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.
NBU Adjusts Currency Control Restrictions to Stimulate Trade and Investment
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 Advises UMAEF on USD 50 Million Investment Program
Avellum has advised the Ukraine-Moldova American Enterprise Fund on launching its USD 50 million direct investment program.
The Debrief: November, 2024
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 Advises Ministry of Finance of Ukraine on CAD 400 Million Sovereign Loan From Canada
Avellum has advised the Ministry of Finance of Ukraine on a CAD 400 million concessional loan from Canada.
Ukrainian Government Announces First Green Auctions for 2024
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, Avellum, and Kinstellar Advise on NJJ Holding and Horizon Capital-led Consortium's Acquisition of Datagroup-Volia and Lifecell
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 Advises EBRD on EUR 70 Million Loan to New Post
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 Advise on USD 23 Billion Restructuring of Ukraine’s Sovereign Debt
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 Advises Ukrnafta on Obtaining Unconditional Merger Clearance to Manage Tatneft
Avellum has advised PJSC Ukrnafta on obtaining unconditional merger clearance from the Antimonopoly Committee of Ukraine to manage Tatneft.
Hillmont Partners and Avellum Represent GNT Group's Creditors and Prevent Corporate Raid
Hillmont Partners and Avellum have successfully represented GNT Group's creditors and have stopped an attempted corporate raid.
Avellum Advises Greenville Group on Sale of Renewable Energy Infrastructure Project
Avellum has advised the Greenville group of companies on the sale of a ready-to-build wind power plant with an overall projected capacity of approximately 150 megawatts to the Galnaftogaz Group. Law Whales reportedly advised the Galnaftogaz Group.
Avellum Advises Aspia on Acquisition of Accountor Outsourcing
Avellum, working with Kirkland & Ellis, has advised Aspia on its acquisition of Accountor Outsourcing.
Avellum Advises Knorr-Bremse on Merger Clearance for Acquisition of Alstom Signaling
Avellum has advised Knorr-Bremse on obtaining merger clearance from the Antimonopoly Committee of Ukraine for its acquisition of Alstom Signaling via its subsidiary Knorr Brake Holding Corporation.
NBU Grants Eurobonds Repayment Relief for Major Ukrainian Corporate Issuers
With effect from 11 July 2024, the National Bank of Ukraine (“NBU”) introduced a long-awaited exemption from the moratorium on foreign currency cross-border transfers (“Moratorium”). This exemption is expected to facilitate the repayment of Eurobonds by major Ukrainian corporate issuers, which had faced significant challenges in making payments under their Eurobonds since the beginning of the full-scale russian invasion of Ukraine on 24 February 2022.
Ukraine: Progress Made on the Renewables Agenda
Despite martial law, Ukraine has significantly advanced its renewable energy agenda over the last year. Ukraine’s trajectory in the renewable energy sector is not merely a response to challenges but a proactive and strategic approach to shaping a greener and more sustainable future.
Ukrainian Government Approves Regulation of State Support for Investment Projects with Significant Investments
On 26 April 2024, the Cabinet of Ministers of Ukraine (“Government”) approved the Procedure for Using Funds from the State Budget to Provide State Support for the Implementation of Investment Projects Involving Significant Investments (“Budget Procedure”).
Labour Law Changes: Impact of EU Directive on M&A Procedures
On 15 May 2024, amendments to the Labour Code of Ukraine came into effect aiming to regulate the rights and obligations of parties in labour relations during a change of control over business. The Ukrainian parliament adopted such amendments to align Ukrainian legislation with EU Directive 2001/23/EC, dated 12 March 2001.