CEE Legal Matters
In-depth coverage of the news and newsmakers that shape Europe's emerging markets
Avellum has advised the European Bank for Reconstruction and Development on a senior secured loan of up to EUR 2.5 million for the Polish campus of the Kyiv Medical University, a private higher educational establishment in Ukraine.
On 8 March 2024, Law of Ukraine No. 3587-IX (“Law”) came into force, intending to bring Ukrainian laws on the governance of state-owned enterprises (state unitary enterprises and business entities where the state holds more than 50% of shares) (“SOEs”) in line with the OECD Guidelines on Corporate Governance of State-Owned Enterprises.
Avellum has advised the Ministry of Finance of Ukraine on a defense loan guaranteed by UK Export Finance that will be used to finance the purchase, modernization, and maintenance of two Sandown-class mine countermeasure vessels for the Ministry of Defence of Ukraine. Sayenko Kharenko and, reportedly, Ashurst advised UK Export Finance.
On 27 February 2024, the Cabinet of Ministers of Ukraine adopted Resolution No. 227 “On Introduction of Guarantees of Origin of Electricity Produced from Renewable Energy Sources” (“Resolution”) that came into force on 5 March 2024.
In The Debrief, our Practice Leaders across CEE share updates on recent and upcoming legislation, consider the impact of recent court decisions, showcase landmark projects, and keep our readers apprised of the latest developments impacting their respective practice areas.
On 19 March 2024, the Ukrainian Government decided to close a sanctions-related database maintained by the National Agency on Corruption Prevention (“NACP”).
The challenges posed by rapid technological advancements and potential risks associated with AI continue to grow. Data protection, cybersecurity, and IP considerations, to name a few. With this in mind, policymakers strongly believe that it is crucial to establish a legal framework regulating, among others, the development and use of AI.
As 2023 comes to a close, reflections on the year reveal challenges and achievements across Romania, Bulgaria, and Ukraine. Tuca Zbarcea & Asociatii Managing Partner Gabriel Zbarcea, Schoenherr Bulgaria Local Partner Ilko Stoyanov, and Avellum Managing Partner Mykola Stetsenko share their thoughts on what kind of a year it has been.
Marked by the turbulence of war, Ukraine’s legal sector has adjusted to the new circumstances but potential future talent challenges loom on the horizon.
Avellum has advised the Ministry of Finance of Ukraine on a EUR 37.6 million export loan provided under the framework agreement between the Governments of Ukraine and France with the funds being directed towards purchasing rails for Ukrainian Railways from French manufacturer Saarstahl-Rail.
Avellum, working with Linklaters, has advised Stellantis on the acquisition of the artificial intelligence framework, machine learning models, and intellectual property rights and patents of CloudMade.
Sayenko Kharenko has advised Viseven on an investment from Horizon Capital. Avellum advised Horizon.
Avellum has announced the appointment of Andriy Fortunenko, Andriy Romanchuk, and Anton Zaderyholova as Partners, starting January 1, 2024.
Avellum has advised the Kernel Group on the acquisition of 100% of shares in Reni-Oil LLC – a sunflower oil transshipment terminal with a storage capacity of 15,000 tons, in the port of Reni, on the Danube – for a consideration of USD 24.75 million.
Ukrainian civilian infrastructure, particularly its vital components such as energy facilities and seaports, was heavily targeted by Russian missile strikes, causing severe damage. Combined damage to civilian infrastructure and energy industries already exceeds USD 50 billion. Since the beginning of hostilities, 18 airports, at least 344 bridges and overpasses, and over 25,000 kilometers of roads were damaged.
As Ukraine is fighting off the brutal invasion by the Russian Federation, the Ukrainian M&A market is at its lowest point, at least in terms of the number of deals, since 2000. Still, interesting trends are emerging and there is great hope for a bright future.
On November 21, 2023, corporate/M&A and private equity experts from Bulgaria, Greece, Hungary, Kosovo, Moldova, Romania, Serbia, Slovakia, Turkiye, and Ukraine sat down for a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss the key developments in the field over the past decade.
Avellum Managing Partner Mykola Stetsenko talks about the evolution of the practice and their role as legal advisors in Ukraine over the last 10 years.
AVELLUM is a leading Ukrainian full service law firm with a key focus on Finance, Corporate, Dispute Resolution, Tax, and Antitrust.
Our aim is to be the firm of choice for large businesses and financial institutions in respect of their most important and challenging transactions.
We build lasting relationships with our clients and make them feel secure in new uncertain economic and legal realities.
We incorporate the most advanced Western legal techniques and practices into our work. By adding our first-hand knowledge, broad industry experience, and unparalleled level of service we deliver the best results to our clients in their business endeavours. Our partners are taking an active role in every transaction and ensure smooth teamwork.
AVELLUM is recognised as one of the leading law firms in Ukraine by various international and Ukrainian legal editions (Chambers, The Legal500, IFLR1000, The Ukrainian Law Firms, and others).
Firm's website: www.avellum.com