Russia & CEE

Harneys has been the leading provider of BVI legal advice to Russia and CEE for more than 3 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.

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.

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.
•  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.
• 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.
• Advising on Cyprus law matters in relation to a dual currency facility agreement to X5 Retail Group NV valued at US$800 million.
• Advising Orsu Metals Corporation on BVI law aspects of the sale of its Varvarinskoye gold-copper mine in Kazakhstan to OJSC Polymetal.
• 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.
• Advising European Bank of Reconstruction and Development (EBRD) on Cyprus elements of a €58 million debt and equity finance transaction involving the Cyprus subsidiaries of a Ukrainian manufacturing firm. 
• Providing BVI advice to the lenders, through Berwin Leighton Paisner, in relation to a €37 million EBRD financing deal for a hotel development in Montenegro.
• Acting before the BVI courts for one of the largest Russian oil companies in proceedings against various BVI companies on one of the most high profile international disputes involving litigation in the UK, the Netherlands, Russia, Armenia, Jersey and Ireland.
•  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.

Contact Colin Riegels or Mann Vergan for more on Russia & CEE.