CEE Legal Matters
In-depth coverage of the news and newsmakers that shape Europe's emerging markets
Since the start of the war, Russia has inflicted severe damage on Ukraine’s energy infrastructure, leading to a critical need for comprehensive rebuilding efforts. As a result of the attacks, Ukraine has lost over 9 GW of electricity generating capacities, while local gas production has dropped 5–10 percent.
Asters, working with Mayer Brown, has advised the United States International Development Finance Corporation on a loan portfolio guarantee for ProCredit Bank.
On 9 September, the Ministry of Finance of Ukraine officially published Order No. 380 dated 1 August 2024, which introduces significant changes to the regulation of customs clearance of biomethane by pipeline. From now on, Ukrainian biomethane producers will be able to export biomethane to the European Union via the Ukrainian gas transmission system through interstate interconnection points with four EU countries.
Since the onset of Russia’s February 2022 invasion of Ukraine, Germany has emerged as a steadfast ally, providing extensive support across various domains.
Avellum has advised DTEK Renewables Finance on a successful consent solicitation in relation to its EUR 325 million 8.50% senior notes due 2024.
CMS has advised a consortium led by NJJ Holding and Horizon Capital on the acquisition of Datagroup-Volia and Lifecell. Avellum advised NJJ on obtaining merger control clearance from the Antimonopoly Committee of Ukraine for the acquisition. Kinstellar also advised NJJ.
As the war in Ukraine reshapes the country's economic landscape, the antitrust sector faces significant challenges and transformations, according to Integrites Senior Partner Vyacheslav Korchev, who highlights a growing trend of domestic M&A activity and a push toward aligning with European regulatory standards.
On 10 September 2024, amendments to the foreign currency (“FX”) regulation came into force, aimed at easing restrictions on business and, on the other hand, at introducing measures to counteract capital outflows.
Avellum has advised the European Bank for Reconstruction and Development on a senior EUR 70 million loan to New Post LLC – the principal operating subsidiary of Nova group.
On 16 August 2024, new rules for the registration of geographical indications in Ukraine came into force ("Rules"). In accordance with Order of the Ministry of Economy of Ukraine No. 16370 dated 09.07.2024, the Rules establish requirements for the registration of geographical indications for agricultural goods, food and alcoholic beverages.
Weil and Sayenko Kharenko have advised an ad hoc committee of bondholders of Ukraine’s Eurobonds on a USD 23 billion restructuring of Ukraine’s sovereign debt. White & Case and Avellum reportedly advised the Ministry of Finance of Ukraine.
The Cabinet of Ministers of Ukraine published Resolution No. 988 dated 16.08.2024, which amended the Procedure for Reservation of Persons Liable for Military Service during Martial Law (hereinafter – the “Reservation Procedure”). Key changes are:
On 16 August 2024, the Resolution of the Cabinet of Ministers of Ukraine as of 9 August 2024 No. 925 ("Amending Resolution") became effective and introduced amendments to the Resolution of the Cabinet of Ministers of Ukraine as of 18 March 2022 No. 314 "On Certain Issues of Ensuring of Carrying Out Commercial Activities During Martial Law" ("Resolution on Simplified Licensing Procedure").
Integrites, working with Hughes Hubbard & Reed, has successfully represented Ukrenergo in an investment treaty arbitration against Russia.
Integrites has advised the Ukrainian subsidiary of Peikko Group Corporation's agreement with Industrial Park Bila Tserkva 1, part of UFuture Group, on launching production in Ukraine.
On August 13, 2024, the Cabinet Ministers of Ukraine (CMU) adopted important resolutions which will accelerate the deployment of renewable energy sources (RES) and distributed generation in Ukraine, namely:
CMS has advised MND on its acquisition of a 50% share in the 54.6-megawatt Oriv wind power plant in Ukraine.
Aequo has successfully represented the interests of the Gas Transmission System Operator of Ukraine before the Supreme Court of Ukraine.
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