Ukraine

Sayenko Kharenko has acted as Ukrainian legal counsel to J.P. Morgan and Dragon Capital, the joint lead managers, in connection with the USD 450 million Eurobond issuance by MHP, a leading international food and agri group with Ukrainian roots. The notes, issued with a 10.500% coupon and maturing in 2029, were later increased by USD 100 million through a tap offering, with Sayenko Kharenko also advising J.P. Morgan as sole bookrunner. The transaction marked the first Eurobond issuance by a Ukrainian corporate since the start of the full-scale invasion of Ukraine in February 2022. The proceeds of the notes were used to fund the tender offer and redemption of the outstanding USD 550 million notes due 2026, while the remaining liquidity will be allocated to MHP’s future investment initiatives, including capital expenditures and ongoing operational needs. “Our capital markets team is honoured to have supported the joint lead managers on this landmark transaction. It marks the return of new money corporate issuance from Ukraine, alongside a well-coordinated liability management exercise. Executing a transaction of this scale in the current environment is a remarkable achievement and establishes a clear benchmark for subsequent Ukrainian corporate issuances,” commented Igor Lozenko, partner at Sayenko Kharenko. Sayenko Kharenko’s team included Igor Lozenko, Anton Korobeynikov, Oles Trachuk, Vladyslava Mitsai, Artem Medvetskyi, Danylo Dashko, Karina Zadorozhna and Yevhenii Sapojnikov. https://sk.ua/sayenko-kharenko-advises-on-mhp-s-landmark-eurobond-issuance-tap-offering-and-related-tender-offer/

Sayenko Kharenko’s White Collar Criminal Defence practice provided comprehensive legal support to national telecom operator Kyivstar in the investigation of an unprecedented cyberattack that occurred in December 2023. The firm’s attorneys focused on protecting the client’s interests as a victim in criminal proceedings, liaising with law enforcement authorities, and participating in the required investigative actions. The firm’s expertise also encompassed coordination with the Security Service of Ukraine, the Cyberpolice Department, and international partners to document evidence of digital aggression. The project stands as one of the most complex procedural cybersecurity and critical infrastructure incident cases in Ukraine. Sayenko Kharenko’s team working on the project included partner Sergiy Smirnov, counsel Zlata Symonenko, senior associates Bogdan Golovko and Yevhen Myroshnykov, associate Mykhailo Novytskyi. https://sk.ua/sayenko-kharenko-advised-kyivstar-in-connection-with-the-largest-cyberattack-in-ukraine-s-history/

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 dedicat

In its European integration agenda, Ukraine has set itself the ambitious goal of joining the "club of successful countries", which is the unofficial name of the Organisation for Economic Co-operation and Development (hereinafter referred to as the OECD), which brings together 38 of the world's most developed economies and is known for setting basic standards of public governance for states that uphold democratic values. In 2022, Ukraine initiated the process of integrating into the OECD and joining its Working Group on Bribery, a crucial step in this process. One of the necessary steps for joining the organisation is the ratification of the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions. Ukraine's accession to this anti-corruption convention is an integral part of the negotiations on EU accession, which involves aligning domestic regulations with the framework requirements of the partner countries' criminal legislation, among other things. Criminal liability of legal entities in the context of new anti-corruption legislation   Traditionally, Ukrainian criminal law recognised only natural persons as subjects of crime. However, after ratifying several international treaties, the state undertook to harmonise national legislation with international standards, in particular regarding the prosecution of legal entities. Since 2013, the Criminal Code of Ukraine (hereinafter – the CC of Ukraine) has contained provisions on criminal law measures against legal entities, providing for the possibility of imposing fines, confiscating property, or liquidating a company in the event of certain crimes being committed by its authorised representative on behalf of and in the interests of such a company.   Law of Ukraine No. 4111-IX of 04.12.2024 supplemented Sections XIV-1 of the CC of Ukraine and VI of the Criminal Procedure Code of Ukraine (hereinafter referred to as the CPC of Ukraine) with the aim of implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions. The law mentioned above introduces additional tools to combat corruption involving foreign officials. On the one hand, the implementation of the OECD Council's recommendations in this manner is a significant step forward for Ukraine; on the other hand, it poses risks to the business environment that are worth being aware of.   The new provisions potentially expand the scope of liability for legal entities, particularly by allowing for liability without the mandatory simultaneous criminal prosecution of individuals. It creates risks of abuse by pre-trial investigation authorities. Thus, the issue of balancing the effectiveness of anti-corruption control and guarantees of legal certainty for business becomes particularly relevant.   According to the version of the Criminal Code of Ukraine in force until December 2024, criminal law measures could only be applied to a legal entity if there was a fact of a criminal offence committed by an authorised person on its behalf and in its interests. The mandatory criteria in all cases were: 1) conviction of a natural person for one of the crimes provided for in paragraphs 1–6 of Part 1 of Article 96-3 of the Criminal Code of Ukraine; 2) proven connection of this crime with the activities of the legal entity.   Currently, the legislator has deviated from the traditional doctrine, which linked the application of criminal law measures to legal entities with the establishment of the guilt of a natural person. The current CPC of Ukraine has been supplemented by Chapter 37-1, which, along with the general procedure for bringing legal entities to justice, introduces a special procedure, the decisive basis for the application of which is the presence of signs of bribery of foreign officials. In accordance with the new provisions of this procedure, in particular Part 2 of Article 96-3 of the Criminal Code of Ukraine, for the first time, it is possible to apply criminal law measures solely on the basis of the fact of committing a socially dangerous act that falls under the signs of a crime provided for in Articles 209 (legalisation of income), 369 (offer/promise/provision of unlawful benefits), 369-2 (abuse of influence) of the Criminal Code of Ukraine, even without proving the guilt of a specific individual.   The law uses a broader term than criminal offence — "socially dangerous act that falls under the signs of an act provided for in Articles 209, 369, 369-2 of the Criminal Code of Ukraine ...", which allows law enforcement agencies not to prove in court the presence of all elements of a crime (in particular, the identification of a natural person). In our opinion, such a regulation contradicts the principle of presumption of innocence (Article 62 of the Constitution of Ukraine).   Moreover, the provisions of paragraph 6 of part 2 of Article 96-3 of the Criminal Code expressly stipulate that, to apply measures to a legal entity in the event of corruption involving foreign officials, it is not necessary to identify the specific person who committed the act. This construction contravenes the fundamental principles of criminal law, where liability is personal and punishment for an act is only possible if guilt is proven.   It is also worth noting the vagueness and excessive generality of the wording enshrined in both the previous and new provisions of Article 96-3 of the Criminal Code, according to which the basis for bringing a company to justice is the failure of an authorised person to fulfil their duties to take measures to prevent corruption. In the absence of proper regulatory and procedural consolidation of compliance mechanisms, the question arises as to what measures are being referred to. Without precise regulation of the scope, nature, and form of such "compliance control", business entities may be held liable even in cases where there is no direct link between the actions of an employee and the organisation. In addition, there is no mechanism for the official implementation or monitoring of compliance obligations through independent institutions. It opens the door to selective criminal prosecution and creates additional obstacles to economic activity.   In general, the provisions of Article 96-3 of the Criminal Code of Ukraine, as amended on 4 December 2024, provide an overly broad and vague basis for interpreting the grounds for applying criminal law measures to legal entities. It creates the potential for the unfair use of these measures in the struggle between business competitors. For example, a report to the law enforcement authorities that an authorised representative of a competitor has provided an unlawful benefit to a foreign official may be sufficient grounds for applying criminal law measures against a competing company.   Criminal proceedings under special procedure: grounds and risks   The grounds for criminal proceedings against legal entities under special procedure are rather ambiguous. According to Article 483-1 of the Criminal Procedure Code of Ukraine, criminal proceedings may be conducted under a special procedure (i.e., separately from proceedings against a natural person) on the basis of a prosecutor's decision or a court ruling. In this case, one of the following conditions must be met: 1) conducting proceedings separately against a legal entity cannot adversely affect the completeness of the pre-trial investigation and court proceedings against a natural person; 2) there is a final conviction, a decision to close criminal proceedings, or the application of medical or educational measures against an authorised representative of the company who acted on its behalf and/or in its interests; 3) the death of the suspect, accused or authorised representative of the company acting on its behalf and/or in its interests, in respect of whom sufficient evidence has been gathered to notify them of suspicion of committing a criminal offence, but who has not been notified of suspicion due to their death; 4) if the pre-trial investigation and/or court proceedings are impossible due to circumstances that effectively prevent the proceedings (in particular, the evasion of the suspect, accused or authorised person who acted on behalf of and/or in the interests of the legal entity from the investigation or court, serious illness of such a person, diplomatic immunity or special legal status of such a person, or refusal of a foreign state to extradite such a person, etc.), provided that this does not adversely affect the completeness and objectivity of the pre-trial investigation and court proceedings in relation to the natural person.   The wording is evaluative in nature, allowing for a broad scope of discretion on the part of the prosecutor. In other words, we see that the prosecutor is effectively allowed to assess, at their own discretion, whether or not the investigation of a natural person will be prejudiced by the conduct of separate criminal proceedings against a legal entity.   Due to the rare application of criminal law measures to legal entities by courts in the past, in particular due to the complexity of proving the connection between the actions of an authorised person and the interests of the company, it can be predicted that decisions on the possibility of conducting separate investigations against legal entities (without the need to establish and prove the guilt of a natural person) will now be popular among prosecutors.   The question arises as to the future practical application of such grounds for criminal proceedings under a special procedure, such as the existence of a decision to close criminal proceedings against an authorised representative of a company who acted on behalf of and/or in the interests of the company. Given the wording of paragraph 2 of part 2 of Article 483-1 and the provisions of paragraphs 1 and 2 of part 1 of Article 284 of the CPC of Ukraine, criminal proceedings against a legal entity are possible even after the closure of a case against an individual due to the absence of a criminal offence or the elements of a crime in their actions. This creates a certain conflict, which allows a legal entity to be held liable even in the absence of a proven crime on the part of a natural person, thereby increasing the risks of abuse and pressure on businesses.   In addition, the provision of paragraph 4 of part 2 of Article 483-1 of the CPC, which equates a person acting on behalf of a legal entity and "evading" the investigation with an accused or suspect, even without official status or a summons to the investigating authority, is controversial. This construction allows a legal entity to be held liable even in so-called "factual" cases.   Criminal law measures against legal entities in cases of bribery "with a foreign element"   Previously, in parallel with the criminal prosecution of a natural person, the following criminal law measures could be applied to a legal entity: fines, confiscation of property, and liquidation.   Currently, this list has been supplemented with additional (non-financial) criminal law measures that may be applied based on the results of criminal proceedings in a special procedure (without establishing the guilt of a natural person). Among the positive aspects, it is worth noting that liquidation and confiscation of a legal entity's property are not applicable in the above cases. Among the negative aspects is that the duration of the measures may vary from 6 months to 3 years, depending on the court's decision.   At the same time, Article 96-10-1 of the Criminal Code of Ukraine provides for a relatively long list of non-financial measures, which are divided into two groups: (1) temporary restrictions on the conduct of activities and (2) temporary restrictions on the acquisition of rights and benefits.   Although the new measures are labeled as "non-financial", their impact can result in significant financial losses and even lead to the shutdown of the business as a whole. For example, restrictions on the use of licences and special permits for the use of subsoil resources for up to 3 years can halt the operation of a business operating in a regulated sector and remove the company from a particular market.   Another problem is that the law of 4 December 2024 does not provide a mechanism for compensating legal entities that may suffer from the illegal or unjustified application of criminal law measures (e.g., in the form of restrictions on participation in tenders or advertising their activities). This creates an imbalance: if a company is unjustifiably held liable, it risks significant reputational, financial, and operational losses without any real possibility of obtaining compensation.   Gaps in the regulation of mechanisms for the procedural participation of a legal entity's representative and the resolution of procedural issues relating to the enforcement of court decisions   The provision of Article 483-7 of the CPC of Ukraine deserves special attention. It provides for the possibility of considering a motion for temporary restrictions on a legal entity without its participation. At first glance, this appears to be an exception that should only apply in cases where there is a real and proven threat, such as a change in constituent documents, liquidation of the company, or alienation of assets. The idea is clear - to prevent the loss or removal of property that may become evidence or the subject of a future judgment.   However, in practice, this rule opens up a highly vulnerable field to abuse. The investigating judge or court is given too much discretion. They can make decisions without representatives of the company itself, which effectively becomes a hostage to the process, without even having the opportunity to express their position. Moreover, there is an urgent need for legislative regulation of the supervisory authority's functional role in the implementation of court decisions regarding the application of criminal law measures to legal entities under a special procedure. For example, it is currently unclear how situations involving temporary restrictions on a legal entity's activities, such as prohibiting it from producing and distributing advertising about its own activities, participating in social dialogue bodies, or engaging in sponsorship, are regulated. Neither the Criminal Enforcement Code of Ukraine nor any other document currently contains provisions that clearly define the powers of such a body in the sphere of control over the implementation of the measures mentioned above, which creates a legal vacuum that needs to be filled urgently, since it became possible to bring a legal entity to justice under a special procedure more than six months ago.   Conclusions   Preventing double standards in criminal law is a key condition for effectively combating corruption. The asymmetry between the regulation of "export" and domestic corruption undermines legal certainty, creates room for abuse, and risks pressure on business. Bringing legal entities to justice without proving the guilt of specific individuals contradicts the principles of subjective guilt and individualisation of responsibility. An effective solution is to integrate mechanisms for the liability of legal entities into a unified criminal law system, supplemented by mandatory compliance programmes and internal controls, which will simultaneously strengthen the rule of law and preserve economic stability.     Author: Igor Glushko, Partner at GOLAW, Head of Criminal Law and White Collar Defence practice, Attorney at law