Understanding procedures, stakeholders and milestones of Ukraine’s future recovery is essential for all parties planning to be involved in that process, including on the construction side. In this effort, the key messages currently available are as follows.

On 11 August 2023, the government bill No.4482 adopted by the Ukrainian Parliament, which amends certain legislative acts of Ukraine regulating the activities of separate subdivisions of a legal entity established under the legislation of a foreign state, was sent for signing to the President of Ukraine ("Draft Law").

On 9 August 2023, the Ukrainian Parliament passed an extensive set of amendments to the competition law. These currently await signature by the President and are expected to come into force on 1 January 2024, save for certain provisions that will become effective after martial law is lifted.

In July 2023, the Ukrainian parliament adopted several laws on changes to the Labour Code of Ukraine, which relate to maternity leaves, as well as list and dates of public holidays.

Asters has advised the Agrosem Group on a EUR 9.6 million financing from the European Bank for Reconstruction and Development to develop a grain transshipment complex.

On June 27, 2023, Asters Partner Markiyan Kliuchkovskyi was voted in as Executive Director of the International Register of Damage Caused by the Aggression of the Russian Federation against Ukraine. Following the appointment, Kliuchkovskyi resigned from his partnership at Asters on July 1, 2023.

Dentons has advised Farmak on a series of acquisitions from a portfolio company of private equity house Novator. 

Asters has successfully defended the interests of the Home Box Office company in a dispute before Ukrainian courts regarding the production and distribution of its Chornobyl limited series in the country.

Did You Know that, even as the war in Ukraine rages on, five Ukrainian lawyers have worked on multiple reported client matters in that country so far in 2023?

Asters has advised the Black Sea Trade and Development Bank on its EUR 25 million short-term revolving trade finance facility to Ukraine's Concern Galnaftogaz.

As Ukraine experiences a period of relative tranquility following a tumultuous year, its M&A sector has witnessed surprising developments, and ongoing discussions about war insurance are also showing promise, according to Asters Co-Managing Partner Oleksiy Didkovskiy.

Asters has successfully represented Andriy Kuzmenko's estate in copyright proceedings in Ukraine.

Asters, working with Quinn Emanuel Urquhart & Sullivan, has successfully represented the interests of the Republic of Ukraine before the UK Supreme Court in a dispute with Russia concerning a USD 3 billion eurobond issuance from 2013. 

Asters has successfully represented the interests of PrivatBank before the Supreme Court of Ukraine, securing a final ruling on the bank's ownership following its 2016 nationalization. 

Asters, working with Dechert, has advised JSC Ukrainian Railways on the restructuring of two tranches of loan participation notes issued by Rail Capital Markets – one for notes due 2026 and another for notes due 2024 – in a total amount of USD 895 million.

Asters has advised the Black Sea Trade and Development Bank on its EUR 8 million financing to the Real Estate Development Centre for the construction of a 128-room hotel in Lviv, Ukraine.

Asters has advised the European Bank for Reconstruction and Development on a EUR 10 million financing for the Grain Alliance Group.

Did You Know that, according to the Activity Rankings function of the CEELMDirect website, Clifford Chance worked on the most reported deals in CEE during the worst of the COVID-19 pandemic, from April 1, 2020, through January 1, 2022? In fact, the Magic Circle stalwart worked on an impressive 51 reported deals in CEE during that period – more than any other firm.