Contributed by Kalo & Associates.

The primary drivers of the Albanian economy are centered around two main sectors – real estate and energy – with increasing shortages of qualified workers emerging as a key hurdle, according to Hoxha, Memi & Hoxha Partner Andi Memi.

As Lexpo – The Legal Innovation Event returns in 2023 after a three-year hiatus, showcasing the latest trends in legal innovation in Continental Europe, CEELM spoke with Dentons Europe Director of Innovation and Member of Lexpo's Advisory Board Andrea Miskolczi to gain an insight into the current state of technology and innovation in CEE, and what the event's attendees have to look forward to.

Binder Groesswang, working with Willkie Farr & Gallagher, has advised PAI Partners on its acquisition of NovaTaste – formerly the Savory Solutions Group – from International Flavors & Fragrances. Cerha Hempel, working with Cleary Gottlieb, advised the seller.

Contributed by Act Legal WMWP Rechtsanwalte.

Fieldfisher opened an office in Vienna on June 1 with former SCWP Schindhelm Partners and by integrating Meissner & Passin.

Belarus's Revera law firm has teamed up with Adamante Management to open the firm's Cyprus office.

On July 9, 2021, substantial amendments to Belarusian currency legislation entered into force. We will briefly review the key amendments.

Economic optimism in the face of adversity, the introduction of English law instruments, and some new potential for growth are the highlights in Belarus, according to Aleinikov & Partners Senior Partner Denis Aleinikov.

Contributed by ODI Law.

Did You Know that a total of 11 law firm partners have worked on client matters reported by CEE Legal Matters in Bosnia & Herzegovina this year – though none has, as yet, worked on more than one?

Despite entering the corporate lexicon back in 2004, the concept of ESG (Environmental, Social, Governance) remained relatively obscure for over a decade. However, with the intensification of discussions around global warming, ESG has become a significant part of the conversation and a focal point for today's companies.

In June 2023, Boyanov & Co announced that the sale of BNP Paribas Personal Finance Bulgaria to Eurobank (reported by CEE Legal Matters on February  14, 2023) had closed.

Contributed by CMS.

Today, the majority of large companies produce sustainability reports covering their ESG practices. However, one major obstacle to voluntary ESG reporting is the inconsistency of the shared information Companies have the liberty to select their ESG reporting framework and decide what information to disclose, which results in difficulties for investors and other stakeholders to compare ESG risks and impacts uniformly.

Savoric & Partners has advised Biochem Polska on its acquisition of Croatian wholesale medical equipment distributor Kvantum-Tim. Bradvica Maric Wahl Cesarec advised an unidentified private individual on the sale.

Contributed by Savoric & Partners.

Savoric & Partners has advised Hrvatski Telekom on its renewable-source virtual power purchase agreement ten-year partnership with Liburana. Kovacevic, Prpic, Simeunovic advised Liburana.

Glatzova & Co has advised Pale Fire Capital and Tomas Kacena on their full sale of Extra Online Media to Burda International CZ. Novalia advised Burda International.

Dentons has advised the shareholders of the Meopta Group on the sale of the company to Carlyle. White & Case and, reportedly, Linklaters and Latham & Watkins advised Carlyle.

Just in time for Children's Day, the dreams of many adult inventors came true!

As elections loom large, Greece continues to play to its strengths – with energy and hospitality & leisure leading the charge – while the legislative process has been slowing down and some investors have adopted a holding-pattern approach, according to Papapolitis & Papapolitis Partner Evi Tsilou.

Souriadakis Tsibris has advised the Lappas family on the EUR 18.74 million sale of their stake in KLM S.A. to Intracom Holdings subsidiary Intracom Properties. Papapolitis & Papapolitis advised the buyer.

The last few years have seen a long list of investors turning their eyes to the Greek renewable energy source market and an abundance of new projects being developed throughout the country – to the extent that one would assume an excessive capacity of the Greek distribution network. Sadly, that is not the case. The occupation of grid space has been very loosely regulated for quite a long time, and final grid connection offers (GCOs) have been granted to licensed producers largely on a first come first served basis, and without any specific priority requirements.

Dentons has advised the shareholders of the Meopta Group on the sale of the company to Carlyle. White & Case and, reportedly, Linklaters and Latham & Watkins advised Carlyle.

Contributed by Bird & Bird.

Did You Know that a total of 15 partners have worked on multiple reported Hungarian Banking/Finance client matters in the ten years that CEE Legal Matters has been covering the market? The Banking/Finance leaderboard over the past decade is led by CMS Budapest Partner Erika Papp, who has worked on 14 reported Banking/Finance client matters in that time.

TGS Baltic has advised Estonian national postal service provider Eesti Post (Omniva) on its acquisition of assets – including a network of smart mailboxes and the related IP rights – from Parcelsea.

Cobalt has advised Change Ventures on launching its EUR 20 million Fund III.

Triniti has advised the Tallinn water company AS Tallinna Vesi on a EUR 91 million syndicated loan agreement with AS SEB Pank.

Squire Patton Boggs has successfully represented the Republic of Kosovo in arbitration proceedings under the rules of the International Chamber of Commerce for a dispute with a virtual mobile network operator.

As Lexpo – The Legal Innovation Event returns in 2023 after a three-year hiatus, showcasing the latest trends in legal innovation in Continental Europe, CEELM spoke with Dentons Europe Director of Innovation and Member of Lexpo's Advisory Board Andrea Miskolczi to gain an insight into the current state of technology and innovation in CEE, and what the event's attendees have to look forward to.

The information and technology sector has grown exponentially in Kosovo in the past five years, mainly focusing on the provision of services to international markets. This growth has happened mainly because of two reasons: first, the labor force is cheaper compared to the European market and, second, around 70% of the population is under the age of 35 and has advanced digital skills. The mix of these two has ensured access to international markets and the provision of quality deliverables.

Cobalt has advised BaltCap on its acquisition of Senior Baltic from Orpea. Ellex advised the seller.

Cobalt has advised the 888 Holding on its sale of two Latvian businesses – Mr. Green Latvia and William Hill Latvia – to Paf Consulting for a total consideration of up to EUR 28.25 million. QAP Legal reportedly advised Paf Consulting.

Skrastins & Dzenis has advised Darta on its acquisition of a real estate property in Riga from Gulf RE and Grandlion RE.

Lauras Butkevicius has joined Ellex’s Lithuanian office as a Partner.

Cobalt has advised the Adampolis Group on becoming the official representative of MAN Truck and Bus SE in Finland by acquiring the MAN Truck & Bus Finland business from K-Auto.

Contributed by Averus.

The Public Enterprise for Railway Infrastructure Railways of the Republic of North Macedonia – Skopje has published a contract notice for project implementation support and safeguard services for the construction of a new railway section from Kriva Palanka to the border with the Republic of Bulgaria (“Project”). The 24 km section is the last part – the third phase of the railway Corridor VIII to the Republic of Bulgaria.

The recent dismissal of Vesna Dameva from her position as President of the Judicial Council of North Macedonia was both surprising and concerning – and could spell disaster for the country’s judicial system – according to Law Firm Joanidis Partner Aleksandar Joanidis.

North Macedonia introduces a new minimum wage and price-freezing measures, as the country continues to grapple with workforce shortages, including in the legal profession, according to Bachovski Sinkoli Attorneys Managing Partner Robert Bachovski Sinkoli.

Contributed by ACI Partners.

Contributed by ACI Partners.

The ongoing energy crisis in Europe has underscored the urgent need to limit the reliance on imported energy sources. In a country lacking traditional energy sources like Moldova, the way to achieve that is to push for a rapid and sharp increase in renewable energy generation.

The energy development strategy of the Republic of Serbia until 2025 with projections until 2030, as well as the Integrated National Energy and Climate Plan, which is
currently being developed and adopted, foresee an increase in the share of energy obtained from renewable energy sources in the energy balance of the Republic of Serbia
as a strategic goal.

BDK Advokati has advised Fortenova and Mercator-CG on their acquisition of the Franca retail business in Montenegro from the Franca family. Komnenic & Associates advised the sellers.

The political landscape in Montenegro is dominated by the upcoming elections and the formation of a new government – sometimes leading to populist measures that may negatively affect certain industries – yet sectors like energy, tourism, and IT keep experiencing growth, according to BDK Advokati Senior Partner Luka Popovic.

Nikiel Wojcik Noworyta has advised MAN on contracting the construction work for its EUR 200 million investment into the expansion of the Niepolomice truck factory in Poland.

DWF has advised shareholder Gold Town Inv. Limited on the sale of shares in Wittchen via an accelerated book-building process with sole global coordinator and bookrunner Ipopema Securities.

Clifford Chance has advised documentation and facility agent ABN AMRO Bank and lenders Banco Sabadell, Credit Industriel et Commercial, BNP Paribas, Citi, Commerzbank, and SEB on BDR Thermea Group's EUR 650 million revolving credit facility.

Romania's National Recovery and Resilience Plan (PNRR), designed to ensure an optimal balance between EU priorities and Romania's development needs, provides significant opportunities for the private sector to benefit from financing to build and/or consolidate infrastructure capacity.

Following two (2) years of uncertainty, at the behest of the Romanian Government, the Ministry for Finance published the draft Government Decision for the approval of procedures for the authorisation and/or registration of providers engaged in exchange services between virtual currencies and fiat currencies, as well as custodian wallet providers, on 12 May 2023. The Decision also included procedures for granting and withdrawing technical endorsements (the "Draft Decision").

Stratulat Albulescu has advised the Walden Group on its acquisition of Alex International Transport 94 from Alexandru Constantinescu. Tuca Zbarcea & Asociatii advised the seller.

The truth is rarely pure and never simple. But in the case of Russia's military operation in Ukraine, it just might be. Russia breached Article 2(4) of the UN Charter, which prohibits the use of force against the territorial integrity or political independence of any state. Russia's acts have prompted the EU, the UK and the US to impose economic sanctions, such as freezing assets and disconnecting Russian banks from the SWIFT international payments network. Whilst the number of private businesses that are halting their activities in Russia is steadily growing, Russia has adopted a law paving the way for expropriations of assets of foreign firms that leave the country following economic sanctions. But what can foreign companies do if Russia proceeds to take their assets, if they are unable to freely transfer returns from investments out of Russia or if their profits collapse?

Baker McKenzie and DLA Piper have joined the plethora of firms announcing their exit from the Russian market.

Debevoise & Plimpton, Dentons, Dechert, and CMS have announced they are closing their Russian offices and exiting the market.

Zivkovic Samardzic has successfully defended the Crime and Corruption Reporting Network (KRIK) on appeal in a case filed by Serbia's Minister of Internal Affairs – and former Director of the country's Security Information Agency – Bratislav Gasic.

The energy development strategy of the Republic of Serbia until 2025 with projections until 2030, as well as the Integrated National Energy and Climate Plan, which is
currently being developed and adopted, foresee an increase in the share of energy obtained from renewable energy sources in the energy balance of the Republic of Serbia
as a strategic goal.

Contributed by Gecic Law.

Detailed information on subsidies.

Squire Patton Boggs has successfully represented the Republic of Croatia before an International Center for Settlement of Investment Disputes tribunal against a EUR 200 million claim brought by Marko Mihaljevic.

On May 21, 2023, Allen & Overy and Shearman & Sterling announced they are merging into a fully integrated firm: Allen Overy Shearman Sterling – A&O Shearman for short.

Contributed by Jerovsek & Malis.

Cytowski & Partners has advised both South Central Ventures and Serbia's HireApp on their USD 1.5 million seed financing agreement.

Wolf Theiss has advised Erste Group Bank on WG Projektiranje’s sale of the Velenjka shopping center in Velenje, Slovenia, to Velenjka doo. The Ptuj-based Mayr law firm reportedly advised the buyer.

Dentons Turkish affiliate Balcioglu Selcuk Ardiyok Keki Attorney Partnership has advised Revo Capital on its investment in FileOrbis.

With the Communiqué on Principles Regarding Companies Whose Shares Will Be Traded on the Venture Capital Market [II-16.3] [“Communiqué”] published in the Official Gazette on 18.5.2023, the procedures and principles regarding the sale of non-public joint stock companies to qualified investors for trading in the stock exchange came into effect.

Contributed by Guleryuz & Partners.

CMS has advised the European Bank for Reconstruction and Development on its acquisition of a 35% stake in the Lviv M10 industrial park project in Western Ukraine, developed by Dragon Capital. Aequo reportedly advised Dragon Capital.

Contributed by Arzinger.

At the end of March, the Antimonopoly Committee of Ukraine (the "AMC") published its Annual Report for 2022 (the "Report").