Category: Ukraine

Hogan Lovells has advised an ad-hoc group of Naftogaz’ 2026 note holders on the amendment and extension of its USD 500 million 7.625% 2026 eurobonds. Freshfields reportedly advised Naftogaz.

Naftogaz is the state-owned national oil and gas company in Ukraine.

According to Hogan Lovells, “Naftogaz has been heavily impacted by the ongoing conflict in Ukraine resulting in the default of its 2022 notes and, subsequently, its 2024 and 2026 notes. The negotiated terms, which received over 91% of the 2026 bondholders’ support and approval from the Cabinet Ministers of Ukraine, saw an extension of the maturity dates for the 2026 notes, (with 50% of the outstanding principal being redeemed in November 2027 and the remainder in November 2028) with similar adjustments made for the 2022 notes.”

The Hogan Lovells team included lawyers in London and New York.

In July 2023, the Ukrainian parliament adopted several laws on changes to the Labour Code of Ukraine, which relate to maternity leaves, as well as list and dates of public holidays.

1. Changes to the procedure for granting maternity leaves

Before the legislative changes, women were entitled to paid maternity leave (i.e. leave in connection with pregnancy and giving birth) of 70 calendar days before the due date and 56 calendar days (70 calendar days in case of giving birth to twins or complications during childbirth) after that. The total duration of maternity leave was 126 days (140 days in case of giving birth to twins or complications during childbirth).

However, from now on, at the woman’s request and in the absence of medical contraindications, a part of the leave of 70 calendar days before the due date can be shifted and used in part or in full after childbirth. At the same time, the total duration of the leave remains the same, i.e., it cannot exceed 126 calendar days (140 calendar days in the above-referred cases).

The changes became effective on 29 July 2023.

2. Changes to the list and dates of public holidays

The Labour Code of Ukraine was also updated in part of the list and dates of public holidays, namely:

• Christmas Day will be celebrated on the 25th of December only. 7th of January will be a regular working day
• Day of Ukrainian Statehood is moved from 28 July to 15 July
• Day of the Defenders of Ukraine is moved from 14 October to 1 October

The changes became effective on 30 July 2023.

By Inesa Letych, Counsel, and Iryna Shaposhnikova, Associate, Asters

Avellum Managing Partner Mykola Stetsenko has been elected as the new President of the Ukrainian Bar Association.

According to Avellum, the election took place on August 2, 2023, at a regular meeting of the UBA Legal Assembly. Together with the newly elected UBA Vice-President and Senior Partner at Sokolovskyi and Partners Tetiana Lysovets, Stetsenko will focus on “ethics in the Ukrainian legal market, the protection of human rights, cooperation on the international stage, the work of committees as a driver of reforms in the country, military justice, legal education as a basis for the future of the legal profession, the promotion of regional interests, and inclusiveness as a component of the new society.”

“The position of UBA President demands strong leadership and a commitment to nurturing the legal community in Ukraine,” Stetsenko commented. “This is an important mission, and I am ready to make every effort to ensure the successful fulfillment of this role.”

Integrites has advised the Kovalska Group on a EUR 27 million long-term secured loan from Dutch Invest International to finance the construction of a new aerated concrete production plant in Rozvadiv, Ukraine. Redcliffe Partners, working with the Amsterdam office of Clifford Chance, advised the lender.

According to Redcliffe Partners, Invest International Public Programmes B.V. acted on behalf and in the interests of The State of the Netherlands (The Minister for Foreign Trade and Development Cooperation) as the lender. Invest International is a joint venture between the Dutch Ministry of Finance and Dutch development bank FMO, established to achieve the UN’s Sustainable Development Goals.

According to Integrites, the loan is funded from the Dutch Good Growth Fund. “State-of-the-art autoclaved aerated concrete machinery and technology for the plant will be supplied by Aircrete Europe, from the Netherlands to Ukraine.”

The Kovalska Group is a vertically-integrated construction material manufacturer and property developer in Ukraine.

Aircrete Europe is a developer and manufacturer of autoclaved aerated concrete machinery and technology for the production of AAC panels and blocks.

The Integrites team included Partner Igor Krasovskiy, Senior Associate Yuriy Korchev, and Associate Valentyna Solona.

The Redcliffe Partners team included Managing Partner Olexiy Soshenko and Associate Sevastian Viktoruk.

On 30 June 2023, Law of Ukraine No. 3220-IX On introduction of changes to certain laws of Ukraine as to recovery of energy safety and green transformation of the energy system of Ukraine (the Law) was adopted in the second hearing in its entirety.

The Law covers key rules on guarantees of origin (GOs) for producers of electricity from renewable energy sources (RES Producers), net billing and introduces numerous other amendments to Ukrainian legislation in respect of renewables.

The Law was signed by the president of Ukraine and was officially published on 26 July 2023. Most of its provisions entered into force on 27 July 2023. The Cabinet of Ministers of Ukraine (CMU) and other central state authorities have six months from the Law’s effective date to harmonize all secondary legislation.

Below is a brief summary of key changes under the Law, according to the area of changes.

Extension of technical conditions and pre-PPAs for eligible wind projects

1. Pre-PPAs for wind projects eligible to be implemented under the “green” tariff (GT) are to be extended until 31 December 2023. The respective RES Producers may apply to a State Enterprise “Guaranteed Buyer” (GB) to sign a new pre-PPA until the aforementioned date.
2. At the same time, Law of Ukraine On Introduction of Changes to Certain Laws of Ukraine as to Prevention of Abuse in the Wholesale Markets dated 10 June 2023, No. 3141-IX, envisaging implementation of the REMIT regulation, envisages also a reduction in the GT for wind farms by the following coefficients:
   • 0.975 – for RES Producers that commission wind power plants from 1 January 2020 until 30 June 2023
   • 0.825 – for RES Producers that commission wind power plants from 1 July 2023
3. Wind projects with pre-PPAs are also entitled to enter into an amendment to their grid connection agreements in order to get the new technical conditions in line with the technical conditions issued before 24 February 2022, valid until one of the following dates:
   • 31 December 2024 (unconditional extension)
   • 31 December 2025 if the grid connection services is revised on the day following the date of Marshal Law cancellation

Certain important changes to the GT mechanism and its operation

1. The government may provide for expenditures in the state budget to support RES Producers, in particular for GT payments, on the basis of calculations from the National Energy and Utilities Services Commission (Regulator). If the government makes provisions in the respective annual state budget for costs to support RES Producers, the Regulator will reflect those costs when establishing the transmission tariff. Apparently, if such provisions are not made in the discussed budget expenditures, the Regulator will establish the transmission tariff to cover expected support for RES Producers in full.
2. The RES Producers under GT will have to enter into an agreement on participation in the GB’s balancing group once the Regulator has adopted the respective secondary legislation, in accordance with the Law.
3. Repairs and reconstruction of RES power plants without increasing installed capacity should not affect the amount of GT established during commissioning.
   RES Producers with the GT may exit GB’s balancing group (subject to 20-day prior notice), suspend the PPA and execute the service of increasing the share of RES (basically a CfD, and here, we will refer to it as such) on the basis of the standard form to be adopted by the Regulator for the term of the GT with simultaneous suspension of the PPA under the GT. Alternatively, RES
4. Producers may also terminate the PPA and later it may re-execute the PPA.
5. The CfD should cover electricity sold by RES Producers under bilateral contracts, at day-ahead and intraday markets.
6. It appears that the basis for calculating payments under the CfD will be the difference between the established GT and the larger of the average index prices in the day-ahead market or regulated bilateral contracts market, as determined by the Law. If the larger average market price as discussed above exceeds the auction price, the difference will be paid by the producer to the GB.
7. Switching from one to another form of support does not affect the rate of the established GT.
8. RES Producers exiting from the GB’s balancing group are entitled to return (subject to a 60-day prior notice) and PPAs under the GT will be resumed with apparent simultaneous suspension of the CfD.
9. The guarantee of GT payments and the auction price are expressly applied to RES power plants included in the GB’s balancing group, while RES producers under a CfD are getting the guarantee of payments under them.
10. The RES producers with the GT or auction support may enter into financial PPAs both if they withdraw from the GB’s balancing group as well as if they sell GOs under such financial PPAs.
11. Only the maximum volume of electricity to be produced by each installation as specified on the generating equipment in the license will be subject to purchase by the GB. Any excess will be purchased at the value of imbalance for the respective hour.
12. Operation of the GB’s balancing group will be regulated by the agreement on participation in GB’s balancing group entered into on the basis of the standard agreement to be established by the Regulator. Entering into the standard agreement is subject to entering into an agreement on balancing services with the transmission system operator.
13. The Law amends provisions on calculating the services rendered by the GB on the increase of RES share in the market to be covered from the transmission tariff payments. It also specifies that income from sales of GOs, export and import of electricity, etc., should be directed to cover payments to RES Producers.
14. RES Producers are expressly allowed to export and import electricity from/to Ukraine.
15. The GT for households beginning 1 January 2024 has been established. Households will be entitled to GT payments if they also consume electricity. The decrease of GT depending on the year of commissioning will be expedited.
16. The GT for solar power plants up to 1 MW commissioned after 1 January 2024 will be reduced by coefficient of 0.4.
17. Application of the GT to biomass/biogas power plants was extended to power plants commissioned until 1 January 2024.

Lifting restrictions for PPAs of RES Producers without state support

1. RES Producers without an established GT or auction price will not be obliged to sell electricity under bilateral PPAs (including corporate and utility PPAs as known in Europe) via special electronic auctions regulated by the procedure to be adopted by the CMU.
2. The Regulator will not be entitled to set a maximum term for PPAs for RES Producers without state support.

Guarantees of origin (GOs)

1. The Law introduces the term “register of guarantees of origin of electrical energy produced from renewable energy sources” (Register), which is defined as electronic system securing formation of GOs, recording information on issuance, circulation and termination of GOs produced from RES and provision of information about them.
2. The GO itself will be defined as an electronic document produced by virtue of the Registry, confirming that the determined quantity of electrical energy is produced from RES. It further establishes its ecological value (amount of greenhouse gases avoided by production of electricity from RES) and confirms rights related to positive effect (forming a share in the National Contribution of Ukraine in Greenhouse Gases Reduction from production of electricity from RES).
3. GOs will be issued and can be circulated in accordance with the procedure to be established by the CMU (“GOs Procedure”). Proposals for the GOs Procedures are prepared by the Regulator and submitted via the Ministry of Energy to the CMU.
4. Title in the GO may be transferred separately from the respective electricity.
5. The Regulator is an authorized agency on issuance and circulation of GOs related to electricity produced in Ukraine and secure the Registry functioning.
6. GOs may be issued for the actual volume electricity fed to the grid or used for own consumption by virtue of the Registry on the basis of commercial metering data.
7. Information in the Registry will be public unless the legislation will set forth otherwise.
8. In addition to the Registry, the Regulator administers a register on RES installations for production of electricity information from which is part of the Registry.
9. More details on functioning of the Registry, circulation of GOs, etc., is in the GOs Procedure.
10. GOs must include the following information:
    • Type of RES
    • Beginning and final date of the operational period
    • Location, installed capacity and characteristics of the RES installations
    • Availability and type of state support
    • Commissioning date of RES installations
    • Date and country of issuance
    • Environmental value
    • Unique identification number
11. GOs are issued to confirm production of 1 MWh. Only one GO may be issued for each produced volume of electricity.
12. GOs are formed automatically in the Registry on the basis of information of the commercial metering.
13. GOs are circulated in the market for 12-month terms. The owner of the GO must terminate the GO within 18 months after the production date, otherwise it becomes invalid.
14. RES producers entitled to GOs are subject to inspections by the Regulator. Generation installations of the consumer are subject to inspections by the respective system operator. In case of inaccuracy of data submitted to the Registry (use of non-RES or incorrect portion of RES), the respective RES installations are excluded from the Registry; registration of the installation in the Registry can be repeated after a six-to-36-month period (depending on the percentage of non-compliant electricity in the total volume of registered GOs).
15. All RES producers are entitled to obtain GOs and can freely transfer GOs until the expiry date, except for RES producers under the GT or auction price—those GOs automatically transfer to the GB, and GOs of prosumers with the GT, which automatically transfers to the respective universal services supplier that buys electricity from them at the established GT. The GB and universal services suppliers are entitled to sell GOs and use respective proceeds for payments for electricity to RES Producers.
16. Export and import of electricity produced by RES Producers are expressly allowed.
17. GOs are to be used to disclose information about shares of various energy sources in electricity acquired by the supplier or produced at its installations to end users. This procedure will be established by the Regulator.
18. Recognition of GOs produced outside Ukraine, as well as termination of Ukrainian GOs outside of Ukraine, will be carried out on the basis of international treaties. If the Regulator does not recognize a GO produced in a country of the European Energy Community (EEC), it must inform the EEC secretariat.
19. The mechanism of GOs for biomethane will expressly cover liquified or compressed biomethane.

Changes to the auction system

1. Instead of being obliged to pay the auction price, eligible RES Producers may only receive payments only under a CfD (CfDs for auction price and GTs are regulated quite similarly; key provisions are discussed above).
2. Annual quotas for auctions may also establish the following:
   • Technical parameters of energy storage at RES installations
   • Time intervals for which the support could be sought
   • Load profiles
   • Auction price caps for renewables (suggested by the Regulator)
   • Share of the auction price that is fixed in EUR (but not less than 50 percent)
3. The requirements to provide documents on land or grid connection agreements in order to participate in an auction have been cancelled, but they will be added within six months following the CfD execution, which is apparently not in a sufficient amount.
4. Auctions are planned to be implemented starting from 1 July 2023.
5. The period for commissioning power plants after entering into the CfD with the auction winner has been shortened for:
   • Solar power plants – to 18 months (reduced from two years)
   • Wind and other RES power plants – to 36 months (remains unchanged)
6. Commissioning of power plants or their parts must be confirmed by documents confirming grid connection in addition to the document confirming construction of the power plant itself—as was the past practice.
7. The winner will have six months to provide documents concerning land title for the construction (title to the real estate concerning rooftop solar).
8. The term of the support under the CfD is 12 years instead of 20 years, as envisaged in the past.

Net billing

1. There is a mechanism on self-production according to which, settlement is based on (i) the value of electricity output produced from alternative energy sources to the electrical network by generation installations of consumers and (ii) the value of consumption by them of electricity from the network (given the value of services on transmission and/or distribution of electrical energy).
2. The following are entitled to the self-production support scheme (on the basis of net billing principles): (i) RES installations up to 30 kW, (ii) small prosumers other than households with RES installations up to 50 kW, (iii) other consumers with RES installations up to the capacity of consuming installations of such consumers, (iv) other consumers with any installations regardless of energy source commissioned before 31 December 2029 and (v) third parties owning such installations connected to the network of consumers or their installations provided that the consumer buys 100 percent of their output. Third-party generating installations may include installations covered by the GT, but the consumer itself cannot use both the GT and net billing benefits.
3. The capacity of installations is limited by the maximum allowed grid-connection capacity of the prosumer.
4. According to the proposed support scheme, a net billing agreement is executed between prosumers and universal services suppliers, or suppliers of electricity, in certain cases established by law on the basis of the template agreement approved by the Regulator.
5. Net billing envisages settlements on the basis of hourly production and consumption taking account of distribution/transmission charges within a month.
6. Prosumers other than households and small prosumers may feed to the grid only up to 50 percent of the prosumer’s allowed grid connection capacity. Subject to compliance with certain technical requirements of the operators, the allowed capacity could be increased. If the aforementioned restrictions are violated, the prosumer may lose net billing support for one calendar year.
7. Households and small prosumers other than households will be entitled to sell electricity to universal services suppliers at day-ahead prices. Apparently, all other prosumers may enter into net billing agreements with power suppliers at freely agreed prices.
8. Settlements should be made on a monthly basis. If the value of electricity consumed from the grid is more than the value of the electricity fed to the grid, then the prosumer must pay the difference to the supplier within the following month, and if the volume of electricity fed to the grid exceeds the volume consumed, the supplier must make the payment to the prosumer.
9. In addition, the Law envisages a special state program to incentivize installations of distributed generation and storage, to be approved by the CMU.

Aggregation

1. A new market player—an aggregator—will be involved in consolidating installations owned by other market players that are designed for the consumption/production/storage of electricity, in order to trade electricity or render respective services in the market (balancing and ancillary services).
2. Aggregation will be subject to licensing, unless the market participant already has a license on the electricity market.
3. The aggregator will interact with other group participants on the basis of an agreement on participation in the aggregated group; the template for this agreement will be established by the Regulator. Aggregation group participants are free to join and withdraw from an aggregation group. A payment can be required for withdrawing from an aggregation group (this does not apply to households and small industrial consumers).
4. Aggregators are responsible for imbalances (except for electricity for consuming installations that are bought from the supplier) and are prohibited from supplying, transmitting or distributing electricity.
5. Aggregators can buy and sell electricity as well as render balancing and ancillary services in the market.
6. Each electrical installation can only be in one aggregation group, and the electrical installation of one aggregated group is deemed as one aggregated installation.

Please note that the Law provides for additional important regulations/amendments not directly related to RES Producers, such as regulations for industrial parks, small distribution systems, etc.

This information does not constitute legal advice and is merely the opinion of the author.

By Maksym Sysoiev, Partner, Dentons

Law of Ukraine “On Amendments to the Bankruptcy Code of Ukraine on the Application of Bankruptcy Procedures during the Period of Martial Law” No. 3249-IX dated 13 July 2023 (“Law”) entered into force on 29 July 2023.

This Law aims to adapt specific bankruptcy issues to the realities of martial law. For the period of martial law and within six months from the date of its termination or cancellation, the Law:

• allows the courts to extend procedural deadlines (particularly for preliminary hearings, applications for invalidation of transactions, a moratorium on satisfaction of creditors’ claims, the announcement of auctions, rehabilitation or restructuring, management of debtor’s property, liquidation proceedings, or repayment of debts)
• restricts the possibility to initiate bankruptcy proceedings against debtors who have existing defence contracts or cannot satisfy creditors’ claims due to armed aggression
• exempts the debtor’s management bodies from liability for late notification of the threat of insolvency if a debtor did not file an application due to armed aggression
• allows to hold meetings and committees of creditors via video conference or survey
• suspends accrual of interest and penalties on the debtor’s restructured obligations to creditors
• establishes instalment plans for overdue obligations under the debtor’s rehabilitation plan or debt restructuring plan
• exempts the insolvency officer from disciplinary liability for failure to perform actions and duties due to hostilities

The Law also introduces several permanent amendments to the Bankruptcy Code of Ukraine. Most notably, the Law entitles an insolvency officer to make requests to a wide range of entities and institutions, including banks and other financial organisations. The recipients of such requests must provide insolvency officer with the requested information, including the bank secrecy information.

The Law provides that a creditor whose assets are frozen due to economic or other sanctions may participate in a creditors’ meeting or committee only in an advisory capacity.

We will be happy to discuss these and other changes to the bankruptcy procedure to help you assess the impact of the Law on your projects.

By Anna Vlasenko, Senior Associate, Avellum

On 29 July 2023, Law of Ukraine “On Amendments to Certain Legislative Acts of Ukraine on the Application of Sanctions” No. 3223-IX, dated 13 July 2023 (“Law”), enters into force.

The Law creates the State Register of Sanctions (“Register”), which will allow free public access to information on all entities subject to Ukrainian sanctions. The Register will be available in both Ukrainian and English languages in a format that is searchable and accessible for automated data collection. It will also be possible to download information from the Register and generate official extracts.

Furthermore, any information regarding the imposition, modification, or cancellation of sanctions will be recorded in the Register by the following day. This should ensure that the data in the Register is up-to-date.

The Register should be set up within 6 months after the Law entered into force. We anticipate that the creation of the Register will make it easier and quicker for both Ukrainian and foreign entities to access information about sanctions imposed by Ukraine.

Moreover, the Law has also amended the procedure for imposing such type of sanctions as the seizure of assets belonging to an individual or a legal entity, as well as assets over which such person may directly or indirectly exercise rights similar to the right of disposal (“Seizure of Assets”). The Seizure of Assets is a specific type of sanction imposed based on a court decision, not the National Security and Defence Council of Ukraine’s decision, put into effect by the President of Ukraine’s Decree.

The Law extends the period for court consideration of cases on the Seizure of Assets. Now, the court should consider a claim for the Seizure of Assets within 30 days from the date the claim is received, as opposed to the previous 10-day period. Likewise, the person against whom the Seizure of Assets is sought will now have 5 days to file a response, as opposed to the previous 2-day period. Additionally, the term for considering an appeal has been extended from 5 to 15 days from the date the appeal is received.

The Law also establishes a restriction that claims for the Seizure of Assets may be filed only during the legal regime of martial law. At the same time, the termination or cancellation of the martial law regime is not a ground for closing the proceedings on the application of the Seizure of Assets.

The updated rules will apply to: (1) future claims; (2) claims and appeals that have been filed but where proceedings have not yet commenced; (3) ongoing cases; and (4) cases where the first instance decisions have not yet entered into force.

By Yuriy Nechayev, Partner, Avellum

Despite the ongoing challenges generated by the Russian invasion, the markets in Ukraine have seen surprising levels of activity, according to Rob Shantz, a Corporate and Compliance Partner with Redcliffe Partners. In the midst of it all, Shantz remains optimistic about the future, envisioning a busy legal market as Ukraine aligns more closely with the EU, leading to significant opportunities in the country’s rebuilding efforts once the war is over.

“From our perspective, it has been reasonably and perhaps surprisingly busy compared to last year,” Shantz begins. “It varies across departments and individual attorneys. For example, our Banking & Finance and Competition groups have been particularly busy, while M&A work has been somewhat limited.” However, he reports there is different Corporate activity, “especially in restructuring, sometimes regarding separating connections with Russia. There are also ongoing operational issues to assist with, including, e.g., employment issues, as well as advising on certain issues specific to clients with assets in occupied territories.”

Shantz further reports that, for lawyers in Ukraine, one key area of challenges revolves around personnel issues. “Some of our attorneys are serving in the military, and we are conscious of their commitments and constantly concerned for their safety,” he says. “Additionally, we have senior staff on secondment with international firms outside of Ukraine, like Clifford Chance in London. Their absence presents challenges, as some institutional knowledge goes with them, and we have to transition new professionals effectively.”

Still, despite these challenges, Shantz reports that he is optimistic about the future. “We believe that when things stabilize and return to normal, the legal market will be very busy. It seems Ukraine will align more with the EU, and there will also be substantial legal work associated with the country’s rebuilding,” he explains. “Initially, the focus may be on donors and international financial institutions, but there should ultimately also be significant private investment. Already, there are proposals in the works for further privatization activities, subject to clarifications, and progress is also being made on easing foreign exchange restrictions,” he further elucidates.

From his perspective, Shantz says that “while managing the situation is sometimes challenging, we’ve been fortunate so far to have handled personnel developments reasonably well. However, we must be realistic and it saddens me to acknowledge that the longer this situation continues, the tougher it may be for some team members to return, especially if they’ve established roots and connections elsewhere,” he says.

Finally, Shantz says that he is “immensely proud” of his Ukrainian colleagues: “I have tremendous respect for how the Ukrainian people, and especially my colleagues, are responding to the events unfolding in the country. Their resilience and dedication are commendable, and it strengthens our resolve to navigate through these challenging times together.”

Sayenko Kharenko, working with the London office of Herbert Smith Freehills, has advised the IFC on two EUR 20 million risk-sharing facilities for OTP Bank and OTP Leasing in Ukraine.

According to the firm, the IFC “will share half the risk on an aggregate portfolio of EUR 40 million to be extended to medium-sized enterprises across Ukraine, especially those in agribusiness or women-owned businesses.”

These are the first risk-sharing facilities the IFC provides in Ukraine under the IFC’s Small Loan Guarantee Program supported by the European Commission. “These instruments are expected to help preserve jobs, provide essential goods and services, restore supply chains, and generate exports and fiscal revenues,” the firm reported.

The IFC, a member of the World Bank Group, has a strong focus on the private sector in emerging markets. In fiscal year 2022, it committed USD 32.8 billion to private companies and financial institutions in developing countries.

Most recently, Sayenko Kharenko had also advised the IFC on an approximately USD 11 million loan to Bank Alliance in Ukraine for the financing of SMEs, with a focus on agriculture (as reported by CEE Legal Matters on February 22, 2022).

The Sayenko Kharenko team was led by Partner Igor Lozenko and included Senior Associates Oles Trachuk and Denis Nakonechnyi and Junior Associates Yevgen Koval, Polina Savinska, and Sofya Tatarinova.

Asters has advised the Agrosem Group on a EUR 9.6 million financing from the European Bank for Reconstruction and Development to develop a grain transshipment complex.

The Agrosem Group is described by Asters as one of the top five distributors of fertilizers, agricultural machinery, and inputs in Ukraine. It is also involved in farming and agricultural commodity trading activities and operates a proprietary rail terminal in the Lviv region in western Ukraine.

According to Asters, the loan will be used to expand the rail terminal near the Ukrainian-Polish border and to develop a grain transshipment complex and container storage facility with a throughput capacity of over 400,000 tons per year. “These initiatives will help to improve the transport connection between Ukraine and the EU countries and develop alternative export routes that were significantly disrupted due to the Russian full-scale invasion.”

The Asters team included Partner Roman Stepanenko and Senior Associate Oleksii Latsko.

Asters could not provide additional detail on the matter.