBRD on a €116m secured loan to Kronospan UA.


Arzinger provides 'good quality advice for a good price'. Practice head Oleksander Plotnikov is noted for his strength in debt restructuring, which is a key pillar of the banking and finance practice. The team also handles general banking, trade finance, real estate finance, project finance - particularly for cross-border projects in the agricultural sector - capital markets and regulatory matters. Clients include leading international financial institutions, such as the EBRD and the European Investment Bank, and an increasing number of borrowers.

Practice head(s):

Oleksander Plotnikov


Oleksandr Plotnikov has an impeccable restructuring track record and Oksana Karel has strong litigation knowledge.’

Key clients



Raiffeisen Bank

CID Bank

Credit Suisse

Deutsche Bank


Landesbank Berlin

BNP Paribas


Work highlights

  • Advising the co-ordinating committee of banks – including Ukrsotsbank and Deutsche Bank – on the restructuring of Mriya Group’s debt.
  • Advising a syndicate of banks – including ING, Ukrsotsbank, Raiffeisen Bank and VTB Bank – on the restructuring of Donetsksteel’s debt under a syndicated loan facility.
  • Advising Raiffeisen Bank International on the provision of a loan facility covered by SACE.

Ilyashev & Partners

Ilyashev & Partners handles a broad range of banking and finance matters, including financial transactions and regulatory advice. It is highly visible in the insurance and online payment fields, as well as having one of the leading practices for insolvency and debt recovery. Mikhail Ilyashev leads the practice, which counts Alfa Bank, BTA Bank and ProCredit Bank among its clients. The team is 'particularly strong on the regulatory aspects of banking and finance, and it is very responsive and responsible'.

Practice head(s):

Mikhail Ilyashev


Ilyashev & Partners provides well-structured and comprehensive consultations in limited timeframes.’

The team of Ilyashev & Partners provides deep and detailed analysis of legal issues and legislation in the banking and finance area and the quality of its drafted documents is always at the highest level.

The firm provides highly experienced practitioners for large financial projects, capital markets transactions, and various fields of banking and financial law and other legal issues arising in the context of financial relations.

We are completely satisfied with co-operation that we have with Ilyashev & Partners. The lawyers possess extensive experience in complex deals, and they work professionally and conscientiously. All tasks are always performed at a high level and meet our requirements.

During the period of our co-operation, Ilyashev & Partners has proved to be a reliable and strong partner. We value them for solving the most difficult legal issues.

Practice head Mikhail Ilyashev has particular expertise in financing transactions and capital markets, and provides detailed and client-tailored advice.

Each of these specialists understands both the legal details and the commercial nuances of matters. All team members are very professional and creative lawyers, open-minded and client-oriented. It is important to note that the lawyers of Ilyashev and Partners are fully involved in the work and well-motivated – they really care about the client and about getting positive results.

They have a very professional team.

Roman Marchenko is one of the best professionals in Ukraine, and is the best troubleshooter I had dealings with.’

‘Yevgen Solovyov is very good.

Ilyashev & Partners provided deliverables quickly without sacrificing any work quality. We are very satisfied with how the team understood our perspective and acted in our best interest to ensure we maximised our profits.

We have always found the firm to be thoroughly professional. It is technically excellent and effective for international work – we feel like we have the best lawyers on our side. Their transactional lawyers are fluent in English. They come from various complementary backgrounds which gives the team a unique standing. They provide good drafting and timely and proactive communication. The firm is particularly strong in financial services.

We are very happy with the level of service provided. Key issues and questions are resolved efficiently. Advice rendered is always of high technical quality.’

I deal a lot with Mikhail Ilyashev and his team. I am very impressed with Mikhail’s commitment and professionalism. The team always come up with the solution to address those risks and concerns that we might have.

Mikhail Ilyashev is a highly reliable expert in terms of transactional skills. He has a deep insight and knowledge and I feel that I can trust him with any of my business needs. Mikhail is outstanding and professional, he is ready to answer any call and is always straight to the point and efficient.’

Yevgen Solovyov and Oleg Trokhimchuk work outstandingly together.’

‘This team is very talented, as well as extremely disciplined.

The firm has performed very well and has been of considerable assistance in dealing with recent challenges in our regulatory environment.

Ilyashev & Partners is diligent and knowledgeable, with lots of experience in the financial industry. The banking and finance team is extremely well prepared and delivers a timely and user-friendly service in all cases they handle. We’re happy to work with them.

Roman Marchenko is an excellent attorney and a big name in the legal landscape. Roman has a huge reputation as a top-class attorney and a highly skilled drafter and negotiator. His style is very practical; he is always to the point and gives short and concise answers.

Mikhail Ilyashev is always able to provide sound and perfect legal advice – even on matters untested by court rulings and academics. His advice is always constructive and commercial. I value his strategic and practical advice.

Key clients

Alfa Bank Ukraine

Credit Dnepr Bank

BTA Bank

Nordic Environment Finance Corporation

Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH

ProCredit Bank

PZU Ukraine

Misto Bank

Property for BTC OÜ

Cryptagio OÜ

CityLife LP

Work highlights

  • Acting for DH Invest in the recovery of $44.4m in debt under a loan agreement.


The practice at Integrites expanded last year with the recruitment of Igor Krasovskiy from Jeantet, though Vsevolod Volkov moved to EVERLEGAL. Krasovskiy, who has experience in complex project, acquisition and structured finance, leads the practice with corporate finance and compliance expert Oleh Zahnitko. The team's recent work includes several high-value project finance matters for sponsors of renewable energy developments. It also has expertise in synthetic lending, over-the-counter (OTC) derivatives, unfunded and funded risk participation schemes, high-risk mezzanine lending, and both asset-based and secured lending. Senior associate Olena Savchuk is also noted.

Practice head(s):

Oleh Zahnitko; Igor Krasovskiy


I have found Integrites to have a firm understanding of all the bankability issues and key investment matters associated with a large-scale project financing.

Igor Krasovskiy understands what we need in terms of style of advice and key issues, and he is both professional and highly competent. I would not hesitate to recommend Igor and his team for banking and finance work in Ukraine. His English is excellent and after many years working for international firms he has a unique understanding of key issues for lenders and always offers practical solutions.

They are attentive and they deliver on time.

The team has a high level of professionalism and a deep understanding of local laws and requirements, as well as demonstrating strong commitment by working under tight deadlines. The team stands out as being very responsive and flexible.

Oleh Zahnitko has profound knowledge and expertise, which allows him to provide sound guidance and recommendations in the best interests of the client, while maintaining goal-oriented attitude.

Olena Sachuk is a very diligent lawyer with a well-developed professional track record, including several complex and unconventional deal structures.

It has a practical approach to legal questions that is less focused on the text of the law and more on the actual application of it and market practices.

Accessible and able to explain legal concepts in laymen’s terms.

The team is probably the most knowledgeable renewable energy practice in Ukraine. Integrites has offered us a comprehensive set of skills and has become an essential interface between our company, our financing partners and the complex legal framework of Ukraine.

Igor Krasovskiy has been instrumental in interfacing between international financing partners and local banks or local authorities. This has been key in the success of our financing process and I think is helping this growing market to adapt more generally to the requirements of international financial institutions.

We have been helped as well by Olena Savchuk and Yuriy Korchev as senior associates and have appreciated their responsiveness and efficiency.

Key clients



Scatec Solar





Kazakhstan-Ziraat International Bank

Work highlights

  • Advising Finnish-headquartered company Wärtsilä on finance and security documentation for the €1-2bn construction of several generation and co-generation power plants.
  • Advising Norwegian developer NBT on all aspects of the financing for the first 42MW stage of the 750MW Zophia wind farm in southern Ukraine, which has an estimated total cost of €56m.
  • Advised NBT and French-headquartered Total Eren on all aspects of the €372m non-recourse financing for the development and construction of the 250MW Syvash wind farm in Ukraine.


Jeantet lost key partner Igor Krasovskiy to Integrites but bolstered the practice with the hire of associate Olga Babiy from Crédit Agricole, who has experience in securities, restructuring and corporate finance. Bertrand Barrier leads the team, which is active in project finance, notably in the renewable energy sector, and recently advised on the financing of five solar plants, eight biomass-fired plants and one large wind farm. The team also handles secured lending, structured and trade finance, bank-to-bank lending, synthetic local currency loans, derivatives and inter-company lending.

Practice head(s):

Bertrand Barrier

Key clients

Tryba Energy

European Investment Bank

International Finance Corporation

Smart Energies

Credit Agricole

BNY Mellon

Work highlights

  • Acting as Ukrainian counsel to EIB on all Ukrainian aspects of a $43.3 secured loan for Astarta Group to finance the improvement of storage capacity and sugar processing.
  • Acting as Ukrainian counsel to Tryba Energy, as one of the company’s owners, on the €5.6m loan provided by the EBRD to Ukrainian company Ekotechnik Shyroke to finance the construction and operation of a solar PV power plant.
  • Advising Smart Energies on Ukrainian law in connection with the structuring and financing of three solar plants with a capacity of up to 90MW to be constructed in Ukraine.


The practice at Kinstellar is 'very responsive and takes commercial needs into consideration, providing excellent support in structuring transactions and precise legal advice'. Counsel Andriy Nikiforov leads the team and frequently acts for banks including Goldman Sachs, as well as large corporates such as Naftogaz of Ukraine. The firm's work for lenders, borrowers and sponsors encompasses secured financing, sovereign debt, cash pooling, insolvency and regulatory matters. Experienced senior associste Ganna Kalinichenko joined from Arzinger.

Practice head(s):

Andriy Nikiforov


Andriy Nikiforov’s network and knowledge of processes are very helpful. He provides immediate updates on new laws and regulations, along with explanations of the significance for current transactions, which are highly appreciated.

The firm provides high-quality support in general and at short notice. It is very strong in finding solutions to our requirements, taking our commercial needs into consideration.

Key clients

Naftogaz of Ukraine

IFU (Investment Fund for Developing Countries)


DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH

Goldman Sachs International

Work highlights

  • Advising Naftogaz of Ukraine on a range of finance matters.
  • Advised FMS Wertmanagement AöR on vendor due diligence of loan and security documentation and the sale of claims under this security documentation.
  • Advised Deutsche Investitions- und Entwicklungsgesellschaft on Ukrainian law matters related to a $20m financing provided to Astarta, a major Ukrainian agricultural business.

KPD Consulting Law Firm

KPD Consulting Law Firm has 'good expertise in collateral law matters relating to pledges, mortgages and surety' and clients praise practice head Vladyslav Kysil, who is an expert in mortgage law, for his 'clear, practical and efficient advice'. The firm counts prominent banks and investment institutions including ING and UniCredit among its clients. It also has niche expertise in advising leasing companies and is recognised as a leading firm for collateral and restructuring matters, including complex cross-border transactions.

Practice head(s):

Vladyslav Kysil


Vladyslav Kysil is a well-known practitioner in the field of banking law and a recognised expert on collateral.

The firm possesses unique expertise in the financial leasing industry. They are also known across the market for the protection of lenders’ rights.

Vladyslav Kysil has a deep understanding of the financial market.

Key clients

Kiev Real Estate Recovery Fund

Piraeus Bank ICB

Sberbank of Russia

ING Bank Ukraine

Ukrsibbank (BNP Paribas)

PUMB (First Ukrainian International Bank)


Easy Credit Financial Institution

UniCredit Bank AG (Munich), Zurich Branch

Tornum AB

Dojus Agro


Porsche Leasing


Work highlights

  • Advised Sberbank on the roll-over of a loan facility with a total amount of over $50m.
  • Advising Sberbank on the subordination of $5m of borrowers’ debt to a foreign equipment supplier.
  • Advising Sberbank on a $40m construction loan.

LCF Law Group

Artem Stoyanov leads the practice at LCF Law Group, which is best known for its work on complex financial restructuring transactions. The team, which continues to rapidly expand its client base, now counts Prominvestbank and VR Global Partners among its clients. Its expertise encompasses advising financial institutions, their beneficial owners and investors on their lending activities, refinancings and restructurings, corporate governance matters, debt recovery, bankruptcy and disputes. Senior associate Denys Sperov specialises in debt recovery.

Practice head(s):

Artem Stoyanov


The team has the highest levels of qualification and deep expertise.’

LCF plays an important role in the development of law in Ukraine.

The LCF team is extremely competent and very experienced in any legal matter.

Anna Ogrenchuk, Artem Stoyanov and counsel Yulia Atamanova are professional litigators.

Anna Ogrenchuk is the strategic leader of LCF’s team. Artem Stoyanov spearheads the banking and finance practice and co-operates with a lot of banks which are in the top 25 banks of Ukraine. He has more than 15 years’ experience. Yulia Atamanova has a high level of expertise and deep understanding of the pharmaceutical sector.

Their comprehensive and cross-categorical knowledge in different market sectors and the team’s deep experience in banking and finance help them quickly find effective solutions.

They are highly recommended legal professionals. Anna Ogrenchuk and Denys Sperov are very high-level professionals in the sphere of dispute resolution and taxation, always eager to assist and produce the best results for the client.

Key clients

Allianz Ukraine

Kyiv Guma

Universal bank


Mriya Agro Holding

Fozzy Group

Bunge Ukraine


Ovostar Union

Golubitskii Sergey (individual)

Maksimov Sergey (individual)

Ukrsotsbank (ABH Holding)

TNT Express Worldwide

Ocean Nikolaev Shipyard


Eavex Capital


FC In-time finance

FC Kontraktovyy Dom



VR Global Partners

Work highlights

  • Assisted Mriya Agro Holding with the restructuring of its $800m debt.
  • Advised Kontractovy Dom (Easysoft) on due diligence for the implementation of non-banking payment systems under a Ministry of Finance pilot project and on the client’s successful inclusion in the pilot project.
  • Represented VR Global Partners in a series of disputes with Prominvestbank over a portfolio of loans.

Vasil Kisil & Partners

Vasil Kisil & Partners is best known for M&A transactions in the banking and financial services sector, banking litigation, debt restructuring, the sale and purchase of non-performing loans (NPL), and debt finance. Alexander Borodkin, who 'immediately understands what clients need and delivers it', leads the practice with Anna Sisetska. They act for Ukrainian and international companies, as well as advising private investors on cross-border transactions and anti-money laundering regulations. The team also has niche expertise in emerging areas such as cryptocurrencies.


We are happy with the services provided. All our queries are properly addressed in a timely way.

Key clients

European Bank for Reconstruction and Development (EBRD)

Dubai Aerospace Enterprise (DAE)

Piraeus Bank

Hellenic Bank

Energy Standard Group (Cyprus)

Niras A/S

Tchibo GmbH (Germany)

Work highlights

  • Advising Dubai Aerospace Enterprise in relation to its $34m re-financing with National Australia Bank.
  • Advising a consortium of Niras, Deutsche Welle and BBC Media Action on implementing the European Commission’s financial support to the Government of Ukraine.
  • Advising Tchibo’s Ukrainian subsidiary on debt-to-equity swaps in view of corporate, currency control and tax restrictions.

Wolf Theiss

Wolf Theiss' team is led by the experienced Oksana Volynets, who is well versed in high-value, cross-border finance transactions, as well as regulatory, currency control and security enforcement matters. The team's diverse workload includes large-scale sales of NPL portfolios, cross-border loans and financial monitoring compliance. Among its clients are large corporates such as Uber Technologies and Google, as well as financial institutions such as UniCredit Bank and the EBRD.

Practice head(s):

Oksana Volynets

Key clients


Münchener Rückversicherungs-Gesellschaft

Uber Technologies Inc.

China Electronics Technology Group Corporation

Rent24 GmbH

Schlatter Industries AG


Unicredit Bank S.p.A.

Work highlights

  • Assisting the EBRD with the sale of a $170m NPL portfolio.
  • Advising Munich Re, a major international insurance company, on the sale of its insurance subsidiary in Ukraine.
  • Advising rent24 on financial matters arising from the acquisition of and joint venture with a Ukrainian partner, Chasopys.

Andriy Kravets & Partners

Andriy Kravets & Partners handles private and sovereign borrowing and lending transactions, acquisition finance, asset and commodity finance, corporate finance, trade finance, pre-export finance, project finance, syndicated facilities, insolvency and debt restructuring. Practice heads Andriy Kravets and Vladyslav Lyaskovskiy not only act for major banks such as ING Bank and Société Générale, but also work closely with international law firms to provide local law advice on cross-border matters. Associate Daria Volkova is highly recommended.

Key clients

Herbert Smith Freehills Paris LLP

ING Bank

Société Générale

Work highlights

  • Assisted Herbert Smith Freehills Paris with a $180m syndicated loan for an acquisition.
  • Advised ING Bank on procedural issues relating to insolvency law in Ukraine.
  • Advised Société Générale on procedural issues relating to insolvency law in Ukraine.

EnGarde Attorneys at Law

EnGarde Attorneys at Law frequently advises international and Ukrainian financial institutions, government authorities, businesses and private individuals on M&A in the banking sector, corporate matters, leasing contracts, complex restructurings, bankruptcy and finance-related disputes. Litigators Irina Nazarova, Andriy Vyshnevsky and Dmytro Donenko lead the practice. Among their clients are major Ukrainian industrial-investment group Smart-Holding and Landesbank Baden-Württemberg.

Key clients

Pershe Faktoringove Byuro (First Factoring Bureau)

Landesbank Baden-Würtemberg (LBBW), AKA Ausfuhrkredit-Gesellschaft mbH

ICC Court of International Arbitration


Work highlights

  • Advised First Factoring Bureau LLC (Pershe Faktoringove Byuro) on bankruptcy proceedings against and bankruptcy-related strategy towards Shevchenko (Veres Group).
  • Advised First Factoring Bureau (Pershe Faktoringove Byuro) in bankruptcy proceedings against and bankruptcy-related strategy towards Rosagroprodukt (Veres Group).
  • Acted for Landesbank Baden-Württemberg and its partner bank AKA Ausfuhrkredit-Gesellschaft in a cross-border action to enforce an NPL issued to a Cyprus entity owned by the Ukrainian Ukrlandfarming Group.


EQUITY Law Firm has 'a reliable team that provides comprehensive advice to its clients and has an in-depth knowledge of local law'. The firm advises both debtors and creditors on debt collection matters and disputes. Andriy Nikitin heads the banking and finance practice, while Viktor Barsuk and Oleg Malinevsky handling contentious matters. Sergey Chuyev, who handles restructuring, bankruptcy, litigation and tax law, is the other key partner.


Equity’s team works very efficiently, always paying attention to detail and being solution-oriented. With their deep industry knowledge and a pragmatic approach they always focus on achieving the best result.

Key clients



AIS Corporation

National Bank of Ukraine

Arterium Corporation

Helen Marlen

LLC Industrial Construction


Prisma Beta

Porsche Finance Group Ukraine

United Cardboard Company of Ukraine

Nadra Bank

Work highlights

  • Advising the Azovmash group of companies on the restructuring of its debts to ten major creditor banks totalling more than $850m.
  • Advised Ukrinbank on the protection of its interests during liquidation proceedings.
  • Representing the interests of companies including pharmaceutical company Arterium Corporation in ten disputes concerning amendments to credit agreements with Finance and Credit Bank.

Eterna Law

Eterna Law boosted the capacity of its bankruptcy and debt restructuring practice with the hire of Denys Kytsenko from Dynasty Law Firm. He joins corporate partner Oleh Malskyy and litigator Oleh Beketov, who jointly lead the practice. The firm acts for a growing number of international and Ukrainian banks as creditors in debt collection, bankruptcy, restructuring and contentious matters. Alfa Bank is among its clients.

Practice head(s):

Oleh Malskyy; Oleh Beketov

Key clients

BTA Bank v Vanguard Capital Partners Limited et al

Alfa Bank


EVERLEGAL strengthened its practice with the hire of Vsevolod Volkov from Integrites to lead the team alongside Andriy Olenyuk. The firm handles complex financing transactions, both domestic and cross-border. It acts for banks and international financial institutions on the lender side, and for local and international businesses on the borrower side. Last year, it advised on several financing transactions in the renewable energy sector and UDP Renewables is among its clients.

Practice head(s):

Andriy Olenyuk; Vsevolod Volkov


EVERLEGAL has done a difficult job for us to analyse the situation and assess risks in several jurisdictions.

We had the pleasure of working with Vsevolod Volkov, an excellent specialist in the field of international corporate law.

Key clients

UDP Renewables

Work highlights

  • Advised UDP Renewables on the receipt by its project company Dymerska PVPP-1 of financing from UkrGasBank for the construction and development of a solar power plant in Dymerka.
  • Advised UDP Renewables on the receipt by its project company Scythia Solar-1 of financing from UkrGasBank for the construction and development of a solar power plant in the Zaporizhzhya region.
  • Advised UDP Renewables on the receipt by its project company Scythia Solar-2 of financing from State Savings Bank of Ukraine for the construction and development of a solar power plant in the Zaporizhzhya region.


GOLAW is known for 'its relevant experience in this field and sector, its high level of professionalism and engagement, and its creativity'. The firm has been increasingly active in bankruptcy matters and debt restructuring. The practice is led by Sergiy Oberkovych, who advises Ukrainian and international financial institutions that provide senior, subordinated, secured and unsecured loans; Max Lebedev, who handles bilateral and syndicated loans and real estate finance transactions; and debt restructuring specialist Iryna Kalnytska.


The firm has thorough knowledge of the Ukrainian and international banking, finance and capital markets. The GOLAW team has advised us on banking and finance matters with great success. The entire team is driven by delivering results to the client.

Sergiy Oberkovych has extensive experience in banking and finance, having worked for many years with banking and finance clients in different areas of expertise.

Iryna Kalnytska has extensive experience in representing the interests of financial institutions in debt restructuring, resumption of rights to collaterals, foreclosure and transfer of pledged property to the banks.

The firm shows commitment and professionalism.

Key clients

Export Guarantee and Insurance Corporation (EGAP)

Express Credit

ProCredit Bank


Expobank a.s.

Astana Finance

Work highlights

  • Advised the state insurance agency of the Czech Republic on a bankruptcy case with a total project value of $48m.
  • Advised leading Czech bank Expobank on the assignment of receivables to major Ukrainian glass factory Volnogorskoe Steklo with a total project value of $30m.
  • Advising leading Czech bank Expobank on a $25m debt restructuring under a loan provided to a major glass factory in Ukraine.


Gramatskiy&Partners advises on the financing of industrial borrowers and developers, including intra-group transactions, tax and regulatory matters. The practice assists domestic and international clients with currency restrictions, financial monitoring and anti-money laundering issues, international procedures for banking operations and regulatory compliance. Igor Reutov focuses on cross-border loan agreements, while Ernest Gramatskiy and Denys Boginich have expertise in international regulatory matters, project finance and inter-company loans.

Key clients


Eurotransgaz Corporation Kft

Fun Food Family

Global Universal Trading ltd


KSTT Services

Lavinia LLC

Playtech UA

Promtechresurs. LLC


SKS Group

Skywind UA

Stalvex OU

VPG Agro Plus LLC

YustService LLC

LLC «Coworking Platforma Leonardo»

LLC «Coworking Platforma Artzavod»

LLC «Coworking Platforma Podil»

LLC «Coworking Platforma Futura»


LLC «Platforma Holding (Cyprus) Limited»

LLC «City Capital Group Development»

LLC «Platforma Holding Ukraine»

Work highlights

  • Advised PTS UA Services on a $3.5m  loan agreement with Playtech Software.
  • Advised SBTech on a $900,000 loan agreement with Asia Sky.
  • Assisted Platforma Holding Ukraine with obtaining a $10m loan for the development of new locations from the EBRD.

Hillmont Partners LLC

At Hillmont Partners LLC, 'the high level of professionalism of the team provides the unique possibility of resolution in different cases'. The team has acted on a growing volume of financial due diligence projects and large NPL acquisitions. Key partner James Hart has a background in restructuring, turnarounds and distressed investments, while practice co-head Taras Tertychnyi is experienced in corporate and contentious matters.

Practice head(s):

Taras Tertychnyi; James Hart


Hillmont Partners has excellent capabilities in the analysis, recovery and restructuring of NPLs. Their litigation team and finance team work closely together and develop innovative recovery strategies.’

‘James Hart and Taras Tertychnyi stand out for their understanding of complex insolvency issues.

Key clients

Argentem Creek Partners

Trident Acquisitions

Alliance Bank

Lavrynovych & Partners Law Firm

Lavrynovych & Partners Law Firm advises foreign and local financial institutions and handles project financing and debt restructuring. The practice led by Dmytro Savchuk is known for its advice on banking law, compliance matters, capital raising, and the pursuit of outstanding debts. It also has extensive experience in capital markets transactions, particularly bond issuances by large Ukrainian companies.

Practice head(s):

Dmytro Savchuk

Key clients


Payment Planet

The Law Debenture

Demetra Investment

Marchenko Partners

Marchenko Partners greatly expanded its practice after hiring Roman Shulyar and his team from NOBLES in 2019. Shulyar and Artem Nagdalian lead the team, which is particularly strong in classical debt financing, including bilateral and syndicated credit facilities, as well as the complex restructuring of financial indebtedness and advice on currency control regulations. It is also active in innovative finance transactions including initial coin offerings and crowdinvesting.

Practice head(s):

Roman Shulyar; Artem Nagdalian


Roman Shulyar who shows outstanding responsiveness and profound knowledge. He is able to organise the team in an efficient manner to satisfy the client’s needs.

Key clients

Western NIS Enterprise Fund

Export-Import Bank of the United States

Amsterdam Trade Bank N.V.

Work highlights

  • Advised Western NIS Enterprise Fund on the financing of Urban Space 500.
  • Advised Western NIS Enterprise Fund on the financing of Veterano Brownie.
  • Advised Western NIS Enterprise Fund on the financing of DonTech Eks.

Quantum Attorneys

Quantum Attorneys has been increasingly active advising on finance, capital markets and regulatory matters in emerging areas such as fintech and blockchain. Oleksandr Vygovskyy has extensive experience in securities regulation, capital markets, currency exchange matters and corporate governance. Volodymyr Vorobiov specialises in financial and blockchain technology. The firm provides legal services to clients focused on financial services and innovation, especially fintech, blockchain and cryptocurrencies.


Quantum Attorneys’ team always performs any task swiftly and smoothly, regardless of scale and difficulty.

The firm deserves to be nominated as one of the best legal offices in Ukraine and even Eastern Europe.

Volodymyr Vorobiov and Maksym Andrianov stand out for their approach to details and their ability to predict clients’ needs, especially in the first stages of investment projects.

Key clients

Neuromation OU

MOSST Payments

OSA group of companies

Work highlights

  • Advised global AI solutions group Neuromation throughout its development, including fundraising.
  • Advised OSA Hybrid Platform, a global group developing applied AI solutions for the retail industry, throughout its fundraising.
  • Advised a global association for air transport on the introduction of a new payment option for Ukrainian travel agents purchasing air tickets for their clients from international air companies within the framework of Ukrainian legislation on payment systems and payment transfers.

SDM Partners LLC

SDM Partners LLC handles financing and refinancing transactions for both borrowers and lenders in a wide range of sectors, including healthcare, pharmaceuticals and life sciences, agriculture, energy and natural resources. The team is led by Dmytro Syrota, who handles debt restructuring, acquisition finance, project finance and trade finance, and real estate finance specialist Serhiy Dzis, who is 'very well organised and client oriented'.

Practice head(s):

Dmytro Syrota; Serhiy Dzis


‘The firm has a leading team, providing full-service capital markets advice with an established presence across all areas of financing. SDM Partners’ team is known for its efficient involvement and ability to quickly get to the point. The team has a very hands-on approach and is always available for support.

Dmytro Syrota is extremely hands-on, flexible, hardworking, and always provides a solution. He is articulate, thoughtful, resourceful and determined. He is very reassuring to have on a deal and unparalleled in his responsiveness and attention to detail. Dmytro is also known as a tough negotiator.


The practice at SPENSERS has a niche expertise in forensic investigations in the liquidation of Ukrainian banks, focusing on money laundering. Nickolas Likhachov and managing partner Valentyn Zagariya lead the practice. Among their clients are leading financial institutions in Ukraine and Poland, as well as large corporates based in Germany, Latvia and China.

Key clients

Deutsche Investitions-und Entwicklungsgesellschaft GmbH (DEG)

Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V. (FMO)

Work highlights

  • Advising DEG and FMO on the reassignment of an LCIA arbitration award enabling the restructuring and enforcement of $48.9m loans.