Avellum has advised the Kernel Group on the acquisition of 100% of shares in Reni-Oil LLC – a sunflower oil transshipment terminal with a storage capacity of 15,000 tons, in the port of Reni, on the Danube – for a consideration of USD 24.75 million.

Ukrainian civilian infrastructure, particularly its vital components such as energy facilities and seaports, was heavily targeted by Russian missile strikes, causing severe damage. Combined damage to civilian infrastructure and energy industries already exceeds USD 50 billion. Since the beginning of hostilities, 18 airports, at least 344 bridges and overpasses, and over 25,000 kilometers of roads were damaged.

Large energy companies are taking measures to become green in order to meet targets to reduce carbon emissions. The main stakeholders – investors, customers, rating agencies, and regulators – are pushing energy companies to set more environmental, social, and governance goals publicly. For these companies, the “E” in ESG should be the foundation of their strategy.

As Ukraine is fighting off the brutal invasion by the Russian Federation, the Ukrainian M&A market is at its lowest point, at least in terms of the number of deals, since 2000. Still, interesting trends are emerging and there is great hope for a bright future.

The reconstruction of Ukraine – critical infrastructure, housing, hospitals, and social facilities – is already underway. This major effort has been significantly assisted by international support. Ukraine’s commitment to transparency, coupled with specific regulations under martial law, has been instrumental in achieving this progress.

As the full-scale war continues into the second year, Ukrainian companies are facing unprecedented difficulties with attracting capital which is desperately needed to restore their day-to-day business operations and production halted by the military aggression. Predictably, international debt capital markets remain inaccessible not only to Ukrainian private borrowers but also to sovereign entities. The unpleasant situation worsens with high costs of borrowing, which have skyrocketed even more for Ukrainian borrowers since the outbreak of the war due to unsustainable country risk.

With artificial intelligence dominating tech conversations over the last year and with a draft AI Act being looked at by the EU, CMS Partners Dora Petranyi, Gabriela Staber, Klaus Pateter, and Olga Belyakova look at where AI is today and how European legislation might impact its future.

In light of the ongoing war with Russia, Ukraine is leveraging technological innovations to fortify its taxation system, ensuring efficiency and transparency. Two notable initiatives – electronic residency and electronic excise tax stamps – will transform how business is conducted and taxes are collected in the country.

In 2024, certain currency control restrictions introduced on the first day of the full-scale invasion are still in force in Ukraine. The National Bank of Ukraine reviews and eases some of these restrictions, but many of the prohibitions on foreign exchange transactions remain.

Slovakia-headquartered GHS Legal has announced it is changing its name to FairSquare.

Asters has advised the European Bank for Reconstruction and Development on its EUR 10 million financing for a Ukrainian manufacturer of oak lamellas.

Sayenko Kharenko has advised the International Finance Corporation on a EUR 40 million equivalent risk-sharing facility for Credit Agricole Ukraine. 

Counsels Oksana Legka and Oleksandr Volkov have been appointed as Partners in Asters' International Arbitration and Cross-Border Litigation practice, effective January 1, 2024.

On 24 December 2023, the Ukrainian Parliament adopted a Law of Ukraine No. 3494-IX (the ''Law''), which amends the procedure for granting vacations and their duration. The Law applies to the following:

Clifford Chance has advised KKCG on the acquisition of the end-to-end software engineering and consulting platform Avenga from funds managed by Oaktree Capital Management and Cornerstone Investment Management.

Redcliffe Partners Partner and Co-Head of Energy Albert Sych talks about the evolution of energy and their role as legal advisors in Ukraine over the last 10 years.

In early September of this year, the President of Ukraine signed the Law “On Amendments to Certain Legislative Acts of Ukraine on Improving Legislation on Protection of Economic Competition and Activities of the Antimonopoly Committee of Ukraine” (the “Law”). 

On November 21, 2023, corporate/M&A and private equity experts from Bulgaria, Greece, Hungary, Kosovo, Moldova, Romania, Serbia, Slovakia, Turkiye, and Ukraine sat down for a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss the key developments in the field over the past decade.