In our Looking In series, we talk to Partners from outside CEE who are keeping an eye on the region (and often pop up in our deal ticker) to learn how they perceive CEE markets and their evolution. For this issue, we sat down with Baker McKenzie Stockholm Partner and a member of the firm’s Global Executive Committee Anders Fast.

In 2024, the financial market in Ukraine has remained resilient and stable even though the Russian full-scale military aggression against Ukraine approaches its third anniversary. This has been possible due to the continuing financial support coming from Ukraine’s allies and international donors. Notably, G7 leaders have recently announced a USD 50 billion lending package for Ukraine to be repaid with revenues from Russian frozen assets.

Simplifying access to financing for farmers can increase the productivity and profitability of the industry, allowing producers and processors of agricultural products to invest in the latest technologies and innovative solutions, enhancing efficiency.

The past year has demonstrated that an ongoing conflict is not an obstacle to development and investment. Despite infrastructure being targeted by shelling, Ukraine’s real GDP grew by 4% in the first nine months of 2024, with expectations that this figure will reach 4.3-4.6% in the coming years. To maintain this growth, Ukraine must actively engage private investments to rebuild its damaged infrastructure and assets.

As Ukraine continues to resist the Russian Federation’s invasion, its M&A market in 2024 demonstrates both resilience and adaptability. While the early months of the full-scale war in 2022 likely represented an all-time low for dealmaking, today’s landscape appears far more dynamic. Although reaching and surpassing pre-war levels of activity will take time, the market is showing clear signs of recovery.

Montenegro’s real estate sector is undergoing significant transformations due to recent legislative changes and proposed reforms, particularly in the tourism sector. These novelties will impact investors, developers, and most certainly the entire economy of Montenegro, but it remains debatable if the impact will be positive.

From September 2024, the Montenegrin Parliament passed a series of tax legislative amendments aligned with the country’s Fiscal Strategy for 2024-2027. Set to take effect on January 1, 2025, these reforms aim to increase budget revenues to offset recent reductions in labor taxes and improve the business environment. The changes affect the Corporate Income Tax Law, Personal Income Tax Law, VAT Law, Law on the Write-off of Interest on Outstanding Tax Liabilities, and Excise Law, focusing on modernizing the tax system and stimulating investments primarily in the agricultural sector.

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.

I have now spent more than 25 years in the legal advisory business world. With my core focus on cross-border M&A transactions for Austrian and international clients and having worked on many deals that also covered the Central and Eastern Europe (CEE) region, I have witnessed lawyering in CEE register remarkable growth and sophistication over the past years.

In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. This time around we turn our attention to setting up new practices and ask: When launching a new practice, what is your go-to strategy – do you look at internal team members to spearhead it, or are you more likely to turn to lateral hires? Why?

Serbia and France recently deepened their bilateral relations by signing multiple strategic agreements during French President Emmanuel Macron’s visit to Belgrade. These agreements span multiple sectors and are poised to have profound impacts on Serbia’s economy, business environment, and legislative landscape. Doklestic Repic & Gajin Partner Slobodan Doklestic and NKO Partners Partner Petar Orlic look at these agreements and their anticipated effects.

In North Macedonia, gambling is more than just a popular pastime – it’s a major economic driver. Papazoski and Mishev Law Firm Attorney at Law Ivan Mishev, Law office Emil Miftari Attorney at Law Elena Nikodinovska Miftari, and Polenak Law Firm Partner Metodija Velkov discuss the industry’s impact on the economy and the challenges posed by evolving regulations.

North Macedonia has undergone a significant governmental reshuffle following its recent elections. Joanidis Founding Partner Biljana Joanidis-Velichkovska discusses these changes and their implications for the country.

TAV Macedonia Legal Affairs Manager Emilija Evtimova-Spaseska discusses her journey from law firm partner to in-house counsel and her role in overseeing legal operations for Skopje and Ohrid airports.

An in-depth look at Slobodan Doklestic of Doklestic Repic & Gajin covering his career path, education, and top projects as a lawyer as well as a few insights about him as a manager at work and as a person outside the office.

An in-depth look at Dragan Lazarov of Law Office Lazarov covering his career path, education, and top projects as a lawyer as well as a few insights about him as a manager at work and as a person outside the office.

Central and Eastern Europe is increasingly on the radar of digital nomads seeking new destinations. The countries they flock to see their markets impacted – for better or worse – with both opportunities and challenges aplenty. Babic & Partners Partner Marija Gregoric and JPM & Partners Partner Jelena Nikolic analyze these impacts.

Keeping employees motivated and engaged, and retaining the brightest talent can be an effortful task for businesses. Employers agree that fixed net income and mere compliance with basic employment standards are not sufficient and, thus, promote incentive programs as a recognized instrument to navigate this challenge. While worldwide trends in incentivizing employees are similar, each country has developed a set of its own legislative rules and market practices – and Ukraine is no exception.