A probation period is common for employment contracts in Russia. With certain exceptions, the standard term of a probation period is three months, and for some managing positions this can be prolonged to six months.
The Moscow office of Debevoise & Plimpton has advised the Mosaic of Happiness Fund in setting up a private integrated nursery school in Moscow that supports the integration of refugee children and children with disabilities into society. The project included adopting school regulation and admission rules, and drafting frameworks of support, donation, volunteer, and employment agreements.
Akin Gump has advised PJSC LUKOIL on the completed issuance of USD 1 billion of Rule 144A/Regulation S notes. The offering consists of 10-year notes with a coupon of 4.75 percent per annum. The notes have been issued by LUKOIL International Finance B.V. and guaranteed by PJSC LUKOIL. The company intends to use the net proceeds for general corporate purposes, including the refinancing of certain existing indebtedness.
Goltsblat BLP has advised Severgroup on its sale of a 100% shareholding in AO Metcombank, the biggest commercial bank in the Volgograd Region and a leader on the Russian car lending market, to PAO Sovcombank. Baker Botts advised Sovcombank on the deal, which was cleared by the Russian Federal Antimonopoly Service in September. On October 7, 2016, Severgroup and Sovcombank announced that the necessary approvals had been obtained and the transaction had closed successfully.