On 28 February 2025, the President of Ukraine signed the Law of Ukraine "On the Peculiarities of Regulating the Activities of Legal Entities of Certain Organizational and Legal Forms in the Transition Period and Associations of Legal Entities" No. 4196-IX, adopted by the Ukrainian Parliament on 9 January 2025 ("Law"). The Law will come into effect on 28 August 2025.

Baker McKenzie has advised MHP on its acquisition of over 92% of the share capital in Grupo UVESA. Garrigues reportedly advised the sellers.

CMS, working with Cyprus-based Michael Damianos & Co, has advised ING Bank on a pre-export finance facility provided to a Ukrainian agricultural group.

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

Kinstellar, working with Addleshaw Goddard, has advised Phoenix Equity Partners Limited on its acquisition of FutureMeds, including subsidiaries in Bulgaria and Ukraine. DLA Piper reportedly advised the sellers.

Asters, working with Hogan Lovells, has represented PrivatBank in multi-billion-dollar litigation against its former owners, Ihor Kolomoisky and Gennadiy Bogolyubov, before the High Court of Justice in London.

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 6 August 2025, amendments to the National Bank of Ukraine's (NBU) Resolution No.18 came into force. Approved by Resolution No.95, they introduced a new stage of foreign currency liberalisation. The changes are intended to support export-oriented enterprises, the jewellery sector, importers and to expand the possibilities for risk hedging operations and the performance of external debt obligations.

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.

The National Bank of Ukraine (the "NBU") has given the green light to open banking in Ukraine by adopting the relevant Regulation on Open Banking in Ukraine by Resolution of the NBU Board No. 80 on 25 July 2025 (the "Regulation"). Thus, the NBU has taken the final steps towards implementing the provisions of EU Directive 2015/2366 (PSD2) on payment services and Chapter 4 "Procedure for gaining access to user accounts by payment service providers (open banking)" of Section IV of the Law of Ukraine "On Payment Services".

Sayenko Kharenko has advised the European Bank for Reconstruction and Development on a EUR 30 million unfunded portfolio risk-sharing facility with Ukrsibbank.

Sayenko Kharenko has advised Oschadbank as the coordinating bank of a consortium of Ukrainian state-owned banks in securing ownership of BFC Gulliver. Quinn Emanuel Urquhart & Sullivan reportedly advised Oschadbank as well.

Avellum and Hillmont Partners have successfully defended Argentem Creek Partners and Innovatus Capital Partners in a bankruptcy dispute against GNT Group member Olimpex Coupe International before Ukraine’s Supreme Court.

Avellum has advised Lignum Plast on a cross-border investment from Roodwild Participaties. SDM Partners, working with Von Boetticher, reportedly advised Roodwild Participaties.

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.

Sayenko Kharenko has advised Deutsche Bank on a EUR 23.6 million term loan facility extended to Northern Iron Ore Enrichment Works.

Sayenko Kharenko has advised UK Export Finance on a GBP 1.7 billion export loan provided to Ukraine under a UKEF guarantee.

By Resolution No. 847 of 14 July 2025, the Government amended the Criteria and Procedure for designating enterprises, institutions, and organizations as critically important for the functioning of the economy and the maintenance of vital public life during extraordinary periods (the "Criteria").