Banking, finance and capital markets in Ukraine


Practice head(s):

Yulia Kyrpa

Key clients

Naftogaz of Ukraine

European Bank for Reconstruction and Development

Kreditanstalt fur Wiederaufbau (KfW)

Goldman Sachs

Dow Jones

Deposit Guarantee Fund of Ukraine

ProCredit Bank, one of the leading banks in Ukraine

Raiffeisen Bank International AG (Austria)

Pacific Western Bank

Cesvi, one of the biggest humanitarian organizations in Italy

International Finance Corporation, a member of the World Bank Group


Fitch Ratings

State Savings Bank of Ukraine

Piraeus Group

European Fund for Southeast Europe (EFSE)

NCH Capital

Bunge S.A.

Epicentr K

Dragon Capital


Posco International

Alma Stone

EMSO Asset Management Ltd


Ukrainian Global University





Bitpanda Groupa


SupplierPlus Group OÜ, one of the leading European fintech services group

Work highlights

  • Advising Naftogaz of Ukraine on its 1.6-billion-dollar Eurobonds restructurings, affecting both the Ukrainian and European energy markets.
  • Advising the State Savings Bank of Ukraine on its 1.2-billion-dollar Eurobonds restructurings.


Practice head(s):

Armen Khachaturyan; Iryna Pokanay; Roman Stepanenko

Key clients


Black Sea Trade and Development Bank



Joint Stock Company “Ukrainian Railway”

Techiia Holding

WeBuild S.p.A.

Work highlights

  • Acted as a Ukrainian counsel for JSC Ukrainian Railways in the successful restructurings of loan participation notes issued by Rail Capital Markets plc in the total amount of USD 895 million.
  • Acted as a legal counsel to BSTDB in connection with its up to EUR 25 million short-term revolving trade finance facility to Concern Galnaftogaz, a leading Ukrainian petroleum retailer company.
  • Acting as a legal counsel to Agrosem Group, a Ukrainian agribusiness company, one of the top five distributors of fertilisers, agricultural machinery and inputs in Ukraine, in connection with a EUR 9.6 million financing from the European Bank for Reconstruction and Development.


Practice head(s):

Glib Bondar


‘One of the strongest if not the strongest team in the market for finance law work. ’

‘Glib Bondar is my first contact at Avellum for capital markets and banking, he is fantastic to work with, commercial and solution oriented. Mykola Stetsenko is equally great in corporate matters.’

Key clients

Ministry of Finance of Ukraine

National Power Company “Ukrenergo”

The State Road Agency of Ukraine (“Ukravtodor”)

European Bank for Reconstruction and Development (EBRD)

Metinvest B.V.

ING Bank N.V.

Work highlights

  • Advised the Ministry of Finance of Ukraine, the State Road Agency of Ukraine (Ukravtodor) and the National Power Company “Ukrenergo” in connection with their consent solicitations announced in July 2022.
  • Acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine in connection with a landmark £26.3 million equivalent export loan from Citibank, guaranteed by UK Export Finance (UKEF).
  • Acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine in connection with restructuring of a number of loans in the total amount of approximately EUR 750 million provided by Cargill Financial Services International, Inc.

Baker McKenzie, Kyiv Office

Practice head(s):

Serhiy Chorny


‘Bogdan Dyakovych is a great associate, very responsive and diligent. He is very familiar with the relevant regulations and is able to support the client in any complex matter.’

Key clients

Raiffeisen Bank

Bayerische Landesbank

Citibank Ukraine

Citibank N.A., London Branch

Credit Agricole Indosuez

ING Bank Ukraine

Cargill Financial Services International

Nibulon Ltd.

PJSC Obolon

DTEK Group

International Finance Corporation (IFC)

European Bank for Reconstruction and Development

Black Sea Trade and Development Bank

Ukrzaliznytsia (Ukrainian Railways)


Western Union



Work highlights

  • Advising Nibulon Ltd., a major Ukrainian grain exporter, on the restructuring of more than USD500 mln of its debts to a significant group of international (12 lenders) and Ukrainian (14 lenders) banks and other institutions.
  • Acted as legal counsel to Cargill Financial Services International in relation to restructuring of a series of loans to Ukraine in the maximum amount of EUR650 mln.
  • Representing a consortium of German banks led by Bayerische Landesbank, as Original Lender, Facility Agent and Security Agent, in connection with a EUR 180 mln loan facility purporting to finance the construction of, the 2nd Stage of a 200 MW wind power plant in Zaporizhzha region of Ukraine, with Primorskaya-1 and Primorskaya-2 Wind Electric Plants (members of the DTEK Renewables group) as borrowers.


Practice head(s):

Ihor Olekhov


‘Fast reaction of the team and very helpful approach in tough enviroment of Russion aggression against Ukraine. In this difficult times CMS Ukraine team expressed once again very professional approach in export finance scheme. ’

‘Iryna Barlit was very engaged in this hard times for Ukraine. Event of agression from February 2022 caused many problems and unprecedent sitautions on financing of Ukraine borrowers by the polish bank. Professional and fast assistance of the CMS Ukraine was crucial for the bank to keep our loan, collaterales and relations between lender and the borrower in good shape.’

‘As our firm’s own banking & finance practice has matured, it is increasingly instructed on mid-market transactions with foreign obligors / security.’

‘The team is quick to respond with a high level of quality and is always on top of all the issues.’

‘I worked closely with Iryna Barlit. She is professional, and all transactional documents are prepared on time and without any issues. Great client service.

‘I would like to mention Ivan Pshyk, as he is a very efficient and hardworking, creative in finding solutions to any problematic issue and has a deep expertise.’

‘Overall, the CMS Banking Team is great. Ihor Olekhov and Kateryna Chechulina are seasoned professionals with a solid track record, possessing expertise in a wide range of legal areas, and having a strong client-oriented focus.

‘Ihor Olekhov (partner) is one of the most experienced banking and finance partners in Ukraine. He has exceptional knowledge of the banking and finance regulation. Ihor is always practical and flexible.

Key clients

ING Bank N.V.

Bank Gospodarstwa Krajowego

Work highlights

  • Advised a syndicate of banks led by ING Bank N.V. in relation to the postponement of loan payments and switch from LIBOR to a risk-free rate under the USD 450m pre-export facility for Ukraine’s Kernel Group, as well as under USD 100m pre-export facility to Ukraine’s Nibulon Group.


Practice head(s):

Natalia Selyakova

Key clients

National Bank of Ukraine





Pireus Bank


Pay Set



Work highlights

  • Advising Pay Set on the provision of financial services to Ukrainian customers, including legal advice on regulatory matters in respect to the use of electronic money issued by a foreign electronic money issuer.
  • Advising a leading real estate company in Ukraine on banking and finance matters in connection to the restructuring under the loan agreement, as well as on repayment, extension, and amendments to the security documents.
  • Advising a leading Ukrainian bank on regulatory and financial technology matters, as well as on regulation of the usage of one-time ID technologies and electronic signatures in Ukraine.


Practice head(s):

Igor Krasovskiy

Other key lawyers:

Anna Pogrebna


‘I appreciate having the possibility to work with Integrites team during negotiation of term facility agreement with international fund. Intergrites support was crucial in the processs as they helped us benchmark and improve the terms of our agreement with the Fund. Our negotiation process was somewhat limited in time as we agreed tight deadlines with the Fund and considering this Integrites was with us all the time we needed. Integrites expertize helped us negotiate better limits for the covenants and negotiate exclusion of certain covenants contradicting the Ukraininan Laws.

‘Top-notch expertise within the area of our transaction Constant availability throught the transaction.’

‘Professional and ethical; work well under pressure and tight deadlines; positive outlook; easily accessible, attentive and responsive; friendly and courteous; client oriented.’

‘Olena Savchuk, Yuriy Korchev Knowledgeable and professional; extremely friendly and easy to work with; problem solving abilities; adaptable and open minded to find best solution for client when problems crop up.’

Key clients

European Bank for Reconstruction and Development

European Investment Bank


Triodos Investment Management

Bank Gospodarstwa Krajowego (BGK)

Bank Pekao S.A.


Getin Holding S.A. / Idea Bank




Kovalska Group

Emergy AS

European Commission


Simmons & Simmons Solutions Ltd

Work highlights

  • Acting as Ukrainian legal counsel to Bank Gospodarstwa Krajowego, Powszechna Kasa Oszczednosci Bank Polski S.A and Bank Polska Kasa Opieki S.A. in connection with EUR 440 mln senior secured facility and EUR 100 mln super senior revolving credit facility for Barlinek Group, secured by, amongst others, guarantees of the Ukrainian companies of the group and various assets in Ukraine
  • Acting as a lead counsel to Emergy AS on all aspects of financing and construction of the Alibunar wind farm in Serbia consisting of two greenfield wind farms with a total projected capacity of 168 MW and EUR 269 mln investment involved.

Redcliffe Partners

Practice head(s):

Olexiy Soshenko

Key clients

European Bank for Reconstruction and Development

JP Morgan


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

International Finance Corporation (IFC)

Nordic Investment Bank

Invest International Public Programmes B.V.

Bank of Ireland





Work highlights

  • Advised European Bank for Reconstruction and Development on up to USD 100 million financing for MHP, the leading Ukrainian and a significant European poultry and wheat producer.
  • Advising European Bank for Reconstruction and Development on a portfolio risk sharing arrangements with ProCredit Bank, OTP Bank, OTP Leasing (2 deals), Kredobank (2 deals), Credit Agricole Bank, Bank Lviv, and PrivatBank (9 deals in total), whereby EBRD will cover up to 50% of the credit risk of newly originated financing provided by the partner financing institutions.
  • Advised a syndicate of banks including Bank of Ireland, HSBC, Rabobank, ING and Barclays on the Ukrainian law matters related to liquidation/insolvency of the Ukrainian surety within restructuring of up to EUR 400 million credit facilities provided to Origin Enterprises plc, a specialist on-farm agronomy services provider.

Sayenko Kharenko

Practice head(s):

Nazar Chernyavsky; Michael Kharenko; Anton Korobeynikov; Igor Lozenko


‘A really advanced law firm, capable of engaging equally with transactions of high complexity. Expertise and in-depth knowledge of local issues. We love them – we would always use them.’

‘Anton Korobeynikov. Excellent, energetic and intellectual. ’

‘Igor Lozzenko (partner) – very hands-on partner Denis Nakonechnyi (senior associate) – good and solid lawyer Vladyslava Mitsai(associate) Yevgen Koval (associate)’

‘Sayenko Kharenko are an excellent Ukrainian law firm. They always have a very client-oriented, problem-solving and meticulous approach to advice to clients. I can always be certain that the answer to a legal issue they provide will be well-researched and practical. They maintain well-structured and clear communication paying attention to how they can meet client’s expectations in the best possible way. ’

‘Sayenko Kharenko has a team of profound finance lawyers. They are our to-go firm when we need external legal advice. They are the top banking and finance legal team in Ukraine and we enjoy working with them. ’

‘Anton Korobeynikov and Oles Trachuk are the core of the SK team we have been working with last year. Anton has a very creative legal mind and is able to find a structure or solution for all kinds of difficult situations. Oles is great in documenting and implementing unorthodox legal structures and concepts. Vladyslava Mitsai is another associate that we interacted with. In addition to her legal skills, she is an exceptional manager and always makes sure that everything is done in time.’

‘Really hard working, extremely competent and endlessly creative in challenging circumstances ’

‘Anton Korobeynikov is a great guy to work with, technically very proficient, very creative and great at finding solutions to difficult issues.’

Key clients


Dragon Capital

European Bank for Reconstruction and Development (EBRD)

French Development Agency

International Finance Corporation (IFC)

Investment Capital Ukraine (ICU)

J.P. Morgan

Nordic Environment Finance Corporation (NEFCO)

The Government of Canada

The Government of the Netherlands

UK Export Finance (UKEF)

Work highlights

  • Advising J.P. Morgan, the solicitation agent in connection with the consent solicitation for 13 series of Ukraine’s outstanding Eurobonds (amounting to approximately USD 19.5 billion) and separate consent solicitation in relation to approximately USD 3 billion GDP-linked securities issued by Ukraine in 2015.
  • Advising J.P. Morgan, the solicitation agent, in relation to the consent solicitation by Joint Stock Company “State Savings Bank of Ukraine” (Oschadbank) from the noteholders of its USD 700 million loan participation notes due 2023 and USD 500 million loan participation notes due 2025
  • Advising the Government of Canada in connection with the new CAD 2.4 billion loan to Ukraine provided through International Monetary Fund’s (IMF) Multi-Donor Administered Account


Practice head(s):

Oleksander Plotnikov


‘Arzinger are a very good Ukrainian law firm. I worked with them on several occasions. They have a client-focused approach and a can-do attitude. They are quick in their communication and are always eager to assist. ’

‘Same as above. ’

‘Strong English skills, always available, very solution oriented, good insight in market practice, reasonable fees.’

Key clients



United States International Development Finance Corporation


Nordic Environment Finance Corporation (NEFCO)

Investment Fund for Developing Countries

Scania Credit Ukraine

Raiffeisen Bank International AG


Jyske Bank S/A

Innovatus Capital Partners


OTP Leasing

Budhouse Group


Work highlights

  • Advised Jyske Bank S/A and PKO Bank Polski SA, the lenders, on a approx. EUR 155,2 million facility to Goodvalley group, a Global G.A.P certified international food producer operating in Ukraine, for the refinancing of bonds issued by the group earlier and development of business in the region.
  • Advised Innovatus, the lender, in connection with the provision of a USD 20 million pre-export facility to Black Sea Commodities Ltd.
  • Advised Agrofusion, a Ukrainian agriculture company, one of the largest tomato processors in Europe, in connection with the attraction of a EUR 40 million facility from EBRD.


Practice head(s):

Vsevolod Volkov; Andriy Olenyuk

Work highlights

  • Advisin a major Swiss bank, as lender, on releasing an $82m facility to finance the commodity trading and harvesting activity of a major Ukrainian agrocompany.
  • Advising the Dutch vehicle and investment arm of an international developer of renewable energy projects in Ukraine and abroad, as borrower, on the financing of a €15m project connected with the relocation of used wind turbines from EU and other Eastern Europe countries and their installation in Ukraine.
  • Advising a Ukrainian fishing company, as borrower, on attracting €50m worth of financing from international lenders for the purchase of two fishing vessels for shrimp catching and harvesting.

Ilyashev & Partners

Practice head(s):

Mikhail Ilyashev


‘I have been giving you feedback on the work of Ilyashev & Partners for many years and sincerely consider them the best team on the market. But in 2022-2023, they exceeded all our expectations both from a professional and human point of view: they did not abandon us, their clients, at the most difficult moment. The firm’s partners, counsels and key experts remained in Ukraine at their workplaces all the time.’

‘I take this opportunity, with your help, to express my endless gratitude to them for their courage and dedication to their professional duty.’

‘Ilyashev & Partners team demonstrated incredible resilience during the most difficult times. The fact that Ilyashev & Partners continued to work helped us to work as well.’

‘I deal a lot with Mikhail Ilyashev and his team. I am very impressed with Mikhail’s outstanding commitment and professionalism. Mikhail is the legal guru who possesses impeccable transactional skills. His profound knowledge and insightful approach make him the go-to person for all business needs. He is ready to answer any call and is always efficient.’

Key clients

Altares Capital

Arctic Securities

Development Bank of Kazakhstan

Ukrainian Financial Housing Company

Munich Reinsurance Company

Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH

PZU Ukraine

BTA Bank

Clearing House Bank

Work highlights

  • Advising a British multinational investment bank on the Ukrainian law implications of the loans governed by the English law which it extended to Ukrainian individuals based in the UK.
  • Advising a major independent Norwegian investment bank on the financing of a Norwegian energy company for the implementation of projects in Ukraine.
  • Advising an international group of companies in connection with a loan from the International Finance Corporation.


Practice head(s):

Illya Muchnyk


‘Illya Muchnyk (Partner) – Illya is commercial, pragmatic, responsive and is able to grasp and advise on complex transactions very quickly including on a cross border basis. Illya is a pleasure to deal with and a partner we can always rely on to get the job done.

‘The team of Kinstellar Ukraine LLC consists of experts of high qualification. The company is unique with its high qualified team which cover all the areas of legislation, ability to react quickly to any request or changes to request and readiness to provide any type of legal support to its partners.’

LCF Law Group

Practice head(s):

Artem Stoyanov; Olena Volianska; Iryna Kobets

Key clients

First Ukrainian International Bank

Group of companies Kostyantynivsky Plant of metallurgical equipment

Vasil Kisil & Partners

Practice head(s):

Alexander Borodkin; Anna Sisetska

Key clients

Arcona Property Fund N.V.


Tchibo GmbH (Germany)

Hellenic Bank

European Bank for Reconstruction and Development (EBRD)

USAID Project Credit for Agricultural Producers (CAP)

Fin.Do (Lithuania)

Dubai Aerospace Enterprise (DAE)

Energy Standard Group (Cyprus)

Work highlights

  • Advising the European Bank for Reconstruction and Development on the validity and enforceability of a security package under the project finance loan to a Ukrainian energy-generating company for the construction and operation of a biomass-fired thermal power plant with a total capacity of 18MW in the Kyiv Region.
  • Advising the World Council of Credit Unions on the structuring of US government financial support to Ukrainian agricultural producers through Ukrainian credit unions and unions of credit unions.
  • Advising Arcona Property Fund on increase transactions by attracting an in-kind contribution from Secure Property Development & Investment.

Wolf Theiss

Practice head(s):

Oksana Volynets

Key clients


Pharo Management (UK)

DC Administration Services, Inc.


Bank of America Corporation


Work highlights

  • Advising KKR on the Ukrainian aspects of a multinational transaction and the acquisition of the Ukrainian subsidiaries of Hero Future Energy.
  • Advising VakifBank International on Ukrainian banking laws.

Andriy Kravets & Partners

Andriy Kravets & Partners

Practice head(s):

Andriy Kravets; Vladyslav Lyaskovskiy

Key clients

Ukrainian Agro-Insurance Company

Work highlights

  • Providing a full range of services to the Ukrainian Agro-Insurance Company related to the preparation of documents for obtaining authorization from the National Bank of Ukraine for the acquisition of a significant interest in the insurance company.

EnGarde Attorneys at Law

EnGarde Attorneys at Law

Practice head(s):

Irina Nazarova; Andriy Vyshnevsky; Dmytro Donenko


‘Engarde’s team is a great combination of lawyers, who are professional committed to their occupation. ’

‘Banking finance practice is chaired by Andrii Vyshnevsky who is a very experienced lawyer. Andrii has a global approach to the matters and a very broad legal mindset. Andrii is easy to deal with.’


Practice head(s):

Oleg Malinevskiy; Vyacheslav Krahlevych; Sergiy Chuyev

Key clients

Group of companies of Azovmash

UkrinBank PJCS

Finance Company LLC

Falcon Agro Group

LLC “Umedo Group”

Finevrovector LLC

Work highlights

  • Representing the Group of Azovmash companies in several bankruptcy disputes in Ukraine for $4bn.
  • Representing the UkrInBank PJSC in a dispute over debt collection for $232m+.
  • Representing the Umedo Group LLC in a dispute against the Russian Federation and oligarchs associated with its regime for compensation for damages caused by the Russian aggression for $80m.


Practice head(s):

Valentyn Gvozdiy; Sergiy Oberkovych



Key clients

UniCredit Bank Czech Republic and Slovakia a.s., Export Guarantee and Insurance Corporation (EGAP)

Export Guarantee and Insurance Corporation (EGAP)

Work highlights

  • Representing the interests of UniCredit Bank and EGAP in the bankruptcy proceeding of PJSC Creative as a borrower.
  • Representing the interests of the creditor Czech Export Guarantee and Insurance Corporation which acquires the receivables from Czech Export Bank, a.s. in the case of damages recovery from the State budget of Ukraine.



Practice head(s):

Igor Reutov; Ernest Gramatskiy; Denys Boginich


‘Ernest Gramatsky, and lawyer (adviser) Andrii Trembich have impressive knowledge and competencies in the field of international finance and banking law. They are able to comprehensively resolve any problem situation related to cash flows between countries, groups and individual companies. In addition, they are wonderful people and interesting personalities with impressive erudition; it is always a pleasure to deal with them, communicate and be friends with them; I absolutely trust their opinion in complex financial matters.’

Key clients

Skywind Group


LLC “PTS UA Services”

LLC “KSTT Services”

LLC “Software Co-Work”

Danfoss TOV

Hillmont Partners LLC

Practice head(s):

Valentyn Zasukha; James Hart


‘The team is very proactive, responsive and structured. They deliver high quality services and think two steps ahead. I worked with corporate practice and really liked how Valentyn Zasukha managed the project and the speed of responses we received.’

‘Valentyn Zasukha was our key contact and we worked mainly with him as the project was indeed sophisticated. I was admired with the quality of work that he performed and strategical thinking.’

Key clients

F.G. Financing (Foxtrot Group)

Argentem Creek Partners LP


Innovatus Capital Partners

Work highlights

  • Representing F.G. Financing / Nonolet (Foxtrot Group) as claimants in the recovery of USD 100 million+ debt obligation across multiple jurisdictions.
  • Representing two US hedge funds, Argentem Creek Partner and Innovatus Capital Partners, in the USD 140 million debt recovery dispute with GN Terminal Enterprises Limited (GNT).
  • Representing General Investment Resources (GIR), a leading national company involved in the production of refractory materials, in the resolution of a debt dispute with U Commodities LLC.

KPMG Law in Ukraine

Practice head(s):

Yuriy Katser; Bogdan Shyshkovskyi

Key clients

JCB International Co., Ltd.

Banque Lombard, Odier & Cie SA

BMW Bank GmbH

Scania Ukraine LLC with foreign investments

Spectr-Agro LLC


Swiss Krono LLC

Yazaki Ukraine LLC


Buhler Service LLC

Vienna Insurance Group

Work highlights

  • Advised Banque Lombard, Odier & Cie SA on Ukrainian regulatory and legal matters related to providing financial services in Ukraine.
  • Advised JCB International Co., Ltd. on full-range support for ongoing activity as an international payment system in Ukraine.
  • Advised BMW Bank GmbH on the regulatory framework in Ukraine when providing financing to importers.

LLC “Deloitte & Touche Ukrainian Services Company”

Practice head(s):

Dmytro Pavlenko

Key clients

Porsche Leasing LLC / Porsche Mobility LLC

Sojitz Auto Ukraine LLC

Work highlights

  • Advised Porsche Leasing Ukraine LLC / Porsche Mobility LLC on compliance with specific legislation of the National Bank of Ukraine for financial services providers and settled ongoing matters rapidly within the martial law regime.
  • Assisted Nova Poshta LLC with analysis regarding currency regulation and transactions with securities considering restrictions on transactions with securities and cross-border transfers of funds due to martial law.
  • Advised on the amendment of the car supply agreements of Sojitz Auto Ukraine LLC, including, brought the agreements in line with the requirements of the Client’s servicing bank and assisted in communicating with the servicing bank on this issue.

SDM Partners LLC

Practice head(s):

Serhiy Dzis; Dmytro Syrota