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.

As the region rounds the summer bend, Kinstellar Partner in Serbia Milan Samardzic, Avellum Managing Partner Mykola Stetsenko in Ukraine, and PwC Director and Head of Legal Practice in Georgia Vano Gogelia unpack what moved and why in terms of summer levels of activity, the macro and political levers at play, and what they expect to drive closings into year-end.

Ukraine joined the international standard for automatic exchange of financial information – Common Reporting Standard (“CRS”) in August 2022, by signing the Multilateral Agreement of the Competent Authorities of the Organization for Economic Co-operation and Development (OECD). On April 28, 2023, the Law of Ukraine “On Amendments to the Tax Code of Ukraine and Other Legislative Acts of Ukraine Regarding the Implementation of the International Standard for Automatic Exchange of Financial Account Information” entered into force.

The Ukrainian Parliament has introduced a draft law proposing the establishment of a comprehensive system for screening foreign direct investment (“FDI”). This system is modelled after those operating across the European Union and the US (e.g., CFIUS) and is intended to safeguard national security. Below are the key takeaways.

On 26 August 2025, the Cabinet of Ministers of Ukraine (“CMU”) adopted Resolution No. 1050 “On Approval of the Procedure for Approving the Attraction of External, Domestic Long-Term (over One Year) and Short-Term (up to One Year) Loans, Provision of Guarantees or Suretyships (“Transactions”) in respect Thereof by State Enterprises and Companies (other than Banks) (“SOEs”), in which 50 Percent or More of Shares (Participatory Interests) Is Owned by the State” (“New Procedure”).

Avellum has advised Sunflower Network on launching a modular pediatric hospital in Western Ukraine.

Avellum, working with Bird & Bird, has advised the European Bank for Reconstruction and Development on a EUR 500 million loan to Naftogaz of Ukraine. Aequo reportedly advised Naftogaz.

On 4 September 2025, Law of Ukraine “On Amendments to the Section “Final and Transitional Provisions” of the Civil Code of Ukraine Concerning Renewal of the Limitation Period” No. 4434-IX (“Law”), will enter into force.

On 31 July 2025, Ukrainian Parliament adopted Law of Ukraine “On Amendments to Article 12 of the Law of Ukraine “On Limited and Additional Liability Companies”” (the “Law”), which regulates the existence and legal regime of additional capital (share premium) in limited and additional liability companies (“LLCs”).

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 asked: What is the ratio between business development activities and billable hours for Partners within your team, on average?

As we pass the halfway mark of 2025, we asked Partners across the region to identify their hottest practice so far this year, explain the driver behind that surge, and share whether they expect the momentum to continue. Czech Republic-based PRK Partners Associate Partner & Head of AI and Digital Practice Daniel Vejsada, Georgia-based PwC Legal Director and Head of Legal Practice Vano Gogelia, Ukraine-based Avellum Partner and Head of Defense and Miltech Andriy Romanchuk, Bulgaria-based Schoenherr Office Managing Partner Alexandra Doytchinova, and Serbia-based Kinstellar Special Counsel and Co-head of the firm-wide Competition & State Aid service line Olga Sipka give us their take.

Avellum has advised the European Bank for Reconstruction and Development on a new senior loan of up to EUR 50 million to a Ukrainian postal company.

In its resolution in case No. 500/2276/24 dated 16 July 2025, the Grand Chamber of the Supreme Court set out important conclusions regarding the time limits for filing claims with administrative courts in tax disputes.

Avellum has advised the Ministry of Finance of Ukraine on three loans provided under the G7 Extraordinary Revenue Acceleration Loans for Ukraine initiative, including a GBP 2.26 billion loan from the United Kingdom, a CAD 5 billion loan from Canada, and a JPY 471.9 billion loan from Japan. Hogan Lovells reportedly advised the United Kingdom. Sayenko Kharenko, working with Borden Ladner Gervais, advised Canada.

As in previous years, Ukraine’s TMT regulatory framework continues to evolve, even amid the wartime challenges. The overarching legislative objective remains largely the same – alignment of Ukrainian law with the EU legal framework, particularly in areas shaped by digital transformation and technological advancement.

Avellum has advised Verholy Relax Park on the sale of a stake in the resort and hotel complex. Moris advised the buyer, Bohdan Yesipov.

Ukraine is cautiously advancing with economic reforms, especially in governance and institutional appointments, and nurturing investor interest despite ongoing challenges, according to Avellum Managing Partner Mykola Stetsenko. Key sectors like defense and state-owned enterprises are evolving, while the legal market is becoming more professional and dynamic.

On 30 July 2025, the President of Ukraine signed Draft Law “On Amendments to Certain Legislative Acts of Ukraine Regarding the Improvement of the Mechanism for Attracting Private Investments Using Public-Private Partnership to Accelerate the Restoration of War-Damaged Facilities and Construction of New Facilities Related to the Post-War Economic Recovery of Ukraine” No. 7508 (“Law”). This is a comprehensive reform developed since 2022, spanning almost 250 pages. It restates the Law of Ukraine “On Public-Private Partnership” and amends related acts to align them with updated public-private partnership (“PPP”) procedures.