Despite the ongoing challenges generated by the Russian invasion, the markets in Ukraine have seen surprising levels of activity, according to Rob Shantz, a Corporate and Compliance Partner with Redcliffe Partners. In the midst of it all, Shantz remains optimistic about the future, envisioning a busy legal market as Ukraine aligns more closely with the EU, leading to significant opportunities in the country's rebuilding efforts once the war is over.

Sayenko Kharenko, working with the London office of Herbert Smith Freehills, has advised the IFC on two EUR 20 million risk-sharing facilities for OTP Bank and OTP Leasing in Ukraine.

Asters has advised the Agrosem Group on a EUR 9.6 million financing from the European Bank for Reconstruction and Development to develop a grain transshipment complex.

Schoenherr, working alongside Jones Day, has advised GfK SE on the EUR 315 million sale of its European Consumer Panel business to YouGov. DLA Piper advised YouGov.

Sayenko Kharenko has successfully represented Societe BIC in a dispute with the Ukrainian IP office regarding a three-dimensional mark.

In addition to the modernisation of corporate governance in joint stock companies (“JSCs”), the new version of the Law of Ukraine “On Joint Stock Companies” (“Law”) introduces partial amendments concerning corporate governance in limited liability companies (“LLCs”).

On 2 May 2023, the Ukrainian Parliament adopted Law “On Amendments to the Laws of Ukraine Regarding Improvements of Legal Regulation of Notarial and Registration Actions When Acquiring the Land Plots” No. 3065-IX (“Law”).

Despite the challenges, Ukraine’s internal economy remains strong – and there are significant opportunities for those who can navigate the complexities of the current situation – with lawyers busy with litigation and arbitration, sanctions and antitrust, as well as restructuring and privatization matters, according to Arzinger Founding and Managing Partner Timur Bondaryev.

Everlegal has become the legal partner of the USAID/ENGAGE program – funded by USAID and implemented by Pact in Ukraine – in an educational project aiming to provide legal support to civil society organizations, small and medium-sized enterprises, and the citizens of Ukraine on martial law and other regulatory changes introduced during the war.

On 5 July 2023, the President of Ukraine signed Law of Ukraine “On Consumer Protection” No. 3153‑IX (the “CP Law”). Most provisions of the CP Law will become effective one year after its publication, which is yet to be made, but not earlier than the date of termination or cancellation of martial law in Ukraine.

Former Counsels Oleksiy Stolyarenko and Andrii Moskalyk have been appointed as Partners with Baker McKenzie in Kyiv on July 1, 2023.

Esquires has helped Platipus Trading and Platipus SRL obtain a gaming supply license from the Malta Gaming Authority and the Romanian National Gambling Office.

On June 27, 2023, Asters Partner Markiyan Kliuchkovskyi was voted in as Executive Director of the International Register of Damage Caused by the Aggression of the Russian Federation against Ukraine. Following the appointment, Kliuchkovskyi resigned from his partnership at Asters on July 1, 2023.

Notwithstanding the ongoing war, the Ukrainian banking and financial services industry continues to operate without interruptions and shows great resilience and stability. Ukrainian legislation continues to develop at the same time, bringing the standards of banking and financial services closer to the EU requirements.

With ESG gradually coming into focus, companies, industries, and whole countries are looking to the TMT sector for guidance. CMS Ukraine Partner Olga Belyakova and CMS Bosnia and Herzegovina Counsel Sanja Voloder share their insights.

The National Bank of Ukraine (“NBU”) recently allowed Ukrainian borrowers to transfer foreign currency (“FX”) funds abroad to fulfil their obligations under the following categories of loans from foreign lenders:

The National Bank of Ukraine (NBU) gradually continues to lift martial law limitations for cross-border borrowings.

Sayenko Kharenko has advised Citibank and UK Export Finance on a GBP 26.3 million equivalent export loan provided to Ukraine under UKEF’s guarantee, to finance the reconstruction of bridges around Kyiv.