CEE Legal Matters
In-depth coverage of the news and newsmakers that shape Europe's emerging markets
Already suffering from the Covid-19 pandemic, Russia has been heavily affected by the volatility of the ruble, Western sanctions, and the price of oil, notes Torsten Syrbe, Partner at Clifford Chance in Moscow.
On October 15, 2020, CEE Legal Matters reported that Kachkin & Partners had successfully helped Russian general contractor STEP LLC reach a settlement with Pharmasintez-Nord JSC in a dispute regarding payment for work and related claims worth over RUR 100 million. CEEIHM spoke with Yulia Nikolaeva, Head of Legal Service at STEP LLC, to learn more.
Bryan Cave Leighton Paisner has advised the HeadHunter Group, which operates Russian online recruiting platform hh.ru, on the acquisition of the Zarplata.ru online recruiting platform from Hearst Shkulev Digital Regional Network B.V. The transaction, which is valued at RUB 3.5 billion, has already been given the requisite regulatory approval and is expected to close in January 2021.
Bryan Cave Leighton Paisner has advised Gazprom Neft PJSC on the creaion of Digital Industrial Platform, a joint venture with the Tsifra Group. Dentons reportedly advised the Tsifra Group on the deal.
Latham & Watkins has advised the underwriters on the USD 1.1 billion initial public offering of Russian e-commerce platform Ozon Holdings PLC on Nasdaq. Debevoise & Plimpton advised Ozon Holdings on the deal.
As in other countries, business in Russia has been heavily affected by the COVID-19 pandemic, and small and medium enterprises, which do not have enough reserves to survive in the unfavorable economic situation, have suffered the most. In order to support SMEs, the State, in addition to temporary support measures, has introduced a considerable decrease in the tax burden related to the remuneration of employees above the minimum monthly wage. Cumulative social contributions were lowered to 15% from the previous rate (which could reach 30%, with certain exceptions), and may be applied by SMEs.
Former Senior Associate Oleg Todua has been promoted to Local Partner at White & Case’s Moscow office as part of a global promotions round.
Hogan Lovells’s Moscow office has advised Digital Assets on its acquisition of Zvuk, a Russian independent music streaming service.
Egorov Puginsky Afanasiev & Partners has successfully represented ZMK 1520 in a dispute with New Forwarding Company over the replacement supply of railway wagons heard by the Supreme Court of Russia.
Semenov & Pevzner has successfully represented the interests of Domino’s Pizza in the Russian city of Chelyabinsk against a former franchisee.
Beiten Burkhardt has announced that it will close its St. Petersburg office at the end of the year, concentrating the firm's Russian business exclusively in its Moscow office.
Korelsky Ischuk Astafiev has advised founders Philip Ilyin-Adaev, Kirill Ilin-Adaev, and Elena Ishcheeva, on the sale of their stakes in Banki.ru to Elbrus Capital and another unspecified investment fund. Dentons advised the buyer on the deal.
Clifford Chance has advised BNP Paribas Personal Finance on the sale of its 20.8% stake in its joint venture Cetelem Bank, to Sberbank. As a result of the deal, Sberbank, which was advised by Debevoise, became the sole shareholder of Cetelem Bank.
Latham & Watkins has advised VTB Bank as arranger and lender in connection with the GBP 3 billion take-private offer for KAZ Minerals PLC made by Nova Resources, a consortium formed by two of KAZ Minerals’ largest shareholders. Linklaters reportedly advised KAZ Minerals on the deal.
Most multinational corporations have internal antitrust compliance policies in place for their global businesses, covering their Russian operations. Following years of debate, Russia has enacted a law meant to improve antitrust compliance by regulating internal compliance policies (the “Compliance Act”).
Egorov, Puginsky, Afanasiev & Partners, working alongside lead counsel Goodwin Procter, has advised TA Associates on an unspecified investment in Netwrix Corporation.
White & Case has advised VTB Capital as the sole global coordinator and bookrunner on PJSC Aeroflot's fundraising of more than USD 1 billion. Egorov Puginsky Afanasiev & Partners advised Aeroflot on the deal.
Andrey Gorodissky & Partners has advised the founders of the "Kitchen in the District" service on their sale of an 87.4% stake in the company to O2O, a joint venture of the Mail.ru Group and Sberbank.
Founded in 1993, Egorov Puginsky Afanasiev & Partners is the leading full-service law firm in the CIS with offices in Russia, Ukraine and Belarus and associated offices in the UK, the USA and Cyprus.
We advise its clients in many areas of law, including: dispute resolution in Russia and abroad, corporate law, M&A, antitrust issues, project finance and PPP, restructurings and insolvencies, energy and natural resources, property management and privatization, environment, technical regulation and industrial safety, banking and finance, intellectual property, criminal law, real estate and construction, taxation, family and labour disputes, marine and transport law, and international trade and customs.
We combine high academic qualifications, internationally acknowledged moral and ethical values, senior partners' professional experience and practical abilities with the vigour and knowledge of younger attorneys that enables thus providing clients with reliable, first-class service according to both Russian and western standards through a flexible structure.
All News about, and Legal Analysis by, Egorov Puginsky Afanasiev & Partners can be found here.
Firm's website: www.epam.ru
