Ukraine

Ilyashev & Partners secured the first-ever application in Ukraine of definitive anti-dumping measures on imports of goods from Malaysia, due to the circumvention of anti-dumping duties previously imposed on products originating in the People’s Republic of China. Following the results of three special anti-dumping investigations initiated based on complaints filed by national producers, whose interests were represented by Ilyashev & Partners’ International Trade Practice team, the Interdepartmental Commission on International Trade (ICIT) on January 26, 2026, adopted decisions to impose definitive anti-dumping duties on imports into Ukraine of: silicon-manganese steel wire originating from Malaysia at a rate of 6%, corresponding to the duty rate applicable to products originating from China (based on the complaint of PlasmaTec LLC); flat-rolled products of carbon steel with coating originating from Malaysia at a rate of 14%, equal to the duty imposed on imports from China (based on the complaint of Module-Ukraine LLC); steel fasteners originating from Malaysia at a rate of 4%, corresponding to the anti-dumping measures currently applicable to products originating from China (based on the complaint of PrJSC Druzhkovka Hardware Plant).   The duration of the definitive anti-dumping duties applied to imports from Malaysia will be identical to the period established by the Commission’s decisions for anti-dumping imports from China.   The adopted decisions represent a logical continuation of the work initiated in April 2025, when Ilyashev & Partners initiated the first anti-dumping investigations in Ukraine concerning the circumvention of anti-dumping duties imposed on goods originating in the People’s Republic of China. At that time, the ICIT for the first time extended the application of anti-dumping measures to imports from Malaysia, thereby establishing a precedent and introducing a mechanism for depositing funds to ensure the payment of duties and VAT.   ICIT found that the effect of the anti-dumping measures imposed on imports from China was neutralized by supplies of identical products from Malaysia, which confirmed the existence of schemes aimed at circumventing trade restrictions through changes in the declared country of origin of the goods.   In all three cases, the ICIT also cancelled the interim mechanism requiring the payment of funds into a deposit account during the investigation period and decided to collect the previously deposited amounts of anti-dumping duties and the corresponding share of VAT to the State Budget of Ukraine.   The decisions on the application of anti-dumping measures will take effect 10 days after the relevant announcement is published in the official gazette Uryadovyi Kurier.   “We are grateful to the Commission for this step in support of Ukrainian manufacturers. The adopted decisions represent a logical continuation of the established practice of counteracting the circumvention of anti-dumping measures and have created an important precedent for protecting national producers from unfair trade practices,” said Olena Omelchenko, Partner, Head of International Trade Practice at Ilyashev & Partners.   The original anti-dumping investigations concerning imports into Ukraine from the People’s Republic of China of coated flat-rolled carbon steel products, steel fasteners, and silicon-manganese steel wire were conducted based on complaints prepared by Ilyashev & Partners’ team and became among the most extensive in Ukraine’s history in terms of import volumes and the number of parties concerned.   The projects were handled by Karine Altunian, Lawyer, under the supervision of Olena Omelchenko, Partner.                

Sayenko Kharenko has acted as Ukrainian legal counsel to the European Bank for Reconstruction and Development (EBRD) on providing a EUR 10 million loan to Winner Leasing, one of the top leasing firms in Ukraine. The loan will be used by Winner Leasing to provide critical medium-term financing for Ukrainian micro, small and medium-sized enterprises (MSMEs) as they continue to navigate the challenges posed by the ongoing war. The usage by MSMEs will include fleet investments such as cars and light commercial vehicles, as well as trucks, machinery and equipment. Additionally, at least 40 per cent of the loan proceeds will fund leases for green equipment, in line with the EBRD’s Green Economy Transition approach, including electric vehicles (EVs), EV charging infrastructure and hybrid technologies. Founded in 2016, Winner Leasing is among Ukraine’s leading providers of financial- and operating-lease services, with a wide range of clients across key sectors. The company is part of Winner Group Ukraine, an importer of major international automotive brands and a committed investor in Ukraine’s economic development. The EBRD is Ukraine’s largest institutional lender, having deployed more than EUR 8.5 billion in the real economy since Russia’s full-scale invasion in February 2022. EBRD has secured a EUR 4 billion capital increase to continue supporting the country’s economy during wartime and in its future reconstruction efforts. Sayenko Kharenko team included Igor Lozenko, Oles Trachuk and Artem Medvetskyi. https://sk.ua/sayenko-kharenko-advises-ebrd-on-a-eur-10-million-loan-to-winner-leasing/     Sayenko Kharenko – legal counsel for a unique reverse merger between Piraeus Bank S.A. and Piraeus Financial Holdings S.A. (December 2025) Sayenko Kharenko acted as Ukrainian legal counsel to the largest bank in Greece, Piraeus Bank, in a complex cross-border reverse merger transaction with its parent company, Piraeus Financial Holdings S.A. (PFH). The deal set a precedent for Ukraine’s banking sector and opened new opportunities for similar transactions. On 19 December 2025, Piraeus Bank became the universal successor to all rights, intangible assets, claims, and obligations of PFH, including its majority stake in JSC Piraeus Bank ICB (Piraeus Bank Ukraine). Three days later, the bank’s shares began trading on the Athens Stock Exchange under the new structure which supports the group’s updated strategic objectives. The key achievement was obtaining approval from the National Bank of Ukraine for the acquisition of significant shareholding in the Ukrainian bank – a decision that required a deep understanding of local regulatory specifics and international standards. The firm handled a broad range of legal, antitrust and regulatory matters, ensuring coordination between jurisdictions and interaction with regulators. With years of experience in complex banking transactions, the Sayenko Kharenko team understood the critical points of Ukrainian regulation, which proved decisive for the project’s success. “The reverse merger required sophisticated cross-border legal coordination and close engagement with regulators. Sayenko Kharenko’s professional support on Ukrainian legal and regulatory matters was essential to the successful completion of the transaction,” said Iryna Marushko, Head of Legal at Piraeus Bank Ukraine. The Sayenko Kharenko project team, coordinated by Tetiana Dyvak under the supervision of Oleksandr Nikolaichyk, included Volodymyr Sayenko, Igor Pomaz, and Marian Mokryk. https://sk.ua/sayenko-kharenko-legal-counsel-for-a-unique-reverse-merger-between-piraeus-bank-s-a-and-piraeus-financial-holdings-s-a/     Sayenko Kharenko advises IFC on landmark investment in Ukraine’s insurance sector (December 2025) Sayenko Kharenko is acting as Ukrainian legal counsel to International Finance Corporation (IFC) on its proposed equity investment of up to 20% in two Ukrainian insurance companies – Kniazha and USG, both of which form part of Vienna Insurance Group (VIG), a leading insurance group in Central and Eastern Europe. The investment is intended to unlock growth, strengthen resilience, and support Ukraine’s path to recovery and reconstruction, recognising the important role that non‑life insurers can play in supporting the country’s economy and reconstruction. The initiative will leverage the distinct market reach of Kniazha and USG to expand access to insurance products across the country. Kniazha’s well-established presence in Western regions and rural areas and USG’s extensive operations in major cities will contribute to broad nationwide coverage. “We are honoured to support IFC on this impactful investment, which underscores IFC’s leadership in backing Ukraine’s private sector at a pivotal moment” said Igor Lozenko, partner at Sayenko Kharenko. “Despite the challenging environment, Ukraine continues to attract long-term strategic capital that strengthens resilience and accelerates recovery.” IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. Since February 2022, IFC has delivered USD 2.7 billion to support Ukraine’s private sector, including over USD 1 billion in mobilised financing, as part of its Economic Resilience Action (ERA) Program for Ukraine. Through the program, IFC assists the Ukrainian private sector following the full-scale invasion by providing financing, with select projects receiving risk-mitigation support from multiple development partners. Sayenko Kharenko’s cross-practice team advising on the transaction included Igor Lozenko, Oleksandr Nikolaichyk, Maksym Nazarenko, Mykhailo Grynyshyn, Igor Pomaz, Oles Trachuk, Nazarii Pylypchuk, Tetiana Dyvak and Dmytro Zaiachkivskyi. Hunton Andrews Kurth (UK) LLP is advising IFC as lead international legal counsel. The Hunton team is led by partner James Comyn. https://sk.ua/sayenko-kharenko-advises-ifc-on-landmark-investment-in-ukraine-s-insurance-sector/     Sayenko Kharenko advises EBRD on EUR 20 million financing for green transport upgrade in the city of Cherkasy (December 2025) Sayenko Kharenko acted as Ukrainian legal counsel to the European Bank for Reconstruction and Development (EBRD) on providing a EUR 20 million financing package to enable the procurement of modern trolleybuses and the upgrade of related infrastructure in the city of Cherkasy. The financing includes EUR 16 million loan and a grant of up to EUR 4 million, both of which will be provided to Cherkasyelektrotrans, the municipal public transport operator in Cherkasy. EBRD’s loan is fully guaranteed by the city of Cherkasy and benefits from partial risk coverage under the European Union’s Ukraine Investment Framework Municipal Infrastructure and Industrial Resilience Programme (UIF MIIR), while the grant will be provided from the EBRD Shareholder Special Fund. The project is part of the EBRD’s Resilience and Livelihoods Framework, aimed at safeguarding essential municipal services during wartime. It will improve mobility for residents, including internally displaced people, and significantly reduce polluting emissions, contributing to better air quality. Aligned with the Paris Agreement’s mitigation and adaptation goals, the project is classified as 100% green finance. In addition to its environmental benefits, the project also promotes inclusion by increasing accessibility for passengers with limited mobility and supporting gender equality through a partnership with UN Women’s She Drives programme, which will train and certify women and youth as trolleybus drivers. EBRD is the largest international financial investor in Ukraine. EBRD has substantially increased its investments in Ukraine since the beginning of the full-scale war in 2022, deploying more than EUR 8.5 billion to support energy security, vital infrastructure, food security, trade and the private sector. Sayenko Kharenko team working on the transaction included Igor Lozenko and Oles Trachuk. https://sk.ua/sayenko-kharenko-advises-ebrd-on-eur-20-million-financing-for-green-transport-upgrade-in-the-city-of-cherkasy/     Sayenko Kharenko secures reduced anti-dumping duty rate for Metinvest in the US (December 2025) Sayenko Kharenko’s international trade team, in collaboration with Appleton Luff (Washington, D.C.), successfully represented Metinvest Trametal SpA and Ferriera Valsider S.p.A. (Metinvest) in an administrative review of anti-dumping duties applied by the US. Following the review, the anti-dumping duty rate for Metinvest’s companies was reduced from 6.08% to 5.51%. This applies to imports of certain carbon and alloy steel cut-to-length plate from Italy to the US. In a strategic partnership with Appleton Luff, the firm provided comprehensive legal support across all phases of the review, including strategic guidance on questionnaire submissions to the US Department of Commerce and a critical analysis of dumping margin calculations. Notably, non-participation in the review or the incorrect and/or incomplete submission of questionnaires by the companies could have resulted in the application of the 130% anti-dumping duty rate originally alleged by the petitioners. Sayenko Kharenko’s team working on the case included Anzhela Makhinova, Oleksandra Sandul, and Maksym Mykytiuk. https://sk.ua/sayenko-kharenko-secures-reduced-anti-dumping-duty-rate-for-metinvest-in-the-us/     Sayenko Kharenko advises PortfoLion Capital Partners on the EUR 30 million investment in GymBeam (November 2025) Sayenko Kharenko has acted as Ukrainian legal counsel to PortfoLion Capital Partners on its co-investment with the European Bank for Reconstruction and Development (EBRD) in GymBeam, one of the fastest-growing fitness and healthy nutrition companies in Europe. GymBeam operates across several European markets as a leading player in the fitness and sports nutrition sector. PortfoLion Capital Partners is a CEE-focused venture capital and growth equity firm managing over EUR 450 million in assets. The investment will support GymBeam’s continued expansion, strengthen its distribution infrastructure and implement advanced automation solutions. Sayenko Kharenko team worked closely with Havel & Partners, the lead legal counsel to PortfoLion Capital Partners and included Oleksandr Nikolaichyk, Dmytro Zaiachkivskyi, and Denys Ratynskyi. https://sk.ua/sayenko-kharenko-advises-portfolion-capital-partners-on-the-eur-30-million-investment-in-gymbeam/     Sayenko Kharenko advises EBRD on EUR 11 million secured financing to KMW to support the construction of the new beverage plant (November 2025) Sayenko Kharenko acted as Ukrainian legal counsel to the European Bank for Reconstruction and Development (“EBRD”) in connection with EUR 11 million long-term secured loan provided to Karpaty Mineral Waters (“KMW”), one of Ukraine’s leading producers of mineral water, soft drinks and energy drinks. The financing will fund the construction and commissioning of a new greenfield beverage plant in the Lviv region. The new facility will nearly double KMW’s annual production capacity, supporting growing demand for bottled mineral water across Ukraine and thereby strengthening food and beverage security in communities affected by the war. The plant will use modern equipment supplied by a German manufacturer, significantly improving resource efficiency and reducing the KMW’s environmental footprint, thereby avoiding an estimated 2,477 tonnes of CO₂ emissions per year. In addition to environmental benefits, the project includes a strong social dimension. About 80 new jobs will be created, with at least half reserved for war veterans and people with disabilities. KMW also plans training programmes for veterans and will contribute to the establishment of a rehabilitation centre in cooperation with local institutions. The EBRD’s investment is supported by partial first-loss risk cover from the European Union’s Ukraine Investment Framework, which helps to mitigate the financing risk. “We are proud to have advised EBRD on this impactful financing. This project strengthens the country’s food and beverage security while advancing sustainability and social inclusion” said Igor Lozenko, Partner at Sayenko Kharenko. EBRD is Ukraine’s largest institutional lender, having deployed EUR 8.5 billion in the real economy since Russia’s full-scale invasion in February 2022. EBRD has secured a EUR 4 billion capital increase to continue supporting the country’s economy during wartime and in its future reconstruction efforts. Sayenko Kharenko team has been led by Partner Igor Lozenko and included Senior Associates Vladyslava Mitsai, Oles Trachuk, Associate Yevgen Koval and Junior Associate Artem Medvetskyi. https://sk.ua/sayenko-kharenko-advises-ebrd-on-eur-11-million-secured-financing-to-kmw-to-support-the-construction-of-the-new-beverage-plant/     Sayenko Kharenko advises Denmark’s EIFO on inaugural financing under new defence investment guarantee scheme (October 2025) Sayenko Kharenko has acted as Ukrainian legal counsel to Export and Investment Fund of Denmark (EIFO), Denmark’s official export and investment fund, on the inaugural financing transaction under its investment guarantee scheme for the defence industry in Ukraine, launched in 2025. The transaction facilitates an investment by a Danish company into a Ukrainian business operating in the critical sector of defence and electronic warfare. This landmark transaction is the first to be implemented under the DKK 1 billion guarantee scheme established by the Danish government. The programme is a strategic initiative designed to de-risk and incentivise private sector investment into Ukraine’s defence capabilities. By offering a state-backed guarantee that can cover up to 70% of an investment’s value, EIFO is creating a viable commercial pathway for Danish technology and capital to integrate with Ukraine’s defence innovation and manufacturing. Danish companies can also apply for a direct loan from EIFO to finance the guaranteed portion of their equity investment, further lowering the barrier to entry. The scheme is open to Danish companies making equity investments of at least DKK 1,000,000 for a minimum 10% stake in a Ukrainian partner. Eligible investments must be directed towards Ukrainian companies with substantial in-country economic activity. The guarantee is designed to finance activities across the full defence lifecycle from R&D and advanced technology production to maintenance, logistics and infrastructure support. “We are immensely grateful to EIFO and the people of Denmark for their visionary and practical support for Ukraine’s defence industry,” commented Anton Korobeynikov, partner at Sayenko Kharenko. “It was an honour to advise on the pioneering transaction that activates the investment guarantee scheme. By mitigating investment risk, this programme creates a meaningful stimulus for Danish companies to invest in Ukrainian innovation on the ground.” https://sk.ua/sayenko-kharenko-advises-denmark-s-eifo-on-inaugural-financing-under-new-defence-investment-guarantee-scheme/     Sayenko Kharenko has secured lifting of the freezing order in respect of Gulliver Business Centre – one of Ukraine’s major multifunictional complexes (October 2025) Sayenko Kharenko’s White Collar Criminal Defence practice has successfully lifted a criminal asset freezing order in respect of the Gulliver complex, one of Ukraine’s major commercial properties. The court also overturned a court ruling on transferring the business centre to Ukraine’s Asset Recovery and Management Agency (ARMA). The freezing order was imposed in the course of criminal proceedings against the property’s former owners. Sayenko Kharenko acted as legal counsel to JSC Oschadbank, one of Ukraine’s largest state-owned banks. The Gulliver complex occupies a prime location in central Kyiv and includes two Class A office towers. Its tallest tower extends 141 meters skyward across 33 levels, making it one of Ukraine’s most prominent high-rises. The 157,400-square-meter property combines corporate offices with flagship retail brands and entertainment destinations. Sayenko Kharenko’s White Collar Criminal Defence team working on the project included partner Sergiy Smirnov, counsel Zlata Symonenko, senior associate Bogdan Golovko and associate Mykhailo Novytskyi. https://sk.ua/sayenko-kharenko-has-secured-lifting-of-the-freezing-order-in-respect-of-gulliver-business-centre-one-of-ukraine-s-major-multifunictional-complexes/     Sayenko Kharenko advises IFC on EUR 100 million risk-sharing facility for PrivatBank (October 2025) Sayenko Kharenko acted as Ukrainian legal counsel to the International Finance Corporation (IFC) on the new risk-sharing facility for PrivatBank, Ukraine’s largest bank. IFC will share half the risk on an aggregate portfolio of EUR 100 million to expand financing for micro, small, and medium enterprises (MSMEs). The instrument will boost lending across various sectors, including agribusiness, manufacturing, and logistics, with a focus on women-owned businesses, to support jobs and economic recovery. The facility is complemented by a performance-based incentive to increase lending to women-owned MSMEs, which are expected to make up about 35 per cent of the portfolio. IFC’s participation in this facility and the performance-based incentive are supported by France and the Netherlands through IFC’s Economic Resilience Action (ERA) Program for Ukraine. IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. In fiscal year 2025, IFC committed a record USD 71.7 billion to private companies and financial institutions in developing countries. Sayenko Kharenko’s team included Igor Lozenko and Oles Trachuk. https://sk.ua/sayenko-kharenko-advises-ifc-on-eur-100-million-risk-sharing-facility-for-privatbank/     Sayenko Kharenko advises ICDD on acquisition of SCC “Structure-Properties” (September 2025) Sayenko Kharenko has acted as legal counsel to the International Centre for Diffraction Data (ICDD), a non-profit scientific organisation dedicated to collecting, editing, publishing, and distributing powder diffraction data for the identification of materials, on the acquisition of SCC “Structure-Properties”, a Lviv-based company that has been working on collecting powder diffraction data for more than 30 years. The transaction was completed in August 2025. Sayenko Kharenko provided comprehensive buy-side legal support, including legal due and tax diligence, drafting and negotiating the transaction documents, as well as signing and closing assistance. “On behalf of ICDD, I express my appreciation and gratitude to Sayenko Kharenko for their legal support throughout the transaction. Their commitment to ensuring that every part of the deal was executed efficiently and effectively contributed significantly to the timely and successful completion of this transaction,” comments Thomas Blanton, Executive Director of ICDD. Sayenko Kharenko’s transactional team was led by counsel Mykhailo Grynyshyn and included associate Marian Mokryk and junior associate Vladyslav Novitskyi, with assistance from associate Vladyslava Burbeza on tax matters and associate Ihor Korohod on IP matters. Sayenko Kharenko worked closely with ICDD’s USA counsel, Faegre Drinker Biddle & Reath LLP, led by Walter Mostek and Sabra Drummond. https://sk.ua/sayenko-kharenko-advises-icdd-on-acquisition-of-scc-structure-properties/     Sayenko Kharenko advises JPMorgan Chase Bank on Ukrainian security for USD 90 million facility to a subsidiary of Redwire Corporation (September 2025) Sayenko Kharenko acted as Ukrainian legal counsel to JPMorgan Chase Bank as administrative agent and collateral agent, advising on Ukrainian security for a USD 90 million term loan facility. The facility was provided to Edge Autonomy Intermediate II Holdings, LLC, an indirect subsidiary of Redwire Corporation that serves as the borrower for the Edge Autonomy business within the Redwire group. The financing was arranged to support the acquisition of Edge Autonomy, a leading provider of autonomous systems, by Redwire Corporation, a global leader in space infrastructure. The total value of the acquisition amounted to approximately USD 925 million. The financing formed part of a broader package used to fund the acquisition of Edge Autonomy supporting Redwire Corporation’s strategy to build a scaled, profitable space and defence technology business focused on integrated autonomous operations for defence and national security. This strategic acquisition transforms Redwire into a global leader in multi-domain autonomous technology, combining its expertise in space platforms with Edge Autonomy’s portfolio of combat-proven uncrewed airborne systems. The merger creates a comprehensive provider of solutions for integrated, AI-enabled operations critical for the modern defence and national security sectors. Edge Autonomy is a leading provider of uncrewed airborne systems, advanced optics and resilient energy solutions to the US Department of Defense, US Federal Civilian Agencies, allied governments, academic institutions and commercial entities around the world. Redwire is an integrated aerospace and defence company focused on advanced technologies and committed to delivering innovative space and airborne platforms transforming the future of multi-domain operations. Sayenko Kharenko’s team was led by Anton Korobeynikov and included Vladyslava Mitsai and Danylo Dashko. https://sk.ua/sayenko-kharenko-advises-jpmorgan-chase-bank-on-ukrainian-security-for-usd-90-million-facility-to-a-subsidiary-of-redwire-corporation/     Sayenko Kharenko advises IFC on EUR 50 million risk-sharing facility for OTP Leasing (August 2025) Sayenko Kharenko acted as Ukrainian legal counsel to the International Finance Corporation (IFC) on the new risk-sharing facility for OTP Leasing, a leading leasing company in Ukraine. IFC will share half the risk on an aggregate portfolio of EUR 50 million to be extended to fund sectors such as agriculture, manufacturing, trade, energy, and logistics, focusing on sustainable energy solutions that enhance Ukraine’s energy resilience. The risk-sharing facility will support OTP Leasing in extending new leases, particularly to underserved small and medium enterprises (SMEs) and larger companies (midcaps) that prioritize small-scale renewable energy generation and energy-efficient, sustainable projects, in particular climate-smart agriculture and green vehicles. As part of the project, a 10 percent capital expenditure buydown mechanism will incentivize lessees to choose sustainable solutions over more polluting alternatives. IFC’s participation in the RSF and the capital expenditure buydown mechanism are supported through IFC’s Economic Resilience Action (ERA) Program for Ukraine, which includes a contribution from the United Kingdom’s Foreign, Commonwealth & Development Office. IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. In fiscal year 2025, IFC committed a record USD 71 billion to private companies and financial institutions in developing countries. Sayenko Kharenko’s team was led by Igor Lozenko and included Oles Trachuk and Danylo Dashko. https://sk.ua/sayenko-kharenko-advises-ifc-on-eur-50-million-risk-sharing-facility-for-otp-leasing/     First Ukrainian Company on NASDAQ: Sayenko Kharenko Advises on Landmark Kyivstar Listing (August 2025) Sayenko Kharenko is proud to have acted as sole Ukrainian legal advisor to the Kyivstar Group in the business combination with Cohen Circle Acquisition Corp. I, leading to the historic listing of the Kyivstar Group on the NASDAQ Stock Market in the United States. This transaction marks the first-ever listing of a Ukrainian company on NASDAQ and the first SPAC deal involving a Ukrainian asset. Kyivstar’s debut on NASDAQ brings Ukraine’s leading telecommunications and digital services provider to the world’s premier exchange for technology companies – a milestone for Ukraine’s corporate and capital markets. Sayenko Kharenko team provided full Ukrainian legal support for this historic deal, helping bring Ukraine’s telecommunications leader to the global stage. Notes to Editors For the past 20 years, Sayenko Kharenko has been No. 1 by number of international capital markets deals by Ukrainian issuers. The firm has pioneered numerous market-first structures that have become the benchmark for Ukrainian transactions. Sayenko Kharenko has advised on deals bringing more than USD 130 billion of international financing to Ukraine, acting for top global banks, international financial institutions, Western governments and Ukrainian borrowers and issuers. https://sk.ua/first-ukrainian-company-on-nasdaq-sayenko-kharenko-advises-on-landmark-kyivstar-listing/     Sayenko Kharenko advises IFC on EUR 100 million risk-sharing facility for Credit Agricole Ukraine (August 2025) Sayenko Kharenko acted as Ukrainian legal counsel to the International Finance Corporation (IFC) on the new risk-sharing facility for Credit Agricole, one of the largest privately-owned banks in Ukraine. IFC will share half the risk on an aggregate portfolio of EUR 100 million to be used to expand lending to mid-sized and larger corporates (midcaps) across various sectors such as agribusiness, manufacturing, energy, and logistics and support Ukraine’s energy security. Approximately thirty percent of the financing is expected to finance small-scale renewable energy generation, climate smart agriculture and energy efficiency projects. The initiative is supported by contributions from the Government of France and the United Kingdom’s Foreign, Commonwealth & Development Office, and is part of IFC’s Economic Resilience Action (ERA) Program for Ukraine, which aims to enable over USD 1 billion in financing for smaller businesses and midcaps and to support employment. IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. In fiscal year 2025, IFC committed a record USD 71 billion to private companies and financial institutions in developing countries. Sayenko Kharenko’s team was led by Igor Lozenko and included Oles Trachuk and Danylo Dashko. https://sk.ua/sayenko-kharenko-advises-ifc-on-eur-100-million-risk-sharing-facility-for-credit-agricole-ukraine/     ICSID Tribunal Discontinues USD 947 Million Investor-State Claim Against Ukraine in Gilward v. Ukraine (August 2025) Sayenko Kharenko is pleased to share a favourable outcome for Ukraine in the ICSID arbitration Gilward Investments B.V. v. Ukraine (ICSID Case No. ARB/15/17), where our team acted as legal counsel to the State of Ukraine working alongside the Ministry of Justice of Ukraine and international law firm Latham & Watkins LLP. The arbitration was brought by Gilward Investments B.V., a Netherlands-based entity ultimately controlled by a Ukrainian-Israeli oligarch and a Russian-Ukrainian businessman. Claimant was the shareholder in PrJSC “Aerosvit Airlines” (Aerovsit), which was once Ukraine’s largest commercial airlines before 2013. The dispute arose from the Claimant’s claim that Ukraine’s actions led to the collapse of Aerosvit resulting in USD 947 million in damages and interest (increased by the Claimant in late 2024 from the original claim of approximately USD 700 million). The Claimant alleged various violations such as denial of access to international flight routes, preferential treatment of competing airlines, expropriation of land, delays in VAT refunds and state interference in bankruptcy proceedings in respect of Aerosvit. In March 2024, Ukraine submitted a comprehensive defence supported by extensive fact and expert evidence demonstrating that the Aerosvit’s bankruptcy was driven by internal mismanagement and financial misconduct and not from any unlawful conduct by the State. By late 2024, the Claimant had not substantively addressed many elements of Ukraine’s defence on the merits. Following repeated procedural delays and the Claimant’s failure to pay advance on costs, the Tribunal first stayed the proceedings in January 2025 and then discontinued the case on 6 August 2025 pursuant to ICSID Administrative and Financial Regulation 14(3)(d). This has concluded a decade-long arbitration against Ukraine initiated in 2015. This outcome reinforces the strength of Ukraine’s legal position and marks a significant victory in defending the State against unsupported investment treaty claims. We are proud to have supported the Ministry of Justice of Ukraine and Latham & Watkins in achieving this result for Ukraine and are grateful for the effective cooperation. Sayenko Kharenko team was led by partner Olexander Droug and included special advisor Tatyana Slipachuk, senior associates Alina Bahan and Vladyslav Bandrovsky, and associates Katalina Shkuro, Maksym Melnyk and Henrietta Yaitska. https://sk.ua/icsid-tribunal-discontinues-usd-947-million-investor-state-claim-against-ukraine-in-gilward-v-ukraine/     Sayenko Kharenko advises EBRD on a EUR 30 million risk-sharing facility for UKRSIBBANK to unlock new financing for Ukrainian businesses and households (July 2025) Sayenko Kharenko has acted as Ukrainian legal counsel to the European Bank for Reconstruction and Development (EBRD) on providing a new unfunded portfolio risk-sharing facility to UKRSIBBANK. EBRD’s facility will cover up to 50 per cent of UKRSIBBANK’s credit risk on EUR 30 million of new subloans. The subloans will be provided by UKRSIBBANK to borrowers in critical industries of Ukraine such as agribusiness, manufacturing, pharmaceuticals, transport and logistics, as well as residential borrowers who are looking to implement energy security projects. The EBRD’s facility will be backed by first-loss risk cover funded by France and the European Union (under the EU’s Ukraine Investment Framework). Additionally: Up to 20 per cent of total subloans will support the financing of long-term capital investments by micro, small and medium-sized enterprises, helping them to upgrade their technology and equipment in line with European Union (EU) standards under the EU4Business-EBRD Credit Line. Eligible subborrowers will also receive EU-funded technical assistance and grant support funded by the EBRD’s Crisis Response Special Fund. Up to 10 per cent of total subloans will be granted to residential subborrowers (households and housing associations) to finance energy generation, energy storage and energy efficiency investments under the EBRD’s Energy Security Support Facility. At least 70 per cent of subloans will finance projects supporting the transition to a green economy. Residential subborrowers will receive technical assistance with the structuring and implementation of their energy investments. Grant support for eligible subborrowers will cover up to 20 per cent of their investment costs and will be funded by Canada through the High-Impact Partnership on Climate Action. Subborrowers whose assets have been destroyed, lost or relocated due to the war will be supported by additional investment incentives, as will subborrowers who are engaged in reintegrating veterans into the workforce. EBRD is the largest institutional investor in Ukraine, with cumulative investment of more than EUR 22 billion across more than 600 projects. Since the start of Russia’s full-scale invasion, EBRD has deployed more than EUR 7 billion in Ukraine’s real economy. Sayenko Kharenko team included Igor Lozenko, Oles Trachuk, Artem Medvetskyi, and Mykola Suprunovych. https://sk.ua/sayenko-kharenko-advises-ebrd-on-a-eur-30-million-risk-sharing-facility-for-ukrsibbank-to-unlock-new-financing-for-ukrainian-businesses-and-households/     Sayenko Kharenko secured the successful recovery of the Gulliver multifunctional complex in favour of state-owned banks (July 2025) Sayenko Kharenko represented Oschadbank (the coordinating bank of a consortium of state-owned banks) in a comprehensive debt enforcement strategy that resulted in state-owned banks acquiring ownership of BFC Gulliver, one of the largest commercial properties in central Kyiv. Within the project, the most effective enforcement scenario was implemented, and a comprehensive response to any attempts by the debtor to block the enforcement procedure was provided: comprehensive protection of the bank’s interests was ensured in the preventive restructuring procedure initiated by the debtor in response to the commencement of enforcement proceedings; initiation of fictitious court proceedings and application of prohibitions aimed at preventing the acquisition of BFC Gulliver by companies affiliated with the debtor were identified and prevented; the debtor’s unlawful registration actions in the state register were effectively challenged before the Ministry of Justice’s Board for the Consideration of Complaints in the Field of State Registration, as a result of which the respective entries were cancelled. The strategy developed took into account the consortium nature of the financing, the complex collateral structure, including guarantees under English law, the specific features of the legislation on financial restructuring, the seizure and management of assets by ARMA (Asset Recovery and Management Agency), as well as the sanction status of one of the debtor’s indirect owners. All these factors were analysed and integrated into a comprehensive legal response model, which enabled the transfer of ownership rights to the property to the banks to be completed. Serhii Naumov, Chairman of the Management Board of Oschadbank, said: “The successful implementation of a project of this scale in just a few months is an outstanding achievement. We are grateful to Sayenko Kharenko for effectively protecting the bank’s interests at every stage, which has led to a result that sets an important precedent for the entire banking system of Ukraine. According to our calculations, this will bring billions of hryvnias to the state budget, which can be used to strengthen the country’s defence capabilities and enable the bank to increase its financing of the economy, in particular the defence industry. We will continue to work to recover the entire outstanding debt as part of our overall recovery strategy”. Olena Sukmanova, partner of Sayenko Kharenko Dispute Resolution Practice, comments: “Protecting state-owned banks’ assets is not only a legal task but also a contribution to the country’s financial stability. We are proud that Sayenko Kharenko is part of this project”. Oleksiy Koltok, partner of Sayenko Kharenko Dispute Resolution Practice, comments: “This was a case where none of the debtor’s steps went without a response, and all of its moves were anticipated. Working as a team with the banks allowed us to keep the situation under control and achieve the desired result”. Oschadbank is one of Ukraine’s largest state-owned banks, playing a key role in the country’s financial stability, defence capabilities and economic development. Founded in 1991, the bank operates over 1,100 branches across Ukraine and provides a wide range of services to individuals, businesses and government agencies. Sayenko Kharenko litigation team working on the project included partners Oleksiy Koltok and Olena Sukmanova, counsel Sergiy Protyven, senior associates Dmytro Shahirmanov and Zhanna Zayets, associate Anastasiia Marushchak and paralegal Olesia Teklishyn. https://sk.ua/sayenko-kharenko-secured-the-successful-recovery-of-the-gulliver-multifunctional-complex-in-favour-of-state-owned-banks/     Sayenko Kharenko advises Deutsche Bank on EUR 23.6 million Finnvera-backed facility to Metinvest’s Northern Iron Ore Enrichment Works (July 2025) Sayenko Kharenko acted as Ukrainian legal counsel to Deutsche Bank AG, one of the world’s leading financial institutions, in connection with a EUR 23.6 million term loan facility to Private Joint-Stock Company “Northern Iron Ore Enrichment Works”, a leading mining and processing Ukrainian enterprise that is a part of Metinvest Group. The facility is backed by a buyer credit guarantee from Finnvera, the official export credit agency of Finland. The loan proceeds will be used for the construction and operation of a beneficiation waste thickening facility in Ukraine. The project will contribute to reducing the environmental burden by decreasing energy consumption and conserving fresh water, while also lowering the company’s operational costs. “We are grateful to Deutsche Bank, Finnvera, and Metinvest for the opportunity to support this important financing. It makes a significant contribution to the implementation of this technological project by Metinvest and to strengthening Ukraine’s mining industry,” said Anton Korobeynikov, partner at Sayenko Kharenko. Sayenko Kharenko team included Anton Korobeynikov, Vladyslava Mitsai. https://sk.ua/sayenko-kharenko-advises-deutsche-bank-on-eur-23-6-million-finnvera-backed-facility-to-metinvest-s-northern-iron-ore-enrichment-works/     Sayenko Kharenko advises on the GBP 1.7 billion UKEF-guaranteed defence loan to Ukraine (July 2025) Sayenko Kharenko acted as Ukrainian legal counsel to the lender, agent, arranger and UK Export Finance (UKEF) in connection with a GBP 1.7 billion export loan provided to Ukraine under UKEF’s guarantee. The 19-year financing, announced at the Ukraine Recovery Conference in Rome, will enable the procurement of more than 5,000 air defence missiles from British company Thales. This transaction marks the largest export credit agency-backed deal in Ukraine to date and a key milestone in the UK-Ukraine defence cooperation. “We are honoured to have supported the UK and Ukraine in structuring this landmark facility. It not only paves the way for the delivery of critical air defence systems, but also underscores the strategic partnership between our countries in safeguarding Ukraine’s sovereignty,” commented Anton Korobeynikov, partner at Sayenko Kharenko. Sayenko Kharenko’s team included Anton Korobeynikov, Oles Trachuk, and Artem Medvetskyi. https://sk.ua/sayenko-kharenko-advises-on-the-gbp-1-7-billion-ukef-guaranteed-defence-loan-to-ukraine/     Sayenko Kharenko advises the EFSE on EUR 10 million financing to ProCredit Bank to support Ukrainian MSMEs (July 2025) Sayenko Kharenko has acted as Ukrainian legal counsel to the European Fund for Southeast Europe (EFSE) on providing, through its Ukraine Sub-Fund (USF), the loan of EUR 10 million equivalent in Ukrainian hryvnia to ProCredit Bank. The aim of the provided financing is to strengthen access to finance for micro, small, and medium-sized enterprises (MSMEs), particularly, agricultural producers and businesses focused on making long-term investments into modernization and resilience. Additionally, the loan is complemented by dedicated grants for eligible end-borrowers under the EFSE USF financing-linked grants program. These grants are designed to secure business continuity and lower access barriers for businesses affected by the war, including those facing collateral constraints. EFSE is an impact investment fund to drive economic development and prosperity in Southeast Europe and the Caucasus. Through its two sub-funds—the Regional Sub-Fund (RSF) and the Ukraine Sub-Fund (USF)—EFSE provides tailored financial solutions to foster entrepreneurship, strengthen financial inclusion, and support local economies. ProCredit Bank is part of the international ProCredit group, headquartered in Frankfurt am Main, Germany. As a specialised bank focused on small and medium-sized enterprises (SMEs), ProCredit Bank offers a wide range of banking services, combining high-quality customer service with deep expertise in SME financing. Sayenko Kharenko’s team included Igor Lozenko, Oles Trachuk and Mykola Suprunovych. https://sk.ua/sayenko-kharenko-advises-the-efse-on-eur-10-million-financing-to-procredit-bank-to-support-ukrainian-msmes/     Sayenko Kharenko successfully represented the greenhouse industry in the anti-dumping investigation related to imports into Ukraine of fresh cucumbers and fresh tomatoes originating in the Republic of Turkey (July 2025) Sayenko Kharenko has successfully represented PJSC “Zmiivska Vegetable Factory”, PJSC “Teplychnyi Plant”, LLC “Stanyshivka Vegetable Plant”, LLC ”Perspektyva“, LLC ”Dniprovskyi Greenhouse Plant”, Uman Greenhouse Plant (domestic producer, initiator of the anti-dumping measures) in the framework of the anti-dumping investigation related to imports into Ukraine of fresh cucumbers and fresh tomatoes originating from the Republic of Turkey. Sayenko Kharenko’s services included full support of the investigation, including drafting an application to initiate the investigation, preparing responses to questionnaires, participating in hearings, preparing various comments, etc. Based on the results of the investigation, anti-dumping measures in the amount of 22.8% were imposed on imports of fresh cucumbers originating in the Republic of Turkey and 26.9% on imports of fresh tomatoes originating in the Republic of Turkey. This investigation is unique for Ukraine, as it is the first time that so many unrelated producers have initiated an investigation, which has significantly complicated the procedure for collecting the necessary evidence. In addition, this investigation will serve as a precedent for further investigations by industries represented by many small producers. The results of this investigation confirmed that it is possible for such industries to successfully initiate investigations and apply anti-dumping measures. Also, the investigation was conducted with respect to two separate products: cucumbers and tomatoes, i.e., in fact, it was two investigations within one. Sayenko Kharenko’s team working on the project included Maksym Mykytiuk and Oleksandra Sandul, led by Anzhela Makhinova. https://sk.ua/sayenko-kharenko-successfully-represented-the-greenhouse-industry-in-the-anti-dumping-investigation-related-to-imports-into-ukraine-of-fresh-cucumbers-and-fresh-tomatoes-originating-in-the-republic-of/     Sayenko Kharenko advises EBRD on EUR 10 million loan financing to the city of Lviv (June 2025) Sayenko Kharenko has acted as Ukrainian legal counsel to the European Bank for Reconstruction and Development (EBRD) on providing a EUR 10 million loan to the city of Lviv to ensure the provision of vital municipal services and mitigate the effects of the ongoing war. The loan is extended by EBRD under a 25 per cent first loss risk cover provided by the European Union under its Municipal, Infrastructure and Industrial Resilience Programme (which was established as part of its Ukraine Investment Framework) to address war-related risks. The EBRD’s loan will provide liquidity to key municipal operators such as transport company Lvivelectrotrans, waste management operator Zelene Misto and water operator Lvivvodokanal. The emergency funds will support those municipal operators by helping to address their critical liquidity needs, helping to ensure the uninterrupted provision of essential public services. Lviv is the seventh largest city in Ukraine and the largest in the west of the country. The number of people living in Lviv and in the wider Lviv agglomeration has increased recently, since Lviv is a natural destination for internally displaced people due to its location and its role as a major educational and economic centre. EBRD is Ukraine’s largest institutional lender. It has significantly increased its lending to the country in recent years, making more than EUR 7 billion available since February 2022. It has also secured agreement from its shareholders for a capital increase of EUR 4 billion in order to continue lending at this level in wartime and increase its financing further when the time comes for reconstruction. Sayenko Kharenko’s team included Igor Lozenko, Oles Trachuk, and Mykola Suprunovych. https://sk.ua/sayenko-kharenko-advises-ebrd-on-eur-10-million-loan-financing-to-the-city-of-lviv/     Sayenko Kharenko advises the EFSE on EUR 20 million financing to Ukrgasbank to support Ukrainian MSMEs (June 2025) Sayenko Kharenko has acted as Ukrainian legal counsel to the European Fund for Southeast Europe (EFSE) on providing, through its Ukraine Sub-Fund (USF), the loan of EUR 20 million equivalent in Ukrainian hryvnia to Ukrgasbank. The financing aims to expand access to local currency finance, particularly in regions most affected by the Russian aggression and among socially disadvantaged groups such as women and veteran entrepreneurs. Additionally, the loan will be complemented by a dedicated grant program for micro, small, and medium-sized enterprises (MSMEs) end-borrowers. The two instruments are designed to strengthen the viability and resilience of MSMEs amid heightened risks and unprecedented uncertainties, supporting both urgent business needs and long-term recovery and growth. EFSE is an impact investment fund to drive economic development and prosperity in Southeast Europe and the Caucasus. Through its two sub-funds—the Regional Sub-Fund (RSF) and the Ukraine Sub-Fund (USF)—EFSE provides tailored financial solutions to foster entrepreneurship, strengthen financial inclusion, and support local economies. Ukrgasbank is one of Ukraine’s leading state-owned banks, operating across all business segments with a strong focus on sustainable finance. As a frontrunner in sustainable banking, Ukrgasbank actively supports initiatives related to energy efficiency, clean energy, and environmentally responsible business practices. Sayenko Kharenko’s team included Igor Lozenko, Oles Trachuk and Mykola Suprunovych. https://sk.ua/sayenko-kharenko-advises-the-efse-on-eur-20-million-financing-to-ukrgasbank-to-support-ukrainian-msmes/     Sayenko Kharenko advised the ad hoc committee of noteholders on DTEK Energy’s Eurobonds consent solicitation (June 2025) Sayenko Kharenko advised the ad hoc committee of noteholders on DTEK Energy’s consent solicitation relating to its Senior Secured PIK Toggle Eurobonds. Sayenko Kharenko’s team advised the ad hoc group on Ukrainian legal and regulatory aspects of the transaction. Sayenko Kharenko’s team included Igor Lozenko and Oles Trachuk. https://sk.ua/strong-sayenko-kharenko-advised-the-ad-hoc-committee-of-noteholders-on-dtek-energy-s-eurobonds-consent-solicitation-strong/     Sayenko Kharenko advises the EFSE on EUR 15 million financing to Bank Lviv to support MSMEs in Ukraine (June 2025) Sayenko Kharenko has acted as Ukrainian legal counsel to the European Fund for Southeast Europe (EFSE) on providing, through its Ukraine Sub-Fund (USF), the loan of EUR 15 million equivalent in Ukrainian hryvnia to Bank Lviv. The loans are dedicated to supporting the resilience and competitiveness of micro, small, and medium-sized enterprises (MSMEs) and contributing to the inclusive recovery. Additionally, the financing will be complemented by dedicated grants designed to ease access to finance for war-affected MSMEs, including newly established and relocated businesses. These grants address the lack of collateral and ongoing market distortions, and strengthen MSME viability and business continuity amid heightened risk exposure and unpredictability. EFSE is an impact investment fund to drive economic development and prosperity in Southeast Europe and the Caucasus. Through its two sub-funds—the Regional Sub-Fund (RSF) and the Ukraine Sub-Fund (USF)—EFSE provides tailored financial solutions to foster entrepreneurship, strengthen financial inclusion, and support local economies. Bank Lviv is a specialized provider of banking services to MSMEs and agricultural businesses, with a focus on tailor-made financing and committed customer care. Bank Lviv maintains its regional focus on Western Ukraine while further building its market position in an increasingly dynamic economic environment. Sayenko Kharenko’s team included Igor Lozenko, Oles Trachuk. https://sk.ua/sayenko-kharenko-advises-the-efse-on-eur-15-million-financing-to-bank-lviv-to-support-msmes-in-ukraine/     Sayenko Kharenko successfully initiated anti-dumping investigation against imports of hot-rolled steel plates imported into the United Kingdom from the Republic of Korea (June 2025) The International Trade Practice of Sayenko Kharenko has successfully represented Spartan UK Limited (Metinvest Group) and has substantiated the necessity to initiate an anti-dumping investigation against imports of hot-rolled steel plates imported into the United Kingdom from the Republic of Korea. Particularly, associates of Sayenko Kharenko have advised represented Spartan UK Limited, a national producer of hot-rolled steel plates, on the possibility of initiating the investigation, drafted an application for investigation initiation, represented the client during the on-the-spot verification of the information provided in the application and answered to additional requests of the Trade Remedies Authority. Sayenko Kharenko’s team included an intern Maksym Mykytiuk, an associate, Oleksandra Sandul, and partner, Anzhela Makhinova. https://sk.ua/sayenko-kharenko-successfully-initiated-anti-dumping-investigation-against-imports-of-hot-rolled-steel-plates-imported-into-the-united-kingdom-from-the-republic-of-korea/     Sayenko Kharenko successfully initiated a sunset review of anti-dumping measures applied against imports into Ukraine of cables and ropes with origin in China (June 2025) The International Trade Practice of Sayenko Kharenko has successfully represented PJSC “Stalkanat” and has managed to substantiate the necessity to initiate a sunset review of anti-dumping measures applied against imports into Ukraine of cables and ropes with origin in China. Particularly, associates of Sayenko Kharenko have advised represented PJSC “Stalkanat”, national producer of cables and ropes, on the possibility of initiating the review, drafted an application for review initiation and answered additional requests of the Ministry of Economy of Ukraine. This review is quite unique for Ukraine because it is the third such review, and if the Ministry of Economy of Ukraine adopts a decision on extension of the effective anti-dumping measures, they will be applicable for more than 20 years, reliably protecting the national producer. Sayenko Kharenko’s team included an intern Maksym Mykytiuk, an associate, Oleksandra Sandul, and partner, Anzhela Makhinova. https://sk.ua/sayenko-kharenko-successfully-initiated-a-sunset-review-of-anti-dumping-measures-applied-against-imports-into-ukraine-of-cables-and-ropes-with-origin-in-china/     Sayenko Kharenko contributes International Trade Expertise to Ukraine’s Export Strategy 2030 (June 2025) Ukraine has unveiled an ambitious export strategy to rebuild and expand its international trade through 2030, with Sayenko Kharenko providing specialised legal expertise to the government initiative. The Ministry of Economy of Ukraine published the comprehensive Export Strategy 2030 on 6 June 2025, outlining how the war-torn nation plans to diversify its economy and strengthen trade relationships globally. The strategy represents a critical step in Ukraine’s economic recovery and integration with Western markets. Sayenko Kharenko’s international trade team played an advisory role in developing the strategy, with Partner Angela Makhinova and Associate Oleksandra Sandul contributing expertise in several key areas: WTO instruments: Leveraging World Trade Organization mechanisms to accelerate export growth and market access Free Trade Agreement Opportunities: Identifying how Ukrainian businesses can maximise benefits from existing and future free trade agreements EU regulatory initiatives: Analysis of potential effect of different EU initiatives on the Ukrainian exports; Breaking Down Trade Barriers: Developing approaches to overcome regulatory obstacles in international markets The involvement of private sector legal experts in government strategy development reflects Ukraine’s commitment to creating a business-friendly trade environment. For Sayenko Kharenko, participating in this national initiative provides unique insights into emerging trade opportunities and regulatory changes that will benefit their international clients. Sayenko Kharenko’s experts worked together with the team of the State Enterprise Ukrpromvneshexpertiza, which played a key role in preparing the draft strategy and the corresponding action plan for the implementation of the Strategy. The strategy was developed through the German-funded TIPSTER Project, implemented by the Ukrainian Reform Support Foundation as part of the ReACT4UA initiative managed by GIZ (German International Cooperation). The complete Export Strategy of Ukraine through 2030 is available on the official website of the Ministry of Economy of Ukraine. https://sk.ua/sayenko-kharenko-contributes-international-trade-expertise-to-ukraine-s-export-strategy-2030/

When arbitration begins, the claimant often seeks interim measures to ensure that the respondent retains sufficient assets or is prevented from taking certain actions in order to satisfy a potential award and make its enforcement efficient. This article outlines key “good-to-know” points and practical considerations relating to interim measures in support of arbitration in Ukraine. Availability of interim measures in support of arbitration Since 2017, the Civil Procedural Code of Ukraine has allowed parties to arbitration proceedings to request interim measures from Ukrainian state courts. Granting interim measures is possible where failure to grant them may seriously hinder or even prevent enforcement of the award and the effective protection or restoration of the claimant’s infringed or disputed rights and interests. Notably, in Ukraine, claimants can only request such measures once the arbitration proceedings have formally commenced. Along with the application for interim measures, a claimant must also submit: a copy of the statement of claim or another document that initiates the arbitration proceeding in accordance with the applicable arbitration rules or the law of the seat of arbitration; a document confirming the filing of that statement of claim or similar document in accordance with the applicable arbitration rules or law of the seat; a copy of the relevant arbitration agreement or agreement to submit the dispute to arbitration. As follows from the above requirements, particular attention is given to the arbitration rules or the law of the seat of arbitration. Consequently, Ukrainian courts in practice usually expect a claimant to provide relevant extracts from the arbitration rules or the applicable law to confirm proper filing of the claim. In a case referred to international commercial arbitration outside of Ukraine, an application for interim measures shall be filed with the court of appeal at either the location of the respondent or its property, at the applicant's discretion. Counter-interim security for respondent Where interim measures are requested from a Ukrainian court, the court may require the claimant to provide counter-interim security to cover the respondent’s potential losses caused by the interim measures. The court is obliged to order counter-interim security, in particular, where the claimant (i) does not have a registered residence/place of stay in Ukraine and (ii) does not have sufficient assets in Ukraine. As a general rule, this means that the claimant must deposit cash in the court’s account in an amount set by the court. Importantly, in the event that the arbitral tribunal renders an award refusing the claim in full or in part, the respondent may seek compensation for losses (if any) caused by the interim measures from the claimant in full, even if they exceed the amount deposited as counter-interim security. What interim measures may a claimant seek to obtain? Ukrainian procedural law sets out a list of possible interim measures a court may apply. Among them, frequently sought measures include: Seizure of property and/or monetary funds belonging to the respondent, or due to be transferred or paid to the respondent and held either by the respondent or by third parties; Prohibition for the respondent to perform certain actions; Prohibition for third parties to take actions in respect of the subject matter of the dispute, to make payments, transfer property to the respondent or perform other obligations in its favour; Suspension of the sale of seized property where a claim has been filed for recognition of ownership of such property and for removal of the seizure; Suspension of customs clearance of goods or items; Seizure of a seagoing vessel to secure a maritime claim. At the same time, Ukrainian courts are restricted from granting certain types of interim measures. Among other things, a court must not order measures that: Interfere with or distort the public procurement procedures of state entities; Impose seizure over the debtor’s property after bankruptcy proceedings have been launched against such debtor, except in cases expressly provided for by the Code of Ukraine on Bankruptcy Procedures; Are granted in respect of perishable items; Are essentially identical to satisfying the claim on the merits. During the period of martial law, Ukrainian law temporarily prohibits interim measures where the respondent is a company that (i) operates critical infrastructure, (ii) had its shares/participation interests compulsorily alienated during martial law, and (iii) is more than 50% directly or indirectly state-owned. How Ukrainian courts apply the proportionality test The Supreme Court has clarified that, when considering a request for interim measures, the court must assess their proportionality. This involves balancing: negative consequences that may result from granting the interim measures; against potential negative consequences that may arise if the measures are not granted. To this end, a court must take into account: the right or legitimate interest the claimant seeks to protect; the value of the property the claimant requests to seize; the potential financial or legal consequences for the respondent if it is prohibited from performing certain actions. In certain cases, it may be insufficient for a claimant to rely solely on a hypothetical risk that the respondent might evade enforcement of the arbitral award. For example, in Agrostudio Group Limited v Eco Energy Ukraine case the Supreme Court upheld the decision of the court of first instance, which took into account, inter alia, the following factors when assessing the application for interim measures in support of arbitration: (i) that the respondent’s share capital was significantly lower than the amount of the contractual penalties claimed; (ii) the nature of the respondent’s business, including the ongoing sale of maize and the uncertainty as to future harvest volumes and availability of maize by the time of enforcement; and (iii) indications that the respondent is disposing or taking preparatory steps to dispose of maize which, under the contract, was to be delivered to the claimant. Accordingly, in most cases claimants are expected to back their application by invoking specific circumstances that may reasonably demonstrate the risk of impediment of the arbitral award enforcement. Is it possible to enforce interim measures granted by an arbitral tribunal? In arbitration, claimants often seek interim measures directly from an arbitral tribunal, such as a partial arbitral award or a provisional order. If the respondent refuses to comply voluntarily, the claimant attempts to enforce these measures through the state courts. While the relief framed as a partial award may be enforced through the ordinary procedure for recognition and enforcement, practical difficulties may arise with a provisional order because the applicant must demonstrate that it qualifies as an 'arbitral award' capable of recognition and enforcement. Where interim measures are framed as an award (including certain interim/partial awards), recognition and enforcement may be sought under the general arbitral-award regime. However, the enforceability of awards granting interim measures remains uncertain and fact-dependent, as illustrated by Ukrainian case law. For example, in VEB.RF v Ukraine, the Ukrainian courts refused to recognise or enforce an SCC Emergency Arbitrator award on the grounds of public policy (contradiction to an existing court ruling). Accordingly, where assets are located in Ukraine, a more predictable way is to seek interim measures directly from Ukrainian courts empowered to grant such relief in support of arbitration.  

Olena Omelchenko, Partner at Ilyashev & Partners, Head of International Trade Practice, PhD in Law Anti-dumping investigations have become one of Ukraine’s key trade defence instruments, particularly since 2014 and following the full-scale war in 2022. Against the backdrop of disrupted supply chains and heightened economic security challenges, this mechanism provides effective protection for domestic industries against unfair competition and remains the primary practical tool for responding to such threats for Ukrainian manufacturers and international businesses operating in Ukraine. Legal Framework During the wartime period, no legislative amendments have been adopted, despite the fact that draft laws aimed at improving investigation procedures in line with international best practices have been pending in Parliament for several years. As a result, the protection of Ukrainian producers against unfair dumping imports continues to be based on the Law of Ukraine “On Protection of the National Producer against Dumped Imports”, the WTO Agreement on Implementation of Article VI of GATT 1994 (the WTO Anti-Dumping Agreement), and the case law of the WTO Dispute Settlement Body. Note: Ukraine is a WTO member and its anti-dumping procedures are in line with the WTO Anti-Dumping Agreement. Key Authorities Involved The key authorities remain the Ministry of Economy, Environment and Agriculture of Ukraine (the Ministry of Economy) and the Interdepartmental Commission on International Trade (the Commission or ICIT). The composition of the Commission is approved by the Cabinet of Ministers of Ukraine and is currently represented at a higher decision-making level, including heads and deputy heads of key ministries, the State Customs Service of Ukraine, the Antimonopoly Committee of Ukraine, as well as, subject to consent, the Security Service of Ukraine and the Deputy Head of the Office of the President of Ukraine responsible for economic affairs. Procedure Initiation The initiation of an anti-dumping investigation is preceded by a lengthy and often complex preparatory phase, which begins with a preliminary market assessment. Legal advisers analyse import structures, pricing behaviour, product characteristics, the condition of the domestic industry, and the economic indicators of potential applicants. In cases where the number of producers is significant and they are not united within an industry association, the consolidation of producers itself may become the most time-consuming stage – in some instances taking longer than the collection of evidence or the drafting of the complaint. Once the producers have reviewed the conclusions of the preliminary assessment, including the associated risks and prospects of the investigation, they decide whether to submit an application to the Ministry of Economy of Ukraine. The preparation of the complaint may take from several weeks to several months, depending on product complexity, the scope of required calculations, and the availability of economic data. During wartime, the evidence-gathering process is further complicated by additional factors – such as the loss of documentation, changes in logistics, and production disruptions – making the role of legal and economic advisers even more critical. Investigation The complaint is submitted to the Ministry of Economy of Ukraine, which conducts an initial review and decides whether the application is sufficiently substantiated. Formally, the law provides that an investigation should be initiated within one month. However, during wartime this timeframe has effectively been extended: most cases are opened no earlier than three to six months, while some complaints may remain under review for more than a year. The Ministry conducts a detailed examination of the submitted materials and frequently requests clarifications, additional documentation, or revised calculations from the applicant. Only where all elements indicating potential dumping and material injury are established does the Ministry submit a proposal to the Interdepartmental Commission on International Trade to initiate an investigation. The Commission’s decision is published in Uriadovyi Kurier (the Government Gazette), after which all interested parties must register within 30 days and submit their evidence. Formally, an investigation may last up to 12 months, with the possibility of extension to 18 months. However, in the realities of wartime such timeframes appear excessively long: Ukrainian producers require swift decisions, while a significant portion of the evidence may change or lose relevance in a rapidly evolving environment. A core element of any anti-dumping investigation remains the demonstration of three mandatory criteria: the existence of dumping, material injury, and a causal link between them. Prior to 2022, the main challenges in establishing causation were largely associated with market fluctuations. Since the outbreak of the war, however, the situation has become fundamentally more complex. The focus has shifted to proving that numerous “other factors” – those unrelated to imports – do not distort the objective picture or neutralise the impact of dumping. The destruction of production facilities, changes in logistics routes, a sharp decline in domestic demand, energy instability, and the relocation of enterprises all create a complex background that must be carefully separated from the actual impact of imports. The ability to correctly identify and isolate these factors has become a decisive element of the evidentiary standard in wartime investigations. Against this backdrop, the requirements for both economic modelling and structural market analysis have significantly increased. As a result, the role of legal advisers has expanded well beyond traditional legal argumentation. It now encompasses market scenario modelling, logistics cost analysis, reconstruction of financial data, assessment of war-related factors, and their separation from dumping effects. Without such a comprehensive approach, the successful demonstration of injury in current conditions is virtually impossible. Imposition of Duties Ukrainian legislation formally allows for the application of provisional anti-dumping measures no earlier than 60 days from the initiation of an investigation. Such measures are imposed for four months and are intended to rapidly stabilise the market in cases of a significant surge in dumped imports. In practice, however, due to legislative shortcomings and the complexity of demonstrating imminent material injury, provisional measures are applied extremely rarely. Definitive anti-dumping duties are generally imposed approximately 13 months after the initiation of an investigation. Recent practice, however, has shown that where a robust evidentiary record is available, cooperation with the Ministry of Economy is effective, and there are no procedural delays caused by foreign parties, the timeline may be reduced to nine to ten months. Definitive duties are imposed for a period of five years and may be extended following a review if the risk of a resumption of dumped imports persists. In today’s volatile environment – characterised by unstable markets and rapidly shifting trade flows – review proceedings have become a critical tool for safeguarding competition and protecting Ukrainian producers. Judicial Review of Decisions Decisions may be challenged through court proceedings where procedural violations have occurred. Following the liquidation of the Kyiv District Administrative Court in 2022, all such cases were transferred to the Kyiv Regional Administrative Court, with subsequent redistribution to other regional administrative courts. This restructuring has significantly extended the duration of judicial review proceedings. Impact of the War Following the outbreak of the full-scale invasion of Ukraine by the Russian Federation in February 2022, the Ministry of Economy and the Interdepartmental Commission on International Trade were, for almost a year, largely unable to actively pursue anti-dumping investigations. Complaints submitted during this period were typically returned to applicants, while investigations initiated prior to the war were reviewed with significant delays, although they were ultimately concluded with the imposition of anti-dumping measures. The first post-war decisions adopted by the Commission were initiated with the involvement of Ilyashev & Partners, which successfully secured the imposition of anti-dumping duties on silicon-manganese steel wire, coated carbon steel flat products, and glass containers. Market Practice and Landmark Cases The cases reviewed below illustrate how Ukrainian anti-dumping practice has evolved and which approaches define it today. They also reflect the role of Ilyashev & Partners, which over the past decade has been a recognised market leader in trade defence in Ukraine. Our team has initiated the largest number of successful anti-dumping investigations resulting in the imposition of measures and has established a series of key precedents – ranging from record anti-dumping duty rates to the first anti-circumvention proceedings in Ukraine’s history. By combining legal, economic, and industry-specific expertise in a fully integrated manner, we consistently deliver successful outcomes in matters with a systemic impact on Ukrainian industry, shaping contemporary practice of the Interdepartmental Commission on International Trade and the Ministry of Economy of Ukraine. Case 1 – Definitive Anti-Dumping Measures on Imports of Radiators from China and Turkey One of the first truly landmark trade defence decisions adopted after the outbreak of the full-scale war and the effective relaunch of Ukraine’s anti-dumping enforcement mechanism was the decision of the Interdepartmental Commission on International Trade dated 16 April 2025, concerning imports into Ukraine of heating radiators originating from the Republic of Türkiye and the People’s Republic of China. The Commission confirmed that radiator imports were carried out at dumped prices, causing material injury to Ukrainian producers, and imposed definitive anti-dumping duties, differentiated by country of origin: Chinese producers – duty rates ranging from 34.59% to 74.26%, depending on the exporter; Turkish producers – duty rates ranging from 14.22% to 22.93%, also reflecting individual dumping margins. The level and differentiation of the duties reflect both the scale of the violation and the divergent market behaviour of individual exporters in Ukraine. For Ukrainian industry, this decision became a critical precedent: for the first time since the start of the war, a significant dumping threat was successfully established, and the state demonstrated its ability and readiness to respond effectively to external pressure undermining the competitiveness of domestic manufacturers. This case has come to symbolise the revival of Ukraine’s trade defence practice in wartime and has clearly demonstrated the capacity of state authorities to move forward despite unprecedented external challenges. Case 2 – Anti-Dumping Duties on Imports of Fittings from China and Turkey Another key outcome of the wartime period was the completion of an anti-dumping investigation concerning imports of fittings for water supply and heating systems originating from the People’s Republic of China and the Republic of Türkiye. The decision of the Interdepartmental Commission on International Trade dated 7 July 2025 confirmed the systemic nature of dumping and the significant adverse impact of such imports on Ukrainian producers. The investigation established substantial dumping margins, reflected in the definitive duty rates differentiated by country of origin and individual exporters: People’s Republic of China (PRC) – general duty rates ranging from 87.84% to 166.65%, with certain exporters subject to individually calculated rates significantly exceeding average levels; Republic of Türkiye – definitive duty rates ranging from 15.86% to 34.72%, depending on the manufacturer. The exceptionally high rates imposed on imports from the PRC evidenced an abnormal level of price pressure and serious market distortions, while the investigation also identified a material, albeit less pronounced, dumping effect in relation to imports from Türkiye. As a result of these measures, Ukraine succeeded in restoring competitive balance in the fittings market, stabilising prices, and preventing the further displacement of domestic producers by dumped imports. Notably, this case was successfully concluded despite the challenging wartime environment, in which the demonstration of injury and causation, as well as the collection of financial data, was significantly complicated by external factors. Case 3 – Review and Extension of Anti-Dumping Measures on Cement and Clinker In 2019, the International Trade Practice team of Ilyashev & Partners successfully protected the interests of Ukrainian cement producers in an anti-dumping investigation concerning imports into Ukraine of cement originating from the Russian Federation, the Republic of Belarus, and the Republic of Moldova. At its meeting on 21 May 2019, the Interdepartmental Commission on International Trade (ICIT) decided to impose definitive anti-dumping duties for a five-year period on imports of cement into Ukraine, including cement clinker and Portland cement, classified under Ukrainian Customs Tariff (UKT ZED) codes 2523 10 00 00 and 2523 29 00 00. The definitive anti-dumping duty rates were set as follows: 03% on imports of Portland cement and clinker originating from the Republic of Belarus; 46% on imports of Portland cement and clinker originating from the Republic of Moldova; 95% on imports of Portland cement and clinker originating from the Russian Federation. The simultaneous imposition of such exceptionally high duty rates on imports from three countries represented an extremely rare outcome in anti-dumping practice and underscored the gravity of the dumping and injury established during the investigation. In 2022, Ilyashev & Partners further defended the interests of Ukrainian cement producers before the Supreme Court of Ukraine, which brought to a close Case No. 640/11242/19 concerning the legality of the anti-dumping duties imposed by the ICIT in May 2019, thereby upholding the measures in full. Subsequently, on 21 May 2025, the Interdepartmental Commission on International Trade adopted Decision No. AD-579/2025/441-01, extending the application of the definitive anti-dumping measures on cement imports from the Russian Federation, the Republic of Belarus, and the Republic of Moldova until 2030. This decision has played a decisive role in restoring fair competition in the Ukrainian cement market, contributing to increased production and sales by domestic manufacturers, job creation, and the preservation and growth of long-term investment in the sector. Cases 4-6 – Ukraine’s First Anti-Circumvention Investigations One of the most precedent-setting developments in Ukraine’s trade defence practice in 2025 was the initiation of the first anti-circumvention investigations in the country’s history. In April 2025, the International Trade Practice team of Ilyashev & Partners initiated three separate proceedings aimed at countering the circumvention of anti-dumping measures imposed on products of Chinese origin. The investigations concerned imports from Malaysia that were declared as Malaysian in origin but, based on factual indicators, were in fact products of Chinese origin. The cases covered the following product categories: steel fasteners, steel wire, and coated flat steel products. These market segments are critically important for Ukraine’s metallurgy and machinery industries, making the identification and documentation of large-scale circumvention schemes strategically vital for preserving a fair competitive environment. All three investigations were initiated on the basis of complaints prepared by Ilyashev & Partners on behalf of Ukrainian producers. The team conducted a comprehensive evidence-gathering exercise, including analysis of trade flows, identification of abrupt shifts in import geography, verification of Malaysia’s actual production capacities, and economic assessment of the likelihood of re-export of Chinese products under the guise of Malaysian origin. This approach enabled the team to convincingly establish the existence of circumvention practices in relation to the anti-dumping measures applied by Ukraine to Chinese exporters. Having reviewed the complaints, the Interdepartmental Commission on International Trade, for the first time in Ukrainian practice, extended the application of the anti-dumping duties imposed on goods originating from the PRC to imports from Malaysia as of the date of initiation of the investigations, rather than upon their conclusion. As a result, Ukraine introduced – again for the first time – a mechanism of “preventive collection” during the investigation period, an instrument widely used in the European Union but not previously implemented in Ukrainian practice. These cases represented a breakthrough in Ukraine’s approach to combating duty circumvention, as: Article 27 of Ukraine’s Anti-Dumping Law was applied in a practical and effective manner for the first time; a precedent was established for the use of advance deposits, an enforcement tool that may now be applied in other sectors; Ukrainian producers received real and immediate protection against transit and misclassification schemes commonly used in international trade. In effect, Ilyashev & Partners initiated a new stage in the development of Ukraine’s anti-dumping policy, aligned with contemporary challenges and the country’s EU integration trajectory. These investigations constitute the first comprehensive Ukrainian cases in which trade defence measures were applied not only against dumping itself, but also against organised circumvention schemes, bringing Ukrainian practice significantly closer to the approaches adopted in the EU and the United States. Conclusion Anti-dumping instruments have become an integral element of Ukraine’s economic strategy in wartime. Amid extreme market volatility, the destruction of logistics infrastructure, and aggressive pricing practices by foreign producers, anti-dumping procedures remain a key mechanism for preserving competition and ensuring the viability of strategically important industrial sectors. The war has significantly complicated the demonstration of material injury and causal link, requiring both applicants and importers to work with broader, more fragmented datasets. Modern investigations demand a substantially higher level of analytical depth from legal advisers, including the reconstruction of financial indicators, market modelling, testing of logistics assumptions, and the separation of war-related factors from the impact of imports. In this environment, firms representing the interests of both domestic producers and importers must be prepared for far more intensive evidentiary work, in which economic analysis and legal argumentation are inextricably linked. Despite the extraordinary challenges, Ukraine’s trade defence system has demonstrated its institutional resilience: the Interdepartmental Commission on International Trade and the Ministry of Economy have continued to adopt decisions, initiate new investigations, and impose definitive measures. The emergence of the first anti-circumvention procedures confirms that Ukraine is capable of responding not only to traditional dumping practices, but also to increasingly sophisticated schemes designed to evade trade remedies. The growing number of cross-border trade disputes and the deep interconnection of global markets are creating new opportunities for international cooperation. The complexity of contemporary cases – from the analysis of global supply chains to the assessment of circumvention risks – naturally opens the door to collaboration with foreign law firms, particularly in the context of global trade disputes and multi-jurisdictional proceedings. In today’s Ukraine, anti-dumping is not merely a legal tool, but a pillar of economic resilience and strategic security. Its importance will continue to grow in the years ahead, as the effectiveness of trade defence investigations will play a decisive role in industrial recovery, investment development, and the protection of critical sectors of the national economy. Ilyashev & Partners is a leading Ukrainian law firm in trade defence and anti-dumping law, widely recognised for its expertise in anti-dumping, anti-circumvention and international trade investigations in Ukraine. For more than a decade, the firm has been at the forefront of Ukraine’s trade remedies practice, advising domestic producers and international clients on complex anti-dumping proceedings, WTO-related matters, and cross-border trade disputes involving Ukraine. The firm’s International Trade Practice provides comprehensive legal and economic support throughout the entire lifecycle of trade defence cases, including market and dumping assessments, preparation and filing of anti-dumping complaints, representation before the Ministry of Economy of Ukraine and the Interdepartmental Commission on International Trade (ICIT), judicial review before Ukrainian courts, and sunset and interim reviews. Ilyashev & Partners has initiated and successfully concluded the largest number of anti-dumping investigations in Ukraine, including record anti-dumping duty cases and the first anti-circumvention investigations in Ukraine’s history. The team is particularly known for handling high-stakes trade defence matters in a wartime economy, combining legal analysis, economic modelling, and industry-specific expertise to address dumping, injury, causation, and circumvention risks in volatile markets. The firm regularly advises Ukrainian manufacturers, multinational corporations, investors, and international law firms on trade defence strategy, supply chain risks, import regulation, and compliance with Ukrainian, EU, and WTO trade rules. With deep experience in cross-border trade disputes involving Ukraine, Ilyashev & Partners acts as trusted local counsel in Ukraine for international law firms in complex trade defence and WTO-related disputes. To learn more about Ukraine’s leading anti-dumping and trade defence law firm, please visit the Ilyashev & Partners website or contact Olena Omelchenko directly.