Russia & CEE
Harneys has been the leading provider of BVI legal advice to Russia and CEE for more than three decades. With the addition of our Cayman Islands and Cyprus practices we are able to provide a greater array of cost-effective, seamless offshore legal solutions to clients in this region.
Harneys acted as BVI counsel for Vladimir Melnichenko and Valentin Petrovich Bukhtoyarov, the majority shareholders on the US$2 billion sale of their interests in the Sibuglemet group of companies, which was a significant transaction in the natural... read more
In an earlier update we outlined in summary the application of the first round of EU sanctions on Ukraine, relevant to former President Viktor Yanukovich and his close allies. Here we provide an update on the fast moving pace of events surrounding new... read more
We have advised on numerous complex, high value deals in Russia and CEE and our clients include a significant number of the region's leading law firms, banks, financial institutions and corporations. Our Russia and CEE experts frequently advise on a wide range of commercial matters including all types of syndicated and bilateral lending, joint ventures, international listings, and the creation of trusts.
We have Russian-speaking capability in our London and Cyprus offices as well as a dedicated Client Relationship Manager for Russia.
Examples of our recent work include:
- Providing BVI, Cayman and Cyprus law advice on lending arrangements to clients including Raiffeissen Bank, Erste Bank, Credit Suisse, Deutsche Bank, Goldman Sachs and UBS.
- Acting as BVI and Cyprus counsel on the sale and purchase of 50.1% of the shares in Euroset, Russia’s largest mobile communications retailers, in a US $1.2bn sale transaction.
- Providing BVI and Cyprus advice to Finstar Group on the strategic disposal of Finstar’s majority stake in the Rive Gauche Group to Elshtere Ltd.
- Advising on BVI legal aspects of the creation of TNK-BP Limited, the ground breaking Anglo-Russian joint venture, and continuing to provide BVI advice to TNK-BP on financing arrangements including the update of an $8 billion guaranteed debt issuance programme.
- Advising Finstar Group on BVI and Cyprus legal aspects of the strategic disposal of Finstar’s majority stake in the Rive Gauche Group to Elshtere Ltd.
- Acting as Cyprus advisors alongside Clifford Chance and Deutsche Bank to a Ukrainian company in connection with the initial public offering of shares on the Warsaw Stock Exchange.
- Providing Cayman and BVI legal advice in connection with the restructuring, financing, and subsequent US$130 million sale of Cayman Islands companies affiliated with a Bulgarian telecoms and cable television company.
- Advising and successfully completing the cross border merger of ITR Investment Partners Limited registered in Cyprus and Sonda Spólka Akcyjna, a company registered in Poland. The companies form part of one of the largest groups in the Polish fruit and food industry.
- Acting as Cyprus counsel to VTB Capital Plc in connection with a US $150 million loan for the construction and development of the 65,000 square foot White Gardens office centre in Moscow.
- Acting as Cyprus legal counsel to GTS Central European Holding B.V. (GTS) in a major financing agreement involving a consortium of leading banks throughout Europe. The US $330 million provides for debt refinancing and related restructuring of GTS, a leading infrastructure-based provider of telecommunications services in Central and Eastern Europe. GTS owns and operates an extensive fibre optic and data centre network throughout the region.
- Advising Credit Suisse in connection with a US $100 million secured syndicated loan facility given to Exillon Energy Plc, an independent oil producer with assets in two oil-rich regions in northern Russia.
- Acting in connection with the US$1.5 billion fraud allegedly perpetrated against BTA JSC Bank of Kazakhstan, now before the UK Commercial Court.
- Providing Cayman law advice to the purchaser in relation to the acquisition of a leading wholesale distributor of fruit and vegetables to major retail outlets and supermarket chains in Poland. The deal involved one of the world’s five largest global retailers.
- Providing BVI advice in relation to the restructuring of financing facilities for three Ukrainian companies, the total value of which was over US$450 million. Other advisors and parties involved included Clifford Chance CIS, BNP Paribas, Salans LLC Ukraine, and JSCB Ukrsotsbank.