Redcliffe Partners has advised the EBRD on its up to USD 100 million secured loan to Ukrainian poultry and grain producer MHP.

As Russia’s full-scale invasion of Ukraine hit the one-year mark, we asked Ukrainian law firms how they adjusted to the new circumstances, how their mandates and teams have evolved, and about the support they received from their colleagues abroad throughout this period.

2022 was a difficult year. To put a more positive spin on things, Rojs Peljhan Prelesnik & Partners Managing Partner Bojan Sporar, Deloitte Legal Senior Managing Associate Ened Topi, Redcliffe Partners Managing Partner Olexiy Soshenko, Drakopoulos Managing Partner Panagiotis Drakopoulos, and Polenak Partner Tatjana Shishkovska share what was, for them, the biggest positive surprise in 2022.

March 2022 was a breakthrough month for the virtual assets market in Ukraine. With the help of Ukraine‑based Everstake and Kuna, the Ministry of Digital Transformation of Ukraine set up a fund to accept donations in crypto assets to primarily support Ukraine’s military needs. According to the Ministry, Ukraine’s government has raised over USD60 million in crypto donations to date. Also, Unchain Ukraine, a project of Ukrainian blockchain activists, launched a card that has been marketed as ‘the first charitable cryptocurrency card’ powered by Weld Money and Unex Bank. The crypto assets raised are exchanged into UAH and made available to women and children in need using Unchain Help Card, a virtual card issued by Unex Bank.

Redcliffe Partners, working with Simmons & Simmons, has advised the EBRD on a EUR 24 million short-term unsecured loan to Ukrainian poultry and grain producer MHP.

Redcliffe Partners has advised the EBRD on providing risk-sharing instruments to ProCredit Bank, OTP Bank, and OTP Leasing in Ukraine in a food security guarantee program worth up to EUR 30 million.

On 24 February 2022, the National Bank of Ukraine, in response to the introduction of the martial law in Ukraine initially imposed for 30 days but subsequently extended currently until 25 May 2022, issued Regulation No. 18 on banking system operations during martial law to prevent unproductive capital outflows from the country and to ensure the reliable and stable functioning of Ukrainian banking system during the time of war.

This year marks the start of a new era for all Ukrainian taxpayers – both corporate and individuals. Ukraine lawmakers up to – and especially in – 2021 made unprecedented efforts to implement into local law and the network of double tax treaties major recommendations and principles which went far beyond the minimum base erosion and profit shifting (BEPS) action plan Ukraine committed to in 2017.

On 30 March 2022, the Antimonopoly Committee of Ukraine (the “AMC“) adopted the guidelines on the merger control procedure during the time of the martial law in Ukraine (the “Guidelines“).

Redcliffe Partners, working with Clifford Chance in London, advised the EBRD on providing Raiffeisen Bank Ukraine with an unfunded guarantee of up to EUR 75 million in local currency linked to the bank’s domestic sovereign bond portfolio.

On 15 February 2022, a long-awaited draft law No. 5436-d “On the Amendment of Certain Laws of Ukraine Regarding the Development of Energy Storage Facilities” (“Draft Law“) was adopted in its entirety by the Ukrainian Parliament at its second reading. The Draft Law develops the legal framework for the deployment of energy storage facilities (“ESF“), which has been very limited until now, and introduces relevant concepts and requirements into the laws of Ukraine “On the Electricity Market” and “On the National Energy and Utilities Regulatory Commission” aligned with the EU electricity acquis.

Redcliffe Partners has successfully represented the Nordic Investment Bank before the Supreme Court of Ukraine in a USD 59 million suretyship claim case.

Oleksandr Markov, Head of Tax and Tax Litigation practice at Redcliffe Partners, has been promoted to Partner at the firm.

Former EY Partner and Law Leader for Ukraine Albert Sych has joined Redcliffe Partners.

Several notable decisions of Ukraine's Anti-Monopoly Committee, a bottleneck caused by a spike in the number of public procurement appeals, and the country's tax amnesty program are at the top of lawyers' agendas, according to Redcliffe Partners Partner Yuriy Terentyev.

A new draft personal data protection law, draft Law of Ukraine No. 5628 (“Draft 5628”), was introduced to the Ukrainian parliament on 7 June 2021. Draft 5628 replaces certain earlier draft laws on this subject and is currently the only draft legislation in the area of personal data protection.

The finalized version of the Ukrainian ISDA Master Agreement (“Ukrainian ISDA“) was officially published by the Independent Association of the Banks of Ukraine.

In 2020, Ukraine’s government awarded the first two concessions in the history of Ukraine – 35-year concessions of the assets of Kherson and Olvia, two significant ports on the Black Sea. Building on this success, in October 2020, the government made a media splash by releasing a roadmap for further public private partnership (PPP) projects and held various promotion events since then.