CMS Russia and DLA Piper have advised Dublin-based life sciences investor Ovoca Bio Plc on its acquisition of Russian drug development company Ivix.
German lawyer Thomas Mundry has been living and working in Russia since 1994. He advises both Western and Russian clients on investment, financing, and other projects in the Russian Federation. His sphere of activity covers a wide range of industries, including automotive manufacturing and supply industry, oil and gas, chemicals, engineering, retail, food and consumer goods, the fashion industry, and IT.
The Deal: In September 2017, CEE Legal Matters reported that the Moscow offices of Clifford Chance and CMS had advised on USD 850 million pre-export financing provided by 11 international banks for Uralkali, one of the world’s largest potash producers. On July 27, 2018, CEE Legal Matters reported that the two firms had advised on another Uralkali financing, this time involving a USD 825 million facility provided by 14 Russian and international banks.We reached out to both firms for more information about this most recent deal.
During the last decade, customary business processes have been disrupted by new financial technologies such as blockchain, cryptocurrencies, blockchain tokens, and smart contracts. The appropriate regulation is on its way in Russia, as Russian regulators have recently shifted their focus from imposing a ban on cryptocurrencies to looking for ways to regulate the new relationships. As a result of prolonged discussion about the legal nature of tokens and cryptocurrencies, the authorities have come up with two bills designed to set a cornerstone for Russian regulation of the digital economy.
In June of this year Russia adopted a law giving the Russian President broad authorization to retaliate for foreign sanctions. The Russian parliament is also currently considering a bill that would criminalize compliance with U.S. and other foreign sanctions against Russian parties. While the practical impact of the additional authorization for the President is unclear, criminalization of compliance with foreign sanctions may have serious negative repercussions for U.S. and European businesses operating in Russia or having other Russian exposure.
Bryan Cave Leighton Paisner has advised the International Investment Bank, a multilateral development bank mainly operating in Eastern Europe, Russia, and Asia, on USD 96.5 million multi-asset secured facility for financing and refinancing the acquisition of a number of passenger and special purposes aviation and mining assets for Russia's State Transport Leasing Company. The borrowers had no external counsel.