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.

Below we highlight key developments and challenges related to the new Russian law on syndicated facilities.

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.

Why are domestic firms in Russia doing so well, when their international counterparts continue to struggle?

Throughout my career, the only predictable feature of the Russian market has been its unpredictability. Given what has happened in Russia in the first months of 2018, it would appear that foretelling the future is not about to get any easier.

Vera Kolesnik is Nestle’s Legal Director for Russia and Eurasia. Before joining Nestle in 2007 she worked for four years at Ernst & Young and for five years at the Institute of State and Law at the Russian Academy of Science.

The Pepeliaev Group has announced the opening of its own office in Vladivostok, led by Natalya Prisekina, who joins the firm as a Partner.

Former Freshfields Partner Evgeny Glukhov has brought his team of three to DLA Piper Moscow, which he joins as Partner in its corporate practice. Former Freshfields lawyers Azalia Mukminova and Maria Sheremetieva move to DLA as well.

White & Case has announced that Nikolay Feoktistov in Moscow and Tomas Jine in Prague will be made Partner as part of the firm's global promotion round, which includes a total of 41 lawyers around the world. The promotions will become effective on January 1, 2019.

Mark Withey has been appointed Partner at Dentons in Russia.

Egorov Puginsky Afanasiev & Partners has successfully represented Morsvyazsputnik, the only Russian supplier of INMARSAT satellite communications services, in a contractual dispute against Glonass North-West.

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.

The Pepeliaev Group has successfully represented Mucos Pharma CZ in a USD 500,000 dispute against a Russian insurance company over a payout under an insurance agreement along with interest for the use of another party's funds.

Asters, in cooperation with Quinn Emanuel Urquhart & Sulliva,n is reporting success in the English Court of Appeal in its representation of Ukraine in a USD 3 billion Eurobond dispute with Russia.

The announcement that the retirement age in Russia for both men and women will increase – from 60 to 65 for men by 2028 and from 55 to 60 for women by 2028 – have led to quite an outcry, says Stefan Weber, Head of Noerr’s Moscow Office, including recent demonstrations by thousands of protesters across the country.

BGP Litigation has launched an Antimonopoly law practice, which will be headed by Counsel Irina Akimova.

DLA Piper has advised Russia’s largest bank, Sberbank, on its joint venture with Rambler Group and several other investors to create Foodplex, a united digital platform for the restaurant market. The stake of Sberbank in the JV will be 35% and Rambler Group will own 30%. Another 35% will be owned by GHP Partners and investors Grigoriy Gurevich and Evgeniy Malakhov.