Asters, Ukraine’s largest full-service law firm, is a trusted advisor to international and domestic banks, international investment banks operating in Ukraine, as well as major global financial institutions, providing legal support for high-value lending transactions to Ukrainian borrowers. The firm’s expertise also spans foreign exchange regulation, banking and securities licensing, compliance, alongside active involvement in shaping Ukrainian legislation on payment services and non-performing loan management in the state-owned banks. The firm is among the few legal counsel with expertise in capital markets transactions, possessing large-scale restructuring mandates in its current portfolio, and also was actively retained to advise in connection with loans owed by Ukrainian borrowers, including restructuring, enforcement and regulatory advice. Among highlights of 2024 were acting as Ukrainian law counsel to the United States International Development Finance Corporation (DFC) in connection with a 10-year loan portfolio guaranty agreement for a total of USD 28 million to support the financing of small and medium-sized enterprises in Ukraine; advising Black Sea Trade and Development Bank (BSTDB) in connection with its up to EUR 25 million short-term revolving trade finance facility to Galnaftogaz, a leading Ukrainian petroleum retailer company, and on EUR 8 million financing to Real Estate Development Centre for construction of a Novotel branded four-star hotel in Lviv. The practice is co-headed by three renowned partners. Senior partner Armen Khachaturyan preserves his strategic role in practice guidance, being active in advising state-owned banks and high caliber mandates. Iryna Pokanay demonstrates her long-term commitment for advising projects involving IFIs. Roman Stepanenko leads ECA-backed finance mandates, advises on financial institutions and insurance regulation, and PPP framework. Oleksiy Demyanenko, splits his time between banking and corporate practice projects. Senior associate Inna Bondarenko was noted as a rising star of the banking practice. The senior counsel level includes Kateryna Oliynyk and Oleksandr Khomenko.

Having strong ties with international law firms, Redcliffe Partners specializes in cross-border lending, refinancing, and complex restructuring, maintaining strong relationships with multinational banks, leading international and European development institutions. In 2024, the banking team advised EBRD and IFC on USD 435 million worth of financing to support the merger of the Lifecell and Datagroup-Volia groups, the largest foreign direct investment since Russia’s invasion of Ukraine and one of the largest financings supporting the corporate merger in Ukraine’s history. Moreover, the firm also continues advising EBRD on a number of portfolio and individual risk sharing projects with leading Ukrainian banks for the total amount of EUR 1.5 billion, where EBRD will cover up to 50% (in certain cases, over 50%) of the credit risk of newly-originated financing provided by the partner financing institutions; provides ongoing advice to UNIDO in connection with the Loan Guarantee Fund (LGF), a revolving financial instrument between UNIDO and Ukrgasbank aimed at supporting the availability of finance for implementing energy efficiency measures and energy management systems by Ukrainian businesses. Another notable highlight is advising DFC on its first risk-sharing guarantee deal with Piraeus Bank. With his over 20 years of commitment, managing partner Olexiy Soshenko is among Ukraine’s most respected international finance experts. Counsel Olesia Mykhailenko holds a strong professional reputation and market praise, while Sevastian Viktoruk is noted as a rising talent in the field. Another partner in the firm’s banking and finance practice is Andriy Nikiforov.

Sayenko Kharenko handles high-profile deals, serving as the preferred Ukrainian firm for major international and local commercial banks, foreign governments, international financial institutions, funds, asset managers, insurance companies, and investment advisors. The multidisciplinary practice commands strong capacities and handles a full range of matters spanning international capital markets mandates, cross-border financing, restructuring, financial services and fintech advisory, development of key legislation. The practice team is customarily present in sovereign lending and restructuring matters. In 2024, the firm advised the ad hoc committee of bondholders in the successful restructuring of thirteen series of Ukraine’s USD 20.5 billion sovereign Eurobonds and sovereign-guaranteed Eurobonds issued by Ukravtodor; acted as a legal counsel to the Government of Canada in connection with the new CAD 2 billion loan to Ukraine. The team is among the preferred legal counsel of IFIs, having advised International Finance Corporation on two risk-sharing facilities for Raiffeisen Bank Ukraine, totaling approx. USD 210 million-equivalent. The firm advised EBRD on financing key wartime projects, including a EUR 60 million biofuels initiative, a EUR 35 million support package for the city of Kharkiv, EUR 12 million loan to the city of Kryvyi Rih, and EUR 25 million for Mykolaiv’s water utility. Another highlight comes from the energy sector and includes representing lenders in providing USD 388 million worth of financing for the DTEK Tiligulska II Wind Farm Project. The firm advises EBRD and the National Securities and Stock Market Commission of Ukraine (NSSMC) on aligning Ukrainian financial legislation with EU standards, covering securitization, covered bonds, close-out netting, and the transposition of EU financial sector rules. The largest banking and finance practice in the Ukrainian market is led by four partners, each specializing in their respective areas of expertise. In the research period Nazar Chernyavsky guided sovereign debt restructuring mandates, capital markets work, supervised Fintech and broad technology matters. Igor Lozenko led projects involving bilateral loans to Ukraine, IFI’s financing, banking corporate lending and Eurobond matters. Anton Korobeynikov has been focused on secured finance, restructurings, as well as ongoing advisory of state-owned banks. Renowned in the foreign banking and investment community, Michael Kharenko rendered sanctions advice and M&A work, and also shifted his main focus to the IT sector. At the counsel level, Iryna Bakina specializes in finance regulation, while Oleksandr Olshansky leads legislative development projects in capital markets and the financial sector. Senior associate Oles Trachuk was mentioned as a rising star for capital markets and work related to IFIs.

The prestigious practice of Baker McKenzie has recognized strength in a broad range of banking and finance matters, working on both transactional and regulatory mandates. In 2024, the banking and finance practice focused primarily on projects in agriculture, renewable energy, financial services regulation, financial sector reform, payment services, and fintech. Among ongoing disclosable highlights is advising IFC on the channeling of EUR 25 million worth of EU funds in grants across Ukrainian cities to help renovate municipal buildings for internally displaced people, creating jobs and driving economic recovery, and on channeling up to EUR 25 million in EU funds to help homeowners’ associations restore war-damaged residential buildings. The Kyiv team possesses experience of capital markets transactions in Ukraine, having previously advised many corporate issuers. For example, the firm acted as Ukrainian law counsel to Aragvi Finance International DAC, Transoil Group, a dominant agriculture player in Moldova, in connection with USD 550 million secured notes due 2029. The firm is recognized for its expertise in financial services regulation, advising leading international payment service providers, while also excelling in fintech, offering guidance on regulatory compliance and advanced technology implementation in the financial sector. Among other areas of recent advice — Ukrainian securities custody regulation, currency regulation, regulatory regime governing the restructuring of debts, cross-border payments, etc. Disclosable clients include the European Investment Bank, Citibank N.A., London Branch, Citibank Ukraine, Bayerische Landesbank, Mastercard, Western Union, MHP SE, Metinvest. Serhiy Chorny, co-managing partner, is a highly-respected legal professional with a strong reputation and deep commitment to his practice, making him recognized authority in the market. The firm’s strong senior team features solid professionals such as Hanna Smyrnova, an expert in banking regulation, trade, and sanctions compliance; Bogdan Dyakovych, specializing in regulatory matters, particularly payment systems and Fintech; and Victoria Ischenko, who focuses on cross-border lending, renewable finance projects, and restructuring advisory.

Dentons is entrusted with handling local and cross-border financing, restructuring, financial services regulation, and sanctions compliance. The firm advised Latvia’s Reģionālā investīciju banka on financing Farmak’s new pharmaceutical plant in Barcelona, marking RIB’s entry into Spain as part of its “West Bridge” initiative to support Ukrainian businesses expanding in Europe. The firm has a steady flow of restructuring mandates, and is especially experienced across agriculture, energy and real estate sectors. Most recently Dentons advised a Ukraine-based agribusiness engaged in grains, oilseeds and sugar beet production, on debt restructuring. The team also advised one of the leading European credit insurance groups on debt recovery related to payment under an insurance agreement. Fintech advisory is well-established expertise of the banking and finance team, spanning digitalization of financial services, crypto assets and its regulation. The team was actively involved in the working group on amending the law on virtual assets, bringing it in line with European regulation — MICA. Among disclosable clients are PrivatBank, City Bank Ukraine, BSTDB, EBRD, OeEB, Reģionālā investīciju banka, IFC, Piraeus Bank, TIU Canada. Renowned for her extensive involvement in Fintech projects, banking and finance partner Natalia Selyakova, remains the main contact.

INTEGRITES enjoys the preference of leading international and domestic borrowers, banks, major international financial institutions and development organizations. The banking and finance practice is enlisted to handle large-scale cross-border financing, complex restructurings, regulatory issues, with recently extended presence within capital markets work. The firm advises the Ukrainian Financial Housing Company (UFHC) on securing up to USD 3 billion in bridge financing from IFIs, restructuring Ukraine’s affordable housing market, and implementing mortgage securitization and international bond issuance. Notably, the firm advised Novus, a top five national food retailer and one of the largest operators of retail properties in Ukraine, part of BT Invest (Lithuania), on its UAH 400 million (EUR 10 million) corporate bond issuance, and set a legal precedent as Ukraine’s first law firm to serve as an independent bond administrator. Among landmark projects within the commercial property sector, was support to UAID Fund, a US-based private investor focused on rebuilding Ukraine’s middle-market commercial and residential real estate, in the course of providing cross-border financing for the reconstruction of the Giraffe Mall in Irpin, Kyiv Region. The team commands extensive restructuring portfolio, especially in the agrarian sector. For example, it advised Nibulon S.A., the leading grain exporter in Ukraine operating its own cargo fleet, on reprofiling a USD 80 million pre-export credit facility (PXF) extended by a syndicate of banks. In addition, the firm assisted DFC to conclude reinsurance contracts with Ukrainian insurers with respect to the portfolio of insurance policies against war risk issued by local insurers, enabling DFC to expand its operations in Ukraine. The banking and finance practice is led by two partners: Igor Krasovskiy, recognized for his transactional expertise and experience in IFI financing, and Dr. Oleh Zahnitko, who specializes in regulatory projects and driving energy sector reforms in Ukraine. Counsel Olena Savchuk comes highly regarded by peers for her recent performance, while senior associate Yuriy Korchev is also a key member of the team.

Kinstellar advises on a broad spectrum of financing matters, representing both lenders and borrowers, and providing comprehensive regulatory services, with a growing focus on Fintech. The team has recently been deeply involved in financial services regulatory mandates arising from business operations, structuring payments, derivative transactions, regulation in the insurance industry, mandates related to Fintech and international payment systems, sanctions-related advice, etc. In addition, the firm won mandates from Belgian and French international development institutions entering Ukraine. Other areas of recent involvement covered M&A in the financial sector, particularly the Fintech business. Disclosable clients include GIZ (the German Agency for International Development and Cooperation), Chemonics Inc., Kyivstar, Payoneer, Verizon, etc. Illya Muchnyk is a partner in the Kyiv office, leading the banking, finance and capital markets practice in Ukraine and the firm’s global Fintech sector. Oleksandra Poliakova, managing associate, is another important team member.

Known for its leading aviation practice, Ante Law Firm specializes in aviation finance and continues to expand its expertise to serving insurance companies. The firm acts on behalf of Lufthansa Technik Landing Gear Services UK in its capacity as a creditor in the bankruptcy case of Ukraine International Airlines. In a recent highlight, the firm provided full legal support to PJSC Innovative Insurance Capital, ensuring compliance with new insurance regulations, guiding its transition, adjusting internal processes, and securing recognition of its non-banking financial group by the National Bank of Ukraine. The firm recently supported DK Vet, the official supplier of veterinary instruments, drugs for veterinary medicine and hygiene products, to carry out debt restructuring with a Belgian company. Managing partner Andriy Guck specializes in aviation finance, while Mariia Tereshchenko oversees insurance matters.

ARIO Law Firm, known for its strong bankruptcy practice, is increasingly active in regulatory matters, banking, financial services, and international payment systems, while maintaining a solid track record in debt restructuring across industries, and handling regulatory disputes. The firm further expands its debt restructuring portfolio and, among ongoing public ones, advises the retailer Eldorado.ua in the process of a USD 23.6 million debt restructuring. The team defended the executives of the bankrupt bank UKOOPSPILKA in a UAH 77 million dispute with the state-run Deposit Guarantee Fund, which ultimately concluded with a settlement agreement. Ario successfully overturned the NBU’s decision to liquidate Concord Bank and revoke its license, enabling shareholders to seek compensation, while the NBU appeals to the Supreme Court of Ukraine. Other areas of focus encompassed internal policies for a newly-established international payment system, creation of a virtual bank, sanctions, etc. Julian Khorunzhiy, senior partner, and Serhii Derkach, counsel, are the main figures.

Eternity Law International is a legal counsel of Ukrainian origin that provides a range of services for Fintech and related industries. The team assists with obtaining various licenses in such sectors as cryptocurrency, Forex, gaming, Payment Service Provider (PSP), Money Service Business, Small Payment Institution, Authorized Electronic Money Institutions (AEMI/EMI). The firm’s corporate and banking department as led by Madina Kadyrkhanova, assists with formation, acquisition, liquidation or restructuring as well as with corporate or private bank account openings. In 2024, the team provided full legal support for a EUR 270,000 Securities Dealer license transaction in Mauritius, including due diligence, compliance checks, contract drafting, and regulatory approval for a major forex broker. The M&A practice, as led by senior lawyer Elizabeth Krotiuk, advised a major Asian forex group on acquiring a EUR 1.2 million brokerage license in South Africa, ensuring regulatory compliance and handling documentation. The firm’s managing partner is Denys Chernyshov.

In 2024, EVERLEGAL’s banking and finance practice focused on regulatory matters for financial companies, real estate, construction, energy, and international organizations, covering financial services regulations, currency controls, compliance, M&A in the financial services sector. The firm advised VisionFund International and VisionFund Ukraine, a US non-profit corporation providing microloans to small businesses (e.g., farmers) worldwide, on currency controls, regulatory and commercial matters. The firm’s clients include UNHCR, The UN Refugee Council, Global Communities, Norwegian Refugee Council, Lviv Standartbud. The practice is led by two partners: Vsevolod Volkov, specializing in banking regulation and currency control, and Andriy Olenyuk, focusing on financial transactions.

EY is entrusted with high-impact projects to modernize Ukraine’s financial sector, focused on the development of innovative financial instruments, regulatory frameworks, and legal support for public reforms. The team supported the International Finance Corporation in launching agrarian notes, a new financial instrument designed to finance Ukraine’s agricultural sector, developing interaction procedures between state registers, and providing training for key stakeholders to ensure effective adoption of the new system. EY, in partnership with UNDP and the Ministry of Social Policy, is guiding the transition of industrial and war injury insurance to private insurers by shaping regulations, designing coverage models, and creating an implementation roadmap. Borys Lobovyk, partner, is the main point of contact.

Gramatskiy & Partners advises on various payment and banking regulations introduced during martial law in Ukraine, assisting clients with corporate guarantees, loan repayments, bank account openings, and transactional support. The firm traditionally represents its long-standing clients as Ukrainian borrowers within the auspices of obtaining financing and restructuring procedures. During the research period the firm advised City Capital Group on securing a USD 10 million loan from Ukrgasbank, structuring loan agreements for energy infrastructure investment; advised Falcon Agro Group LLC and VPG Agro Plus on securing USD 20 million in financing for the expansion of a grain terminal in Odesa; assisted VPG Agro Plus with the restructuring of a USD 5.25 million trade loan. Another highlight included advising LLC Voronin Garment Factory & LLC Park Lane on USD 35.5 million debt restructuring and mortgage enforcement with PJSC Ukrgasbank. Given its experience in virtual assets, the firm is a point of choice for supporting subsequent client requests. In particular, the team advises Global Investment Technology Group on issuing USD 10 million in securitized tokens to attract investment for a technology start-up. The firm assisted Delatech LLC with the development of a blockchain-based payment processing system tailored for small and medium enterprises; secured Playtech Software Limited with licensing and regulatory compliance support for launching a digital wallet for online gaming payments across multiple jurisdictions. Partner Igor Reutov oversees the firm’s financial services practice, while Andrii Trembich handles financial, credit, and mortgage disputes, as well as restructuring and bankruptcy cases. President Ernest Gramatskiy supervises the most complex projects.

Ilyashev & Partners remains a leading force in insolvency, debt recovery, and complex banking disputes, particularly in challenging regulatory decisions. The team advises on high-value multi-creditor restructurings, voluntary restructuring cases, while also maintaining a strong presence in the insurance and online payment sectors. The firm rendered legal services to the Estonian Center for International Development, which is responsible for managing and implementing Estonia’s international development cooperation and humanitarian assistance, in registration international technical assistance project. This past year the firm has been actively enlisted to advise on regulatory compliance in financial and payment services, and on insurance regulations. Public clients include BTA Bank, PZU Ukraine, Clearing House, Altares Capital, USG, a part of Vienna Insurance Grouр, Motor (Transport) Insurance Bureau of Ukraine. Managing partner Mikhail Ilyashev oversees the practice and leads debt collection projects for banks and major corporate clients, while senior partner Roman Marchenko is recognized for supervising insolvency and financial restructuring in Ukraine.

KPMG Law Ukraine recently advised leading international and domestic companies, including banks, on regulatory matters, financing and borrowing, debt restructuring, currency control compliance, and insurance legislation. The core focus of the practice team encompassed regulatory advice, particularly currency control and payment issues. The Kyiv team continues to provide ongoing legal assistance to JCB Payment Systems in Ukraine, including analyzing newly-adopted legal regulatory frameworks in the payment services field; acted as independent legal expert under the Law of Ukraine On Financial Restructuring in the course of restructuring financial obligations by PJSC Toronto-Kyiv. Yuriy Katser, director, and Bogdan Shyshkovskyi, senior counsel, are the main contacts.

Stron Legal Services supports e-payments and e-money operators, electronic money institutions and virtual financial asset providers, in establishing their EU operations, offering tailored guidance on compliance and operational matters. During the research period the firm handled the tax structuring of a crypto company, a Fintech startup in Ireland, corporate structuring of a financial company, casino and cryptocurrency in one service, and advised multi-service financial ventures. Oleg Derlyuk, managing partner, is the main figure.

TCM Group Ukraine, part of a global network of law firms and debt collection agencies, specializes in debt restructuring. The team is regularly engaged in cross-border matters for multinational corporations and banks, with recent highlights including the multijurisdictional financial restructuring of the world’s largest flexible workspace provider. Denys Kopii, managing partner in Ukraine, is the main contact.

The Kyiv office of Wolf Theiss advises on banking and finance law issues in the course of M&A transactions, stock options, on local currency and sovereign bonds, banking regulations, currency control, payment services and agency. Among ongoing projects is advising Ukrmilkinvest, the operator of the Family Dairy Farms national project, on the project’s cross-border and local financings; advising Remington, the largest third-party seed producer in the world, on the intra-group cross-border financing arrangements and dividends distributions. Given martial law, the team provides ongoing support on wartime regulations, including currency controls and compliance for financial institutions. The team advised a digital asset related services provider, on complex issues with respect to regulation of financial services and particularly payment services, virtual assets regulatory framework and currency control restrictions. Practice head Oksana Volynets has a long-standing dedication to the banking practice.

Our market research highlights law firms and professionals who, despite not submitting information for the current study, remain vivid market players and active in the banking and finance sector in Ukraine. These highlights, sourced from public records, emphasize the firm’s market presence — a fact repeatedly validated through our in-depth interviews.[1]

AEQUO* was recognized for its strong market presence and trusted relationships with international organizations, lenders, and Ukrainian borrowers. Among public projects were acting as Ukrainian law counsel to the European Bank for Reconstruction and Development in connection with a new EUR 40 million loan to Kormotech, one of the top three market players on the Ukrainian pet food market, and a EUR 20 million local currency loan to ProCredit Bank Ukraine. The firm also advised ProCredit Bank on obtaining a 10-year loan portfolio guaranty agreement from the U.S. Development International Finance Corporation in the amount of USD 28 million to support the financing of small and medium-sized enterprises in Ukraine. The practice is led by Yulia Kyrpa, the firm’s banking and finance partner.

AVELLUM* is a top-tier Ukrainian law firm renowned for handling major financing transactions and high-profile restructurings across public and corporate sectors. Given its strong track record in capital markets work, the firm is a key legal advisor to the Ministry of Finance of Ukraine on intergovernmental financial transactions. In 2024, the firm was mandated by the Ministry of Finance to advise on an unprecedented USD 20 billion loan from the United States, to be repaid with proceeds earned from immobilized Russian sovereign assets; on a CAD 400 million concessional loan from Canada; on the successful restructuring of Ukraine’s state and state-guaranteed external debt, totaling USD 20.47 billion, etc. The banking and finance practice is preferred by international financial institutions. Notably, the firm advised EBRD in connection with a new senior EUR 70 million loan to New Post LLC, Ukraine’s leading express delivery company. DTEK Renewables was assisted with its successful extension of EUR 325 million green Eurobonds maturity. Glib Bondar, senior partner, is a recognized leader in the banking and finance practice in Ukraine.

CMS Cameron McKenna Nabarro Olswang* is a key market player, which is renowned for its expertise in cross-border financing and mandated by banking syndicates for large-scale restructurings. The published highlights during the research period included advising NJJ and Horizon Capital on USD 435 million financing from EBRD and IFC to acquire Lifecell and Datagroup-Volia; acting for an ING-led syndicate of international banks, including the European Bank for Reconstruction and Development, Crédit Agricole — Corporate Investment Bank (CACIB), and Dutch development bank FMO, on the restructuring of Nibulon’s pre-export credit facility. The team supported the Superhumans Center, a state-of-the-art prosthetics and rehabilitation medical center in Ukraine, in receiving USD 25 million in political risk insurance from the DFC, a US government agency. Partner Ihor Olekhov and counsel Kateryna Chechulina are renowned practitioners in the banking and finance field.[1] The firms marked with asterisk (*) have not submitted information for the current research.