Vasil Kisil & Partners has acted as sole legal advisor to the European Commission on its granting of EUR 610 million macro-financial assistance to Ukraine.
In April 2013, the Memorandum of Understanding and the Loan Agreement were entered into by Ukraine, as a borrower, the National Bank of Ukraine, as an agent to the borrower, and the European Union, as a lender regarding the loan in the aggregate amount of EUR 610 million. The documents were ratified by the Ukrainian Parliament on March 4, 2014. The first installment of the macro-financial assistance was transferred to the state of Ukraine on May 20th. The outstanding amount of the loan is expected to be granted during the course of this year.
Vasil Kisil & Partners advised the European Commission on Ukrainian law and international law matters related to the transaction. A statement released by the firm asserted that the firm's lawyers, “were actively involved in drafting of the transaction documents, controlled fulfillment of conditions precedent to completion of the transaction and issued a legal opinion in favor of the lender.”
“We are proud to be part of the initiative of providing Macro-Financial Assistance aimed to help Ukraine successfully meet its major economic challenges and stabilize its economy. We appreciate a significant support already provided to Ukraine and full commitment of the European Union to help our country in the future”, commented Yulia Kyrpa, Partner and Head of Banking & Finance at Vasil Kisil & Partners.
The VKP team was led by Kyrpa and Partner Denis Lysenko and included Banking and Finance Practice Group Associates Denys Kulgavyi and Olena Nikolenko.