Banking, finance and capital markets in Ukraine


At Aequo, the team has ‘excellent knowledge of local law and practice in Ukraine financial markets, and are incredibly responsive and detailed'. The firm frequently handles first-of-their-kind finance transactions and works with leading international financial institutions, banks and borrowers. In a recent mandate, it assisted Naftogaz of Ukraine with a $500m bond issue. 'Impressively knowledgeable, responsive, creative' partner Yulia Kyrpa leads the banking, finance and capital markets practice. Of counsel Denys Kulgavyi is also highly regarded.

Practice head(s):

Yulia Kyrpa

Other key lawyers:

Denys Kulgavyi


‘The team has an excellent knowledge of local law and practice in Ukraine financial markets, and is incredibly responsive and detailed. They communicate clearly and well, and may quickly start to feel like part of the in-house team.’

‘We’ve valued the thoroughness and intelligence of Yulia Kyrpa. She understands both the local legal market in Ukraine and the global legal market, and advise in each vernacular equally well, and appropriately. She took time to understand our business and the mechanics of the deals in the early stage of our relationship with them. She also follows up quickly when they feel you might have dropped the ball, rather than wait to be told at the last minute what they are supposed to do. This helps their own work-management, which in turn helps us. Very sensible.’

‘Aequo is well known in the Ukrainian market for delivering tailor-made advice and personal care at a high level. It has a particularly strong reputation for banking and finance. We have been cooperating with Aequo for several years on various issues, and I can affirm its lawyers possess deep knowledge and extensive experience. I would underline that the banking and finance team, led by partner Yulia Kyrpa, learned our issues quickly and has been crucial in helping us with legal and strategic decisions. I would definitely recommend them to my colleagues and use their services again.’

‘Partner Yulia Kyrpa is impressively knowledgeable, responsive, creative, and driven to achieve the best outcomes for her clients. Her advice is always practical and helpful in making the right decisions, due to her deep expertise, and a profound understanding of her clients.’

Key clients

Agroprosperis Bank

Allrise Capital



Deposit Guarantee Fund of Ukraine

Dragon Capital

European Bank for Reconstruction and Development (EBRD)

European Fund for Southeast Europe, a Luxembourg fund initiated by KfW

Fitch Ratings


International Finance Corporation

Work highlights

  • Advising Deposit Guarantee Fund on the restructuring of its indebtedness of UAH11 bn (appr. $4.3bn) to the Ministry of Finance of Ukraine under the relevant promissory notes issued by the DGF and on the matters of implementation of EU Directives 2014/49/EC and 2014/59/EC.
  • Advising Dragon Capital and a group of well-known private investors on the execution of an agreement to purchase 100% of shares in Idea Bank.


Asters is a key adviser to both lenders and borrowers. It is on the panels of most international investment banks that are active in Ukraine, Russia and CIS. Also notable is that it works closely with the National Bank of Ukraine on regulatory matters. The firm has advised the Ukrainian government on public debt matters and state borrowing for a decade. It recently advised public railway company JSC Ukrzaliznytsia on tap issuance of up to $100m. Armen Khachaturyan, Iryna Pokanay and Roman Stepanenko jointly lead the practice. Counsels Kateryna Oliynyk and Gabriel Aslanian are also highly regarded.

Practice head(s):

Armen Khachaturyan; Iryna Pokanay; Roman Stepanenko

Other key lawyers:

Kateryna Oliynyk; Gabriel Aslanian

Key clients

Bestway Global Holdings

Black Sea Trade and Development Bank

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

China Machinery Engineering Corporation (CMEC)

CISCO Capital

Credit Suisse International


GE Company


Joint Stock Company “Ukrainian Railway”

Work highlights

  • Acted as a Ukrainian legal counsel to Ukrainian public railway company in connection with up to $100m tap issuance to the original issue of loan participation notes due July 2024.
  • Acting as a legal counsel to EBRD in connection with its €25m financing to Yuria-Pharm, Ukraine’s leading manufacturer of intensive care medicines, medical devices and antiseptics.
  • Advising International Finance Corporation in connection with up to $20m loan to Nyva Pereyaslavshchyny, a leading Ukrainian pork producer.


Avellum has 'a well-organised banking practice that combines an international outlook with local expertise'. The firm is frequently involved in high-value and groundbreaking transactions. Its team's wide-ranging experience includes domestic and cross-border financings, capital markets issuances and debt restructurings. A recent highlight involved acting for DTEK Renewables on a €325m Eurobond issurance, which was the first green bond to be issued in Ukraine. Practice head Glib Bondar is widely considered to be one of the market's leading practitioners. Senior associate Anastasiya Voronova and 'reliable and responsive' associate Oleg Krainskyi are also recommended.

Practice head(s):

Glib Bondar

Other key lawyers:

Oleg Krainskyi; Anastasiya Voronova


‘Avellum have a well-organised banking practice. The local legal environment can be formalistic and the team, which combines an international outlook with local expertise, does a good job of helping international partners cut through it in a practical way. I find them easy to work with.’

‘Glib Bondar is excellent and is available to provide senior presence when required. Associate Oleg Krainskyi is reliable and responsive.’

Key clients

European Bank for Reconstruction and Development

J.P. Morgan Securities Plc and Morgan Stanley

Black Sea Trade and Development Bank

DTEK Renewables

Kernel Holding S.A.

Metinvest B.V.

MHP Lux S.A.

Citigroup Global Markets Limited

Ministry of Finance of Ukraine


ING Bank N.V.

Work highlights

  • Advised DTEK Renewables on a €325m Eurobond, which was the first-ever green bond issue out of Ukraine.
  • Represented J.P. Morgan Securities Plc and Raiffeisen Bank International AG each as the Arranger in connection with $464m financing of acquisition of Vodafone Ukraine telecommunication company by Azerbaijani mobile operator Bakcell, part of the NEQSOL group.
  • Acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine on the issuance by Ukraine of its new $2bn 7.253% senior notes due 2033.

Baker McKenzie, Kyiv Office

Baker McKenzie, Kyiv Office has 'a highly committed team offering excellent services, with brilliant knowledge of local laws in conjunction with the global view'. The firm has one of the largest and most experienced banking and finance teams in Ukraine, and has recently handled flagship transactions in the agricultural, renewable energy and fintech sectors. Clients value the 'strategic counselling and excellent knowledge' of practice head Serhiy Chorny and praise senior associate Maksym Hlotov as 'a top lawyer with great knowledge of the legal environment'. Private equity partner Viacheslav Yakymchuk and counsel Hanna Shtepa are also recommended.

Practice head(s):

Serhiy Chorny

Other key lawyers:

Viacheslav Yakymchuk; Maksym Hlotov; Hanna Shtepa,


‘We have worked with the team for many years so far. Baker McKenzie is a highly committed team offering excellent services. I appreciate their responsiveness and dedication to our projects. I would also like to point out the brilliant knowledge of local laws in conjunction with the global view and understanding our business needs.

‘Serhiy Chorny and Maksym Hlotov are our key contacts within Baker McKenzie. Serhiy stands out for his strategic counselling and excellent knowledge of our industry. Maksym is a top lawyer with great knowledge of the legal environment. I appreciate Maksym’s deep involvement in our projects and great attention to the details.’

Key clients

nternational Finance Corporation (IFC)

European Bank for Reconstruction and Development (EBRD)

European Investment Bank

Black Sea Trade and Development Bank

BNP Paribas S.A.


Credit Agricole






Work highlights

  • Acting as Ukrainian law counsel to the Black Sea Trade and Development Bank in connection with their up to $70m loan to Limited Liability Company “Epicentr K” and Renvior Trading Limited.
  • Advising IFC on the European Union’s program to support Ukraine’s state-owned Energy Efficiency Fund, including implementation of the guidelines and agreements for the proper usage of the grants from the Multi-Donor Trust Fund to be managed by IFC in cooperation with Energy Efficiency Fund, participating financial institutions and homeowner associations.
  • Developing a concept of reform of the warehouse receipts system in Ukraine, drafting new Law on Electronic Warehouse receipts and related legislation, assisting the National Securities and Stock Market Commission (NSSMC) in passing the Law and such other legislation through Ukrainian lawmaking bodies.


At CMS, ‘the firm's strengths are its professionalism, client and goal orientation, swiftness and its search for the best solutions'. The firm is frequently involved in large cross-border financings, which often involve international financial institutions. It recently advised European Investment Bank on a €50m loan to Ukraine’s first vertically integrated innovation park. The firm has many areas of expertise, including infrastructure finance, capital markets and regulatory advice. The joint heads of the practice are Ihor Olekhov and Anna Pogrebna, who are among the market's leading practitioners. Counsel Kateryna Chechulina and associate Khrystyna Korpan are also recommended.

Practice head(s):

Ihor Olekhov; Anna Pogrebna

Other key lawyers:

Kateryna Chechulina; Khrystyna Korpan; Iryna Kravchenko


‘They are very good negotiators and problem solvers, very supportive.’

‘Iryna Kravchenko is a very knowledgeable lawyer, a patient person who helps a lot during long negotiations.’

‘The banking, finance and capital markets team of CMS consists of lawyers with great experience. They helped us to organise financing from USA government fund and did it successfully. It was a kind of unique deal and the team provided a really special approach to all documents. Also, I would like to admit that legal advice has been done in a short and understandable way and it was easy to apply them in practice.’

‘I have been working with Khrystyna Korpan. She is a highly-educated lawyer with a straight, practice-oriented approach. Her advice was a great balance between requirements of one side and possibilities of another side. Her attention to the important details is impressive.’

‘The firm’s strengths are its professionalism, client and goal orientation, swiftness,  and its search for the best solutions to propose and implement. The team is very helpful and constructive. Nothing negative and disappointing took place.’

‘Very professional legal advisers ready to find the best solution needed for the client.’

‘We worked with CMS on a pre-export syndicated facility. The structure of the facility is quite complicated and we were pressed by timing. However CMS was able to achieve our timing requirements. We appreciated their efforts and were happy with the results delivered.’

‘Among the strengths, I would highlight the involvement and ability to hear the needs of the client. It is much appreciated when your final goal is heard and understood from the beginning, which is beneficial to both parts – it allows us to concentrate on the main issues and to achieve our goal.’

Key clients

Bank Gospodarstwa Krajowego and KUKE S.A.

Raiffeisen Bank International AG

ING and UniCredit

European Investment Bank


ING Bank

Bank of Cyprus


The Black Sea Trade & Development Bank

McKinsey & Company Ukraine LLC

Bank Julius Baer & Co Ltd

Work highlights

  • Legal assistance to European Investment Bank (EIB) in relation to a €50m loan to Ukraine’s first vertically integrated innovation park UNIT.City.
  • Legal advice to The Export-Import Bank of Korea (KEXIM)  on a secured $36m financing to Grain Terminal Holdings, a Singapore-based joint venture between Posco International and the Orexim Group.
  • Advising Bank Gospodarstwa Krajowego and KUKE S.A. on export credit financing granted by BGK and insured by KUKE over the development of the Nikolsky shopping mall in Kharkiv and on €41.1m construction financing of a shopping mall and office centre “Retroville” in Kyiv granted by BGK and insured by KUKE.


Dentons has a busy practice covering sovereign finance, regulatory and sanctions advice, distressed debt trading, cross-border lending and debt restructuring, trade finance, insolvency, debt recovery and fintech. It also has a key role in market development, having assisted EBRD with issues of regulatory reform concerning trading infrastructure in Ukraine, and supporting the capital markets development and reform efforts of the National Securities and Stock Market Commission. Practice head Natalia Selyakova is one of the most respected practitioners in the market. Capital markets partner Adam Mycyk, counsel Nadiya Shylienkova and associate Artem Lukyanov are also highly regarded.

Practice head(s):

Natalia Selyakova

Other key lawyers:

Nadiya Shylienkova

Key clients

European Bank for Reconstruction and Development (EBRD)

VLC Renewables



Deutsche Bank

OTP Bank

TA Ventures




Work highlights

  • Advising EBRD on legal and regulatory reform on trading infrastructure in Ukraine. Providing support to the capital market development and reform efforts of the NSSMC (National Securities and Stock Market Commission) and the Government of Ukraine, with a focus on trading infrastructure not only for securities and derivatives, but also for other asset classes like commodities and energy.
  • Advising VLC Renewables on the contemplated investment and related financing in the phased construction-ready phase I of the 500MW onshore wind project located in the Zaporizhia region, Ukraine.
  • Advised an international financial institution in connection with the acquisition by way of funded participation of $150m syndicated debt of the Ukrainian borrower, EcoEnergy.
  • Representing an international investor with regard to the insolvency proceedings and complex debt restructuring of a large Ukrainian company for the total amount of approximately $1.9bn.

Redcliffe Partners

Redcliffe Partners has 'an extremely knowledgeable team that has deep understanding of the banking and capital markets regulatory landscape'. The firm generates a strong flow of transactional work across many types of financing deals, including those connected with renewable energy projects. Practice head Olexiy Soshenko works with up-and-coming senior associates Evgeniy Vazhynskiy and Olesia Mykhailenko. The extensive work for EBRD includes the development of mechanisms for risk-sharing arrangements between the EBRD and Ukrainian banks to co-finance loans to local companies.

Practice head(s):

Olexiy Soshenko

Other key lawyers:

Evgeniy Vazhynskiy; Olesia Mykhailenko


‘An extremely knowledgeable team led by Olexiy Soshenko that has deep understanding of regulatory banking and capital markets, and energy and infrastructure legal landscape in Ukraine.’

‘Olexiy Soshenko ranks top in my rankings for precise advice and understanding of the business needs and budgetary constraints of the client. Olesya Mykhailenko is an up-and-coming banking senior associate who gets involved in most of the interesting deals.’

Key clients



JP Morgan


Green for Growth Fund





Work highlights

  • Advised EBRD on the developing mechanisms and policies for setting up risk-sharing arrangements between the EBRD and Ukrainian banks for the purposes of creating additional co-financing instruments to support loans to local companies.
  • Advised FMO, Green for Growth Fund and the Norwegian Guarantee Institute for Export Credits (GIEK) in connection with the financing of the construction, maintenance and operation of a 54 MW solar PV plant in Bohuslav, Kyiv region.
  • Advised EBRD on a $56m loan to leading agricultural company Kernel for the construction of 4 biomass plants in different regions of Ukraine.

Sayenko Kharenko

Sayenko Kharenko has 'a very reliable team, always responsive and delivering on time'. Clients praise the practice as 'solution-oriented, always trying to find a viable approach with deep subject knowledge of the most sophisticated finance and restructuring cases'. Partners Michael Kharenko, Nazar Chernyavsky, Anton Korobeynikov and Igor Lozenko are all highly regarded in their fields. The firm is frequently involved in the largest cross-border financings in Ukraine, including bond issues, secured lending, syndicated loans and export finance. It recently assisted BNP Paribas and JPMorgan with a landmark €1.25bn Eurobond issue.

Practice head(s):

Michael Kharenko; Nazar Chernyavsky; Anton Korobeynikov; Igor Lozenko


‘A very reliable team, always responsive and delivering on time. Professional and excellent knowledge of the banking and finance market in Ukraine.’

‘What I really have to point out is their ability to always deliver on time in spite of tight timelines. The members of the team we have collaborated with a very hard working and professional. I also like the fact that they are solution-oriented, always trying to find a viable approach.’

‘There are several qualities which I value the most when working with Sayenko Kharenko. Firstly, their reliability and fast responsiveness to our issues. Secondly, their professionalism and deep subject knowledge when it comes to dealing with the most sophisticated finance and restructuring cases. All in all, you get the best legal support in a timely matter for quite a reasonable price.’

‘Igor Lozenko, partner at Sayenko Kharenko, was a project manager for a recent deal we worked together. He specialises in all types of financings closely working with corporates, investment banks IFOs. Igor was responsible for the smooth internal and external communication of the Sayenko Kharenko.’

Key clients

BNP Paribas

Deutsche Bank

Dragon Capital

European Bank for Reconstruction and Development (EBRD)


J.P. Morgan

JSC “The State Export-Import Bank of Ukraine” (Ukreximbank)


Raiffeisen Bank International

Renaissance Capital

The Overseas Private Investment Corporation (OPIC)


Work highlights

  • Advising BNP Paribas, J.P. Morgan and Raiffeisen Bank International on the landmark €1.25bn Eurobond issue by Ukraine.
  • Advising EBRD on the up to €116m loan to Ukraine’s leading manufacturer of wood-based panels.
  • Advising the joint lead managers on a $2bn Eurobond issue and related switch tender offer by Ukraine.


'Excellent service from a knowledgeable and professional team', says a client of Arzinger. The firm is well known for high-value debt restructuring, but also handles large cross-border financing transactions. It recently assisted BNP Paribas with a $60m financing facility for agricultural company Nibulon. Oleksander Plotnikov, who is 'very responsive and easy to approach - one of the best', leads the practice.

Practice head(s):

Oleksander Plotnikov


‘Arzinger lawyers have a very good knowledge and insights of Ukrainian market. I engage Arzinger primarily on cross-border loan transactions and the market for cross-border loans is relatively small in Ukraine. Arzinger seems to either know or work with almost every potential borrower in Ukraine. This is very helpful when doing a deal.’

‘Oleksander Plotnikov is an exceptional lawyer. He has very good technical skills, knows the law well and most importantly knows how to interpret it and apply in often difficult and not so black and white situations. His experience and knowledge is the most useful during restructurings which are often complex and not straightforward. He is also very responsive and easy to approach. I think he is one of the best lawyers in banking and finance in Ukraine. ’

‘Excellent service, knowledgeable and professional. They have great experience in various types of finance deals and can help with the most sophisticated issues. I would also mention the firm’s proactive and business-oriented approach. You feel support at any stage of a project and tight timelines are not a problem.’

‘Oleksander Plotnikov is the head of the team. He is highly competent and experienced lawyer. Very efficient management of the project team. At the same time, he is very responsive and easy to work with. Exceptional combination of expertise, experience and soft skills makes him one of the best lawyers in banking and finance in Ukraine.’

Key clients

UniCredit Bank



Raiffeisen Bank International

BNP Paribas



SID – Slovenska izvozna in razvojna banka, d.d.

Deutsche Bank AG

Work highlights

  • Advising BNP Paribas (Suisse) SA in connection with provision of $60m transactional financing facility to Nibulon (a leading Ukrainian agricultural company).
  • Advising International Finance Corporation in connection with provision of $50m loan to OTP Leasing for financing an energy efficiency and renewable energy sub-projects.
  • Advising BNP Paribas (Suisse) SA in connection with provision of $60m transactional financing facility to Delta Wilmar.


EVERLEGAL is increasingly involved in complex domestic and cross-border financing transactions for a growing number of lenders, including major banks and IFIs. It also has a strong profile among borrowers, among them both local and international businesses. It is particularly active in finance transactions related to renewable energy projects, although the scope of its work is expanding. The firm advised Louis Dreyfus Company on a  $35m financing from the EBRD. Andriy Olenyuk and Vsevolod Volkov are the names to note.

Practice head(s):

Andriy Olenyuk; Vsevolod Volkov

Key clients

UDP Renewables

Main Group

Louis Dreyfus Company Ukraine


Work highlights

  • Advising Louis Dreyfus Company Ukraine on incorporation of an operational company in Ukraine for carrying on its rail cars leasing business in Ukraine in partnership with the EBRD. Advising Louis Dreyfus Company Ukraine, as a borrower, on attracting financing from the EBRD in the amount of $35m.
  • Advising UNIT.City on attracting financing from the European Investment Bank for the construction and development of the innovation park in the amount of €50m.
  • Represented UDP Renewables in a process of receipt by its project company LLC “Terslav” financing from JOINT-STOCK COMPANY “STATE SAVINGS BANK OF UKRAINE” for the principal amount of €10,535,000 for the construction and development of a solar power plant in Dnipro region, Ukraine.

Ilyashev & Partners

The banking and finance team at Ilyashev & Partners is 'thoroughly professional, technically excellent and effective'. The firm has a well-established insolvency and debt recovery practice, which often handles restructuring mandates for commercial banks and Ukrainian corporates. It is also growing its presence in areas such as insurance and online payments, as well as being sought out for advice on new regulations in the banking sector. Mikhail Ilyashev is the lead partner.

Practice head(s):

Mikhail Ilyashev


‘We have always found the firm to be thoroughly professional. Our experience with Ilyashev & Partners allows us to recommend it for international work as technically excellent and effective ’

‘I deal a lot with Mikhail Ilyashev and his team. I am very impressed with Mikhail.’

Key clients

Alfa Bank Ukraine

BTA Bank (both Kazakhstan and Ukraine)

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

  • Representing the interests of the VEB.RF in the case of invalidating the results of the auction for the sale of shares of PJSC Prominvestbank, one of the largest Ukrainian banks.
  • Comprehensive legal support to The Industrial Assets Fund, a special non-commercial fund formed by the State Corporation “Bank for Development and Foreign Economic Affairs” (Vnesheconombank – VEB) in the bankruptcy of Alchevsk Metallurgical Plant. This matter is significant because of remarkable parties and high value of claims. Alchevsk Metallurgical Plant manufactures rolled steel and pig iron products.
  • Comprehensive legal support to The Industrial Assets Fund, a special non-commercial fund formed by the State Corporation “Bank for Development and Foreign Economic Affairs” (Vnesheconombank – VEB) in the bankruptcy of Dniprovsky Metallurgical Plant. This matter is significant because of remarkable parties and high value of claims. VEB is the owner of a controlling stake in Dniprovsky Metallurgical Plant through ISD Corporation.


The banking and finance team at Integrites is 'very strong and motivated', with one client remarking that responses are 'very quick, very good and understandable'. Practice heads Igor Krasovskiy and Oleh Zahnitko, and senior associate Olena Savchuk, are the names to note. Their work focuses on the financing of high-profile renewable energy projects, as well as M&A transactions in the banking sector, synthetic local currency lending, OTC derivatives, risk participation schemes, mezzanine lending, and both asset-based and secured loans.

Practice head(s):

Igor Krasovskiy; Oleh Zahnitko

Other key lawyers:

Olena Savchuk


‘The team is very strong and motivated , able to give support in many areas of activities like commercial, legal, banking and compared with other firms the answers are very quick, very good and understandable.’

‘For nine years we have a very good cooperation with senior associate Olena Savchuk for support in contractual issues and communication with our suppliers in Ukraine. She is very dedicated and has a very professional attitude delivering the requested information in an understandable mode for all the involved parties.’

‘The team is very strong in finance area. It is the first choice for us when we need a local law advice in Ukraine.’

‘Igor Krasovskiy and Olena Savchuk are the main contacts for us. They are available 24/7 and render perfect services.’

Key clients

Wärtsilä Finland


Total Eren



GE Capital

Scatec Solar

FC LeoGaming Pay LLC

Work highlights

  • Advised Ukrgasbank, a state-owned bank, and the Ministry of Finance of Ukraine on €30m loan extended by the International Finance Corporation (IFC). The loan agreement provides the IFC with an option to convert the loan into Ukrgasbank’s share capital.
  • Advised Scatec Solar (Norway) on all aspects of the financing for three solar plants with the total capacity of 148MW located in Progressovka, Ukraine. PowerChina Guizhou Engineering Co. Ltd. provides the two-year construction financing facility to cover 65% of the €124m CAPEX for the project.
  • Advised EuroCape (LongWing) and GE Capital as to matters of Ukrainian law on all aspects of non-recourse financing for the constructions of the first 98MW phase of a 500MW wind farm in Zaporizhia region, Ukraine. The Overseas Private Investment Corporation (formerly OPIC, now DFC) provides $150m in long-term financing and PRI insurance, the remaining project costs are financed by LongWing S.C.A, VLC Renewables and GE Capital’s Energy Financial Services.


Jeantet is predominantly involved in cross-border project finance transactions, due to its experience in advising foreign investors in PPP and infrastructure projects. Karl Hepp de Sevelinges, who works from both the Paris and Kiev offices, and local partner Bertrand Barrier lead a practice in which the lawyers are qualified in both Ukrainian law and French law. Barrier and highly regarded senior associate Olga Babiy recently advised EIB on a $250m secured loan to Kernel Group.

Practice head(s):

Karl Hepp de Sevelinges; Bertrand Barrier

Other key lawyers:

Olga Babiy

Key clients


Parker Drilling



Ateliers de France

Credit Agricole

Smart Energies





Tryba Energy/ Ekotechnik Shyroke




Alten Group

Amway Ukraine


Ukrainian Power Resources

Work highlights

  • Advised EIB on a $250,000,000 secured loan to Kernel Group.
  • Acted for Tryba Energy on a €5,600,000 loan transaction.
  • Advising Ateliers de France on the corporate and financial aspects of a restoration project.


Kinstellar‘s practice was bolstered by the 2021 acquisition of DLA Piper’s Ukrainian team. The legacy DLA Piper team acts for both lenders and borrowers on large domestic and cross-border financings, ranging from leveraged and investment-grade loans and trade finance to bond issues and securitisation. Its recent highlights included assisting borrower NEQSOL with a $464m secured syndicated facility to finance the acquisition of Vodafone Ukraine. Oleksandr Kurdydyk leads the finance, projects and restructuring practice. Legal director Dmytro Pshenychniuk is also among the firm’s notable practitioners. Counsel Andriy Nikiforov, generates a strong flow of work from lenders, sponsors and other creditors. Senior associate Anna Kalinichenko is another key individual in the group.

Practice head(s):

Oleksandr Kurdydyk

Other key lawyers:

Andriy Nikiforov; Anna Kalinichenko; Dmytro Pshenychniuk


‘Always provides practical advice with deep understanding of the client’s business model and a strategy powered by an overall understanding of industry landscape.’

‘Dmytro Pshenychniuk is our key contact and shows great skills engaging with both internal and external stakeholders.’

‘Andriy Nikiforov is part of Kinstellar’s core team advising us in relation to a feasibility study for a major infrastructure project in Kyiv and its implementation. Within the larger workstream, Andriy is helping us to analyse various options to finance the project by way of a concession, PPP or public finance. I know Andriy as an experienced and reputable finance and capital markets lawyer. I am also aware of Kinstellar’s strong expertise in concessions and PPPs due to their recent engagements, including first-of-kind deals in Ukraine.’

‘Andriy Nikiforov is a very experienced and knowledgeable finance and capital markets lawyer. I value that he is business-minded but perhaps even more so, that he is enthusiastic and proactive in making the project happen. In relation to our infrastructure project, outside of the feasibility study scope, he volunteered a lot of time to help us explore various funding options for the project that included in particular restructuring of outstanding Eurobonds, but also was keen to share contacts and make introductions.’

‘Kinstellar acted as our counsel in relation to EBRD project financing for our two solar energy projects. This was the first time I had a chance to work with Kinstellar’s team. I know the market quite well and have experience with other counsel that varies. Kinstellar was recommended by another law firm for this project. I had most positive impression – the team was committed, responsive, always available when needed and, most importantly for me, commercially minded. Andriy Nikiforov was very much engaged in the project and this helped to set up an efficient process and quickly resolve contentious issues.’

‘Kinstellar’s core team is comprised of Andriy Nikiforov and Anna Kalinichenko. I liked that Andriy was very much engaged in the project. From the outset, he gave us very good guidance on matters we should focus on when negotiating the loan documentation with EBRD. This helped to establish an efficient process and also bring EBRD on board. But for Andriy, we could end up with documents that do not really work and with CPs that are impossible to satisfy. I was also impressed that Andriy was able to negotiate with confidence not only the Ukrainian law but also English law aspects of the loan documentation with the English law counsel to EBRD.’

‘I am pleased with Anna Kalinichenko’s work on the project. I understand that she is a seasoned lawyer with extensive experience. Anna was instrumental in helping us collect the CPs and otherwise meet the requirements for the disbursements under the EBRD loan documentation.’

‘The Kinstellar team assisted us with creating security in connection with a corporate acquisition that we were pursuing. Our project was not a conventional transaction and Kinstellar had to devise the solutions on the go. This was the first time that I worked with Andriy Nikiforov and his team. I understand that Kinstellar has a strong practice that advises major lenders, sponsors and borrowers on complex finance transactions.’

‘I was most positively impressed by Andriy Nikiforov’s knowledge of the matter, ability to advise in a consistent and clear manner, as well as his commitment to working on our tight timeframe.’

Key clients

DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH


Naftogaz of Ukraine

SESS Solar

World Bank Group


Mastercard Europe SA

Marriott International, Inc.

State Property Fund of Ukraine (SPFU)


Work highlights

  • Acted as Ukrainian law counsel to DEG on a $20m secured credit facility for companies of Astarta Group, a major Ukrainian agricultural business, listed on the Warsaw Stock Exchange, for financing of capital expenditures and working capital.
  • Advising QTerminals, a leading Qatari port operator as the winning bidder in relation to the concession of the assets of the State Enterprise “Stevedoring Company Olvia” and the State Enterprise “Administration of Sea Ports of Ukraine”.
  • Mandated by the World Bank Group to prepare a feasibility study that discusses the financing options for a major municipal transportation project in Kyiv, Troyeshina Rapid Transit.

KPD Consulting Law Firm

KPD Consulting Law Firm has 'unique expertise in supporting leasing companies', though it is also recommended for work on intra-group loans, cash management and collateral issues. The firm's 'expertise in local collateral law is highly valued'; lead partner Vladyslav Kysil is a recognised expert in this space. Insolvency and bankruptcy partner Igor Kalitventsev is 'a high level professional in dispute resolution and foreclosure matters’.

Practice head(s):

Vladyslav Kysil

Other key lawyers:

Igor Kalitventsev


‘KPD Consulting’s expertise in local collateral law is highly valued and is comparable with other reputable companies.’

‘We were pleased to be instructed by Vladyslav Kysil of KPD. He is a well-known practitioner in the field of banking law with a recognised collateral expertise. Mr. Kalitventsev is a high level professional in dispute resolution and foreclosure matters.’

‘The team has good experience of legal support in various areas of banking activities: deal structuring, collateral documentation preparation, litigation within workout processes, execution, consultancy and more. KPD proved to be fast and efficient, reasonably priced, with the ability to support us in Ukrainian legislation as well as finding acceptable solutions when international law involved. It shows good quality, is solution-oriented and practical, and the advice is always on time.’

‘Vladyslav Kysil proved his high level of knowledge of both Ukrainian and international law. He is able to provide quick and efficient practical legal solutions. Vladyslav is always available to support when needed, demonstrates very good quality and provides professional feedback within an appropriate time. Vladyslav is well known on the market, has a very good reputation and I consider his opinion to be really valuable.’

‘The firm has unique expertise in supporting leasing companies. Long-term cooperation with major leasing financial institutions of the national market makes KPD Consulting truly outstanding in this segment among other law firms.’

‘Igor Kalitventsev is a perfect specialist with vast knowledge of leasing companies. Mr. Vladyslav Kysil is a reputable lawyer with proven expertise in banking, finance and collateral matters.’

Key clients


Werner Wirth GMBH

Kiev Real Estate Recovery Fund

Sberbank of Russia

ING Bank Ukraine

Ukrsibbank (BNP Paribas)

UniCredit Bank AG



Viceroy LLC

Porsche Leasing

Piraeus Bank ICB

Work highlights

  • Advised EMRF Fund on extending a loan to KRER LLC for the acquisition of real estate assets in Kyiv, Ukraine.
  • Advised Sberbank on prolongation of the loan to Mater Aero LLC (operator of International Airport Kyiv).
  • Advised UniCredit Bank AG on extending the $60m loan facility to a commodities trader.

LCF Law Group

LCF Law Group's main focus is on litigation and it handles numerous cases related to banking and finance. Nevertheless, in recent years, it has become more heavily involved in transactional matters, including structuring project financings, debt restructuring and refinancing. It also skilled in advising on market securities, and regulation in the financial services and insurance sectors. Anna Ogrenchuk and Artem Stoyanov are the lead partners. Senior associate Denys Sperov is also recommended.

Practice head(s):

Anna Ogrenchuk; Artem Stoyanov

Other key lawyers:

Denys Sperov

Key clients

VR Global Partners

Bunge Ukraine


Ministry of Justice of Ukraine

First Ukrainian International Bank

IMMER Ukrplastic


TNT Express Worldwide

Bank Credit Dnipro

Work highlights

  • Representing VR Global Partners in loan agreement disputes.
  • Representing First Ukrainian International Bank in loan agreement disputes.
  • Representing Bank Credit Dnipro in five debt collection disputes.

Marchenko Partners

Marchenko Partners has 'a team of diligent lawyers meeting the deadlines, knowing the subject, and available at the time you need them'. The firm focuses on complex and high-value transactional work, which includes cross-border and domestic lending, export finance and impact investment. 'They truly punch above their weight', say clients of partner Roman Shulyar and associate Bogdan Burlaka, who are 'very responsive, highly qualified specialists dedicated to their clients'.

Practice head(s):

Roman Shulyar

Other key lawyers:

Bogdan Burlaka


‘A team of diligent lawyers meeting the deadlines, knowing the subject, and available at the time you need them.’

‘We primarily work with partner Roman Shulyar. A strong professional and a reliable person with deep analytical skills. Keeps his promises as to the deliverables as well as to costs. You can rest assured that the work will be done, and the questions that need to be asked are timely and politely asked.’

‘The team has unique approach to its clients, deep knowledge of the cases and can predict how the case goes forward. The team shows its quality and professionalism by giving at least few options for solving this or that case. ’

‘Roman Shulyar and Bogdan Burlaka are very responsive, highly qualified specialists, giving detailed review on the client’s cases with full and clear description of consequences in this or that case. Roman and Bogdan are extremely accurate with each detail of the case and shows very clear understanding of the case from the global side as well. These qualities of the team helps the client fully rely on the team’s advice. The team is very responsive to client’s requests and shows its dedication to the client’s cases.’

‘They truly punch above their weight. They are responsive, technically excellent and client focussed. They have all the strengths of the larger practices, but the smaller team compared to their rivals makes them more agile and personable. They are simply excellent.’

‘Roman Shulyar is, without question, one of Ukraine’s leading banking and finance lawyers. He is calm under pressure, smart, personable and always thinks client. He blends superb technical skills with commercial acumen, and always has his eye on the client’s objectives and concluding the deal in question. I would not hesitate in recommending him and his colleagues.’

‘Roman Shulyar provides legal supervision of our lending program since the program started and he is a responsible professional. Associate Bogdan Burlaka has worked with us since 2017 and he is responsible and flexible.

Key clients

Export-Import Bank of the United States No

Western NIS Enterprise Fund No

Amsterdam Trade Bank N.V. No

East-West United Bank No

Energo Group No


Work highlights

  • Advised the Export-Import Bank of the United States on restructuring of approximately $58m debt owed to the US Ex-Im Bank by a major Ukrainian agricultural corporation Rise (makes part of UkrLandFarming Group).
  • Advised Western NIS Enterprise Fund, a $150m regional fund funded by the US government via the USAID, in connection with financing granted within the Impact Investment Program to a Kiev restaurant Veterano Pizza which supports veterans of the military conflict in the Eastern Ukraine by employing them and remitting 10% from its profit to families of deceased veterans.
  • Advised Western NIS Enterprise Fund, a USD 150 million regional fund funded by the US government via the USAID, in connection with financing granted within the Impact Investment Program to Ukrainian company Dnipro UVP UTOS that produces equipment for rolling stock and employs blind persons.

Vasil Kisil & Partners

Vasil Kisil & Partners' team handles a wide range of work, including banking-related M&A, litigation, debt restructurings, the sale of non-performing loans and debt finance transactions. It has also developed niche expertise in the area of aviation finance. Alexander Borodkin advises on currency control, foreign investment regulations and project finance. Anna Sisetska focuses on competition and antitrust matters, as well as corporate, international trade and banking law.

Practice head(s):

Alexander Borodkin; Anna Sisetska

Key clients

Piraeus Bank


Arcona Property Fund N.V.

Niras A/S

Tchibo GmbH

Hellenic Bank

Energy Standard Group

Romad Holding


USAID Project Credit for Agricultural Producers (CAP)

Work highlights

  • Advice to European Bank for Reconstruction and Development (EBRD) on validity and enforceability of security package under the project finance loan to Ukrainian energy generating company for construction, equipment and placing into operation of a biomass-fired thermal power plant with a total capacity of 18MW in Kyiv Region. Overall Ukrainian law advice on loan restructuring.
  • Advising Arcona Property Fund (Arcona), the Euronext Amsterdam and Prague Stock Exchange listed Central European real estate fund, on the fund increase transactions by attracting an in-kind contribution from Secure Property Development & Investment (SPDI), the AIM-quoted South Eastern European focused property company in exchange for the issue to SPDI of up to 2,102,804 new shares in Arcona and a senior debt at a level of ca. €30m.
  • Advising Dubai Aerospace Enterprise (DAE), as well National Australia Bank Limited (NAB), on corporate, transactional, aviation law, customs and tax, regulatory and compliance, and other Ukrainian law matters in DAE’s re-finance transaction with NAB.

Wolf Theiss

Wolf Theiss has a small but effective finance practice that handles M&A in the banking and insurance sectors, cross-border lending and regulatory matters. It recently advised on the first warranty and indemnity insurance financial instrument ever implemented in Ukraine. Oksana Volynets leads the practice, in which corporate partner Taras Dumych is heavily involved.

Practice head(s):

Oksana Volynets

Other key lawyers:

Taras Dumych


‘We were very satisfied with the support and performance of the entire team headed by Taras Dumych.’

‘Taras Dumych is always available for us and his work is very solution-oriented and has a detailed economic understanding. Apart from the excellent technical knowledge, the team is highly professional and very likeable.’

Key clients

UniCredit Bank S.p.A.

Optimum Solar

Rubellius Capital AG


Vienna Insurance Group (VIG)

Work highlights

  • Advising Rubellius Capital AG, an asset management firm, on enforcement of mortgage security under debt financing.
  • Advising Optimum Solar Kft on the Ukrainian feed-in tariff system, including advice on financing of the project.
  • Advising VIG on insurance-related finance and regulatory finance matters.

Andriy Kravets & Partners

Andriy Kravets & Partners has a strong track record in private and sovereign borrowing and lending transactions, as well as handling acquisition finance, asset and commodity finance, trade finance, pre-export finance, project finance, insolvency and debt restructuring. Andriy Kravets and Vladyslav Lyaskovskiy are the key partners. They recently worked with Herbert Smith Freehills LLP in Paris on the enforcement of a pledge resulting from a default under a $180m credit facility. Associate Daria Volkova is an emerging talent.

Practice head(s):

Andriy Kravets; Vladyslav Lyaskovskiy

Other key lawyers:

Daria Volkova

Key clients

Herbert Smith Freehills Paris LLP

Work highlights

  • Advised Herbert Smith Freehills Paris LLP on Ukrainian law matters related to enforcement by BNP Paribas of the pledge resulting from default under the $180m credit facility.

Cai & Lenard

Cai & Lenard's recent work included loan restructurings, international financings, debt collection and finance-related litigation. According to one of the firm's clients, 'the level of service is outstanding and it has a client-centric approach, when the client feels himself as firm’s number one priority'. Lead partner Anton Lukovkin and Dmytro Symanov are 'experienced, knowledgeable, honest, trustworthy and extremely responsive'.

Practice head(s):

Anton Lukovkin; Dmytro Symanov


‘The highly experienced banking and financial experts are the base of Cai & Lenard’s unique business model. The level of service is outstanding. Among the team’s strengths, I can name in particular, brilliant reputation, client-friendly approach and optimal price-quality ratio. I greatly appreciate Cai & Lenard’s ability to identify and minimise the risk and work in a proactive manner. The important aspect of Cai & Lenard’s work is a client-centric approach, when the client feels himself as firm’s number one priority.’

‘Anton Lukovkin and Dmytro Symanov represented me in a number cases and it was a pleasure to deal with them. They provided excellent service demonstrating professionalism and personal attention to all details. I found Anton and Dmytro to be experienced, knowledgeable, honest and extremely responsive. While working with them, I felt as though my case was in trustworthy hands. The lawyers explained everything well and came through with all questionable issues, answered e-mails promptly and efficiently. I would definitely recommend them to anyone needing banking and finance lawyers.’

‘The professionalism of the Cai & Lenard’s team allows us to entrust them with difficult and delicate cases. Speed, literacy and completeness of answers and consultations allow you to resolve all business issues and keep abreast of all changes in time.’

‘We are dealing with Dmitry Symanov. Deep knowledge of jurisprudence, the ability to quickly respond to requests and situations distinguish him favourably from consultants of other companies. We are grateful to him for the work done and look forward to continued cooperation.’

Key clients

Frutarom Savory Solutions Ukraine

Peri Ukraine


Bayadera Group


FASTEXIM Association

Domestic Farming Enterprise

Work highlights

  • Acted for Bayadera Group on preparing a legal opinion and supported documentation to this opinion for the purposes of obtaining a loan tranche.
  • Provided full legal support to Vsi.Svoi, while extending the network of stores of the client in Kyiv, Ukraine. This support covered matters of negotiation, drafting and executing the agreements and other documents, including commercial leases, and was also focused on client’s requests for financing of this project both from banks and other investors. Deal value is $2.3m.
  • Assisted Peri Ukraine with developing and implementing a cost and time-effective approach to collecting debts of €1.5m owed to the client by some of its counterparties, including those related to trade credits.

EnGarde Attorneys at Law

EnGarde Attorneys at Law's banking and finance practice advises major international and Ukrainian financial institutions, government authorities, businesses and private individuals. The scope of its work includes M&A deals between banks, leasing contracts and complex restructuring transactions. The firm also has a strong track record in banking and finance disputes. Irina Nazarova, Andriy Vyshnevsky and Dmytro Donenko are the main practitioners.

Practice head(s):

Irina Nazarova; Andriy Vyshnevsky; Dmytro Donenko

Key clients


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

ICC Court of International Arbitration

Smart Holding

Work highlights

  • Represented a client in a bankruptcy litigation case against Shevchenko LLC in the Cherkassy Regional Economic Court.
  • Acting for Landesbank Baden-Würtemberg (LBBW) and its partner bank AKA Ausfuhrkredit-Gesellschaft mbH in a cross-border case on enforcing an NPL issued to a Cyprus entity owned by the Ukrainian UKRLANDFARMING Group.
  • Represented a group of clients in Pechersk District Court of Kyiv in a case initiated by the state-owned and managed Deposit Guarantee Fund of Ukraine in respect of responsibility of former bank officers in regard to bank’s (Bank Forum PJSC) liquidation.


EQUITY Law Firm frequently handles bankruptcy, debt collection and contentious banking and finance matters for both debtors and creditors. The 'cool-headed and diplomaticAndriy Nikitin and the 'prompt and flexible' Sergey Chuyev are the lead partners, with Chuyev increasingly assisting clients with portfolios of non-performing loans and distressed assets. The firm also has a busy debt restructuring practice and recently assisted Azovmash Group with the restructuring of $810m of debt.

Practice head(s):

Andriy Nikitin; Sergey Chuyev


‘They advise us on various issues related to the banking sector. We entrust them with our legal issues, and they have people in the team who can also help with not only legal but also analytical work.’

‘ Sergiy Chuyev has deep knowledge in Ukrainian banking and finance legislation. He is prompt and flexible. His team consists of really strong lawyers.’

‘EQUITY has a leading position in banking and finance in the Ukrainian market. The team has developed a unique approach to clients. No matter what problem you come up with, you have a strong feeling that this company will solve it.’

‘Sergey Chuyev is very strong and knowledgeable, especially in asset finance disputes. His ability to effectively communicate the finer points of the case to the court is invaluable. Andriy Nikitin is a cool-headed lawyer that can solve any of your legal problem. He has perfect communication skills and is very diplomatic. It helps to work with opponents.’

Key clients

LLC “Finance Company”

Corporate Non-Governmental Pension Fund of the National Bank of Ukraine

PJSC “UkrInCom” (UkrInBank)

Azovmash Group

LLC “Expert Invest”

LLC “Finance Company “Helios”


Work highlights

  • Advised Azovmashgroup Group on $810m debt restructuring.
  • Advised Pension Fund of the National Bank of Ukraine on out-of-court enforcement of pledges and mortgages for total amount of $100m.
  • Advised LLC “Expert Invest” on its portfolio of NPLs.

Eterna Law

Eterna Law undertakes a wide variety of general banking and finance transactions, and in addition, its team has niche expertise in areas such as art financing, yacht financing, jet financing and agricultural financing. Practice head Nickolas Likhachov has notable expertise in fund structuring and investment management matters.

Practice head(s):

Nikolas Likhachov

Key clients

BTA Bank v Vanguard Capital Partners Limited et all

Alfa Bank



Privat Bank

A top-30 Forbes Ukraine private individual

Factoring Finance (International Finance Company)

I&U Group Ukraine

Private client

Banque Internationale à Luxembourg

Work highlights

  • Advising Privatbank on Ukrainian law in case State Bank of Ukraine “PrivatBank” against its ex-owners, which is considered by High Court of Justice.
  • Advising International Finance Company on developing a legal strategy for conducting of cross-border factoring transaction involving three jurisdictions.
  • Acting as an adviser to JPMorgan’s branch in Luxembourg on art financing, namely assisting client in structuring deals with new clients, interested in obtaining of financing for purchase of art objects. JPMorgan is a bank with proud history of supporting clients, with more than 45 years in Luxembourg (known for stable political, legal and regulatory regime) and for nearly 200 years across Europe.


GOLAW undertakes bankruptcy matters and debt restructurings, and it also advises foreign banks on mortgage matters. Key figures in the team include Valentyn Gvozdiy and Sergiy Oberkovych, who are 'great legal analysts and communicators'. Also recommended is Iryna Kalnytska, who is 'known for her profound knowledge and experience', and is noted for her work in export finance transactions.

Practice head(s):

Valentyn Gvozdiy; Sergiy Oberkovych; Iryna Kalnytska


‘Commercial law is rarely about legal aspects only. It often includes negotiations, marketing, tax issues and many other aspects that GOLAW lawyers understand and coordinate seamlessly. GOLAW are able to deliver not just a legal memorandum, but also a solution. In a nicely wrapped package.’

‘I have had the pleasure of working with Valentyn Gvozdiy and Sergiy Oberkovych for many years, and they are both great legal analysts and communicators. Iryna Kalnytska has joined the company later, but rapidly gained the experience and ability to handle even the very complex cases.’

‘ Very good communication skills, timely and efficient.’

‘Iryna Kalnytska was my key contact regarding a complex restructuring, ie enforcement proceedings in Ukraine. She is known for her profound knowledge and experience, especially with regards to assisting insurers and banks regarding various aspects of export finance transactions. Throughout the transaction, Iryna was at all times very helpful and supportive and her tight communication with all of the involved parties was highly appreciated.’

Key clients

ProCredit Bank

Export Guarantee and Insurance Corporation (EGAP)

Erste Abwicklungsanstalt

Euler Hermes

Unicredit Bank Czech Republick


Heidelberger Druckmaschinen

IKB Deutsche Industriebank

BNP Paribas Fortis

Work highlights

  • Acted as a lead counsel to Unicredit Bank (with EGAP), Erste Abwicklungsanstlat (with Eurler Hermes) representing their interests in the process of the PJSC “Eurocar” and LLC RIC debt restructuring case with a total value of more than €72m.
  • Acted as a legal advisor for EGAP in the process of assignment of receivables to Ukrainian debtor from Unicredit bank to EGAP with the total value $30m.
  • Acted as a legal advisor of EGAP in the foreclosure process on the grain elevator complex and its further sale with the total project value $6m.


Gramatskiy&Partners advises domestic and international clients on currency restrictions and regulatory matters. The firm has continued to broaden its expertise in financial monitoring and anti-money laundering matters, as well as international procedures for banking operations and regulatory compliance. The lead partners are Igor Reutov, Ernest Gramatskiy and Denys Boginich, who also handle restructuring and refinancing work relating to cross-border trade. Reutov advised PTS UA Services on a $3m debt to a creditor in the Isle of Man.

Practice head(s):

Igor Reutov; Ernest Gramatskiy; Denys Boginich

Key clients

LLC «Coworking Platforma Futura»


LLC “PTS UA Services”

LLC “KSTT Services”

LLC “Software Co-Work”

Danfoss TOV

Software Cowork Cyprus

Work highlights

  • Legal advice to PTS UA Services on payment of the interests to the Isle of Man creditor under a loan agreement. Deal value $3m.
  • Represented City Capital Group regarding the conclusion of a credit contract with the AGT LLC and JSC Ukrgazbank.
  • Assisted ATARA OM with obtaining a loan for the development of a new location with an area of 2375sq.m. in the business center “Leonardo”. Deal value $2m.

Hillmont Partners LLC

Hillmont Partners LLC assists corporates and investment banks, IFIs, borrowers, project sponsors, developers and investors, foreign and local lenders in domestic and multi-jurisdictional financing. Practice head Taras Tertychnyi is 'very thorough and thoughtful, with a keen eye for detail'. James Hart, who has 'a deep understanding of Ukrainian matters and litigation strategy', also plays a central role in the practice. The firm recently advised an international special situations fund on the acquisition of an $880m NPL portfolio.

Practice head(s):

Taras Tertychnyi

Other key lawyers:

James Hart


‘James Hart and Taras Tertychnyi are exceptional lawyers and persons. very knowledgeable, ethical, who have significant expertise and can handle and overcome any issue which may arise in the context of any transaction. Both are also very flexible and above all, responsive. It is the kind of lawyers that each client feels in very safe hands.’

‘This team is strong on attention to detail and strong on giving real advice. Many lawyers give you risk analysis, but the Hillmont team gives distilled risk analysis which leads to more reliable advice.’

‘Taras Tertychnyi provides high-quality advice and pays rigorous attention to detail. He focuses on the issues that truly matter in a transaction and provides pragmatic solutions.’

‘The well-organised team, is able to combine an international approach with expertise and practical advice on Ukrainian law issues.’

‘ James Hart is definitely a skilled lawyer who have solid legal background. He is competent and prompt. He is focused and flexible to the needs of the client.’

‘James Hart is an outstanding managing partner with a deep understanding of Ukrainian matters and litigation strategy Taras Tertychnyi is a leader of the firm and a superb mentor for more junior members of the team.’

‘Flexible and adaptable in dealing with difficult issues and parties. Good command of English and the fundamentals of English law.’

‘Taras Tertychnyi is very thorough and thoughtful, with a keen eye for detail. He has an ability to be flexible in structuring to satisfy client imperatives.’

Key clients

Trident Acquisitions

Argentem Creek Partners

Work highlights

  • Represented an international real estate lender in structuring a $10m secured loan under English law to a Ukrainian entity for the construction of a commercial real estate facility
  • Advising international special situations fund on the acquisition of a $880m nominal value NPL portfolio.

KPMG Law in Ukraine

KPMG Law in Ukraine's team advises on compliance with new banking regulations, including new rules on currency control and Ukraine's new anti-money laundering laws. In addition, it also generates a strong flow of debt restructuring work. Recent highlights included assisting Sanoma Trade OY Technology with restructuring its debt through a debt-to-equity swap procedure. Sergey Popov and Yuriy Katser are the main contacts.

Practice head(s):

Sergey Popov; Yuriy Katser

Key clients

JCB International Co., Ltd.

Bank “Kyivska Rus” JSC

Novyi Styl LLC

Road Building “Altcom” LLC

Cloudmade Ukraine LLC

Codelouf Limited

Newpark Drilling Fluids S.p.a.

Sanoma Trade OY

TMF Ukraine LLC

Work highlights

  • Acted for JCB International Co., Ltd. on its registration as an international payment system in Ukraine.
  • Advised Road Building “Altcom” LLC on currency control matters arising from import and export operations.
  • Representation of the interests of the Deposit Guarantee Fund of Ukraine and bank in litigation in court as to the confirmation of the legality of the withdrawal of “Bank “Kyivska Rus” JSC from the bank market.

LLC “Deloitte & Touche Ukrainian Services Company”

LLC “Deloitte & Touche Ukrainian Services Company”'s recent work included assisting clients with adapting to the new regulatory environment in Ukraine's financial services sector. The practice is 'extremely supportive, flexible, engaged and eager to respond' to issues arising from amendments to service agreements to comply with new consumer rights protection legislation. Partner Dmytro Pavlenko and 'highly dedicated and solution-oriented' senior manager Viktoriia Sydorenko are the names to note.

Practice head(s):

Dmytro Pavlenko

Other key lawyers:

Viktoriia Sydorenko


‘The team at Deloitte Legal Ukraine stands out both on a professional as well as on a personal level. Everyone we worked with so far was extremely supportive, flexible, engaged and eager to respond to requests both quickly and profoundly. Working with the banking and finance team of Deloitte Legal Ukraine thus showed their deep professional knowledge of the respective field as well as their personal commitment to make a difference and provide a tailor-made solution adapted to the respective needs of the client.’

‘I was mostly working with Viktoriia Sydorenko, senior legal manager at Deloitte Legal Ukraine. I really enjoyed working with Viktoriia, as she is highly dedicated to her work and the specific case, very solution-oriented, responds very quickly and is still extraordinarily precise in her way of thinking and in her work. As far as I know, Viktoriia used to work at a number of international banks before joining Deloitte Legal, which is very much reflected in her hands-on and client-oriented way of working and also in her profound and in-depth knowledge of the field.’

‘There are clear roles and responsibilities among team members. There is a mutual respect between them and the leaders create a culture of trust and respect.’

‘It shows professionalism and the ability to respond quickly to customer needs, as well as flexibility.’

‘The firm is flexible in terms of the scope of its work, and it provides quick responses, and brief and concise answers.’

Key clients

Ferrero Ukraine LLC

Liechtensteinische Landesbank (Öste rreich) AG

Porsche Leasing LLC

Emarket Ukraine LLC

Cheese club LLC

State Savings Bank of Ukraine

Akutron LLC

Work highlights

  • Assisted Liechtensteinische Landesbank with preparing a legal opinion for the bank to take a decision on financing a Ukrainian borrower.
  • Advised Cheese Club on the preparation of an independent expert’s report in connection with the restructuring of the company’s debt with the state-owned bank.

Marushko Law Office

Marushko Law Office's practice is led by Iryna Marushko, who has worked in the banking and finance arena for more than 20 years. She has a strong track record in handling debut, challenging and landmark bank lending and capital markets transactions. Marushko's experience includes advising Ukraine's Ministry of Finance of Ukraine on matters concerning state debt and external state borrowings.

Practice head(s):

Iryna Marushko


‘The firm has good lawyers with great knowledge.’

Key clients

JSC CB “Privatbank”

Donetsksteel Iron and Steel Works PJSC

Private Joint-Stock Company “Colliery Group “Pokrovske”

SDM Partners LLC

SDM Partners LLC focuses predominantly on financial leasing and debt restructurings, and it frequently acts for international banks and development finance institutions. The firm recently advised International Development Finance Corporation (IDFC) on its role as guarantor for debt obligations in Ukraine. The practice is jointly led by Serhiy Dzis and Dmytro Syrota; according to a client, 'their work combines deep experience, a pragmatic approach and the ability to find creative solutions'.

Practice head(s):

Serhiy Dzis; Dmytro Syrota


‘SDM Partners’ team provides high level, strategic thought across all manner of matters to help businesses of all sizes develop. Strong and experienced members of the team understand how to get the right deal done. Their work combines deep experience, a pragmatic approach and the ability to find creative solutions.’

‘Dmytro Syrota is highly skilled in the art and legalities of deal-making. He always demonstrates in-depth knowledge in the area of practice. Dmytro understands the needs of the client very well and always meets the expectations.’

Key clients

International Development Finance Corporation (DFC)

World Business Capital


Bank Vostok

Bank Avangard