Vasil Kisil & Partners Advises EU on Granting Macro-Financial Assistance to Ukraine

Vasil Kisil & Partners announced that the firm acted as a sole legal advisor to the European Union on granting of this macro-financial assistance to Ukraine.

In May 2014, the Memorandum of Understanding and the Loan Agreement were entered into by Ukraine, as a borrower, the National Bank of Ukraine, as an agent to the borrower, and the European Union, as a lender regarding the loan in the total amount of EUR 1 billion. Both above documents were ratified by the Ukrainian Parliament on 20 May 2014. The first installment of the macro-financial assistance was transferred to the state of Ukraine on 17 June. The outstanding amount of the loan is expected to be granted within the course of 2014.

Vasil Kisil & Partners advised the European Union represented by the European Commission, on the Ukrainian law and international law matters of the transaction. In particular, the lawyers were actively involved in drafting of the transaction documents, controlled fulfillment of conditions precedent to completion of the transaction and issued a legal opinion in favor of the lender.

The transaction team was led by the firm’s partners Yulia Kyrpa and Denis Lysenko and included associates of Banking and Finance Practice Group Denys Kulgavyi and Olena Nikolenko.