The past year has demonstrated that an ongoing conflict is not an obstacle to development and investment. Despite infrastructure being targeted by shelling, Ukraine’s real GDP grew by 4% in the first nine months of 2024, with expectations that this figure will reach 4.3-4.6% in the coming years. To maintain this growth, Ukraine must actively engage private investments to rebuild its damaged infrastructure and assets.

As Ukraine continues to resist the Russian Federation’s invasion, its M&A market in 2024 demonstrates both resilience and adaptability. While the early months of the full-scale war in 2022 likely represented an all-time low for dealmaking, today’s landscape appears far more dynamic. Although reaching and surpassing pre-war levels of activity will take time, the market is showing clear signs of recovery.

In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. This time around we turn our attention to setting up new practices and ask: When launching a new practice, what is your go-to strategy – do you look at internal team members to spearhead it, or are you more likely to turn to lateral hires? Why?

Avellum has promoted Former Counsel Oleksii Maslov to Partner in the firm’s Dispute Resolution practice, focusing on International Arbitration.

On 26 December 2024, the Law “On Amendments to the Criminal Code of Ukraine, the Criminal Procedure Code of Ukraine, and Other Legislative Acts of Ukraine to Improve Mechanisms for Holding Legal Entities Accountable for Bribery of Foreign Officials” No. 4111-IX entered into force. It is meant to implement the OECD Council’s Recommendation on Combating Bribery of Foreign Public Officials in International Business Transactions.

On 23 December 2024, the Register of Damages for Ukraine caused by the aggression of the russian federation against Ukraine (the “Register”) published the forms and rules for submitting claims for compensation in newly opened categories of claims. This will allow individuals and legal entities, as well as the state of Ukraine, to start preparing the necessary documents in 30 out of the 45 planned categories.

With effect from 21 December 2024, the National Bank of Ukraine (“NBU”) introduced new exemptions from the moratorium on foreign currency cross-border transfers. Notably, these changes broaden the scope of existing exemption for Ukrainian corporate issuers permitting to make payments in connection with Eurobond-related obligations, described in our earlier legal alert.

Popescu & Asociatii Partner Loredana Popescu and Avellum Partner Maksym Maksymenko look at the current status of agribusiness in their countries – both traditional powerhouses in the sector – highlighting how they are managing to show resilience despite tough years.

On November 7, 2024, M&A experts from Austria, Bosnia & Herzegovina, Croatia, Greece, Hungary, Moldova, Romania, and Ukraine participated in a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss the FDI screening regimes in their country and key developments in the area on the horizon.

Starting from 20 November 2024, the National Bank of Ukraine (“NBU”) enacted amendments to the existing currency control restrictions under the moratorium on foreign currency cross-border transfers (“Moratorium”). These amendments aim to facilitate international trade cooperation and technical assistance projects while simultaneously strengthening compliance measures for certain exemptions.

Avellum has advised the Ukraine-Moldova American Enterprise Fund on launching its USD 50 million direct investment program.

In The Debrief, our Practice Leaders across CEE share updates on recent and upcoming legislation, consider the impact of recent court decisions, showcase landmark projects, and keep our readers apprised of the latest developments impacting their respective practice areas.

Avellum has advised the Ministry of Finance of Ukraine on a CAD 400 million concessional loan from Canada. 

On 13 August 2024, the Ukrainian Government adopted Order No 757-p “Certain Issues of Pilot Auctions for the Allocation of the Support Quota in 2024” (“Green Auctions Order”) scheduling the first auctions for supporting renewable energy producers under the feed-in premium mechanism (“Feed-in-Premium”) later this year.

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.

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.

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.

Avellum has advised PJSC Ukrnafta on obtaining unconditional merger clearance from the Antimonopoly Committee of Ukraine to manage Tatneft.