IFLR1000 Reviews


Solicitors governing body:  Федеральной палате адвокатов РФ (FPARF)

Competition authority: Федеральная Антимонопольная Служба (FAS Russia)

Financial regulator: Центральный банк Российской Федерации (CBR)

IFLR1000 ranking categories for this jurisdiction:

Financial and corporate (published October) – Banking, Capital markets: Debt, Capital markets: Equity, M&A, Project finance, Restructuring and insolvency

Energy and infrastructure (published June) – Energy, Mining, PPP/PFI

Jurisdiction overview

The Russian legal system is in the process of undergoing radical change. For several years now the government has been implementing significant changes to the Civil Code, with a view to modernising Russian law. These are wide-ranging, covering many different practice areas, and are central to the government’s goal of making Moscow a global centre for business and finance. The changes will mean more work can be done using Russian legislation, as opposed to the presently-preferred UK law. Alongside that, it has been involved in an ongoing process of deoffshorisation, bringing Russian money back to the mainland and limiting the outward flow to places such as Cyprus.

That whole process has stalled in recent years as the country faces a perfect storm of political and economic troubles. US and EU sanctions, coupled with persistently low commodity prices, have left the economy imperilled. The legal system has had to adapt to a ‘new normal’ and the nature of the work being done has shifted significantly.

Traditionally, the Russian market was dominated by international firms, with all the most significant financial and corporate matters dealt with by teams connected to the UK, the US or Europe. The changes to the legal system, however, have necessitated more Russian language documentation being included on deals, making it often necessary to have a native Russian speaker on each team. That being the case, the domestic Russian firms that had previously largely focused on arbitration or litigation matters are increasingly being seen on more significant financial and corporate ones. Particularly on large-scale projects, where the federal government has eased restrictions on regional government procurement, these domestic firms are picking up an increasing slice of the pie.

The other ongoing trend in the Russian market is the pivot away from the West towards China and the East. High demand for raw materials and expedient political motives have seen that move happening at a faster rate in recent years and China can only expect its influence in Moscow to grow. At the highest political level trade agreements have been secured by the leaders of the two countries, and commercially there is increasing interest from Chinese companies in investing in Central Asian or Siberian projects and facilities. 

However, while Western teams have shrunk and domestic influence has grown, it has merely closed what was a very wide gap. Major UK, US and European firms remain the biggest players in Moscow and will likely be so for many years to come.

Jon Moore – Journalist EMEA

Financial and corporate
Alliance Legal Consulting Group

Alliance Legal Consulting Group has been particularly active in project work and restructuring and insolvency during the research period.  

In project development the firm advised on various development projects within the raw materials, infrastructure, industrial, power and energy sectors. A highlight was advising ESC Energomost on contracts for the construction of high-voltage power lines. 

In restructuring and insolvency it represented a mix of lenders, creditors and debtors in bankruptcy cases, rehabilitation procedures and asset restructuring.  

Recent Deal Data highlights  

  • ESC Energomost high-voltage power lines  
  • Luxury Since Childhood restructuring

Client feedback 

"A positive reputation and extensive practical experience, which for me is a guarantee of the high quality of the services provided." – Project development 

"A reliable partner with a prospect of long-term cooperation, which is able to solve not only individual legal tasks, but also accompany  complex business projects. The company has positive reputation in business environment." – Project development 

"I liked the clear feedback, and we were provided timely reports on the intermediate results of the work." – Project development 

"The law firm can be trusted with confidential information. Experts quickly solve legal problems due to their professional level of training." – Project development 

"There is a high competence of employees in different areas of specialisation, who are fairly flexible, and have an impeccable business reputation in the business environment." – Project development 

"It is worth noting the high level of staff qualifications, high quality legal services, and attentive attitude towards the client." – Restructuring and insolvency 

"The company solves complex business problems due to the strong composition of partners." – Project development 

"Cooperates with clients transparently and openly." – Restructuring and insolvency 

"The strengths of the company are professional leadership integrity and experience." – Restructuring and insolvency 

"This law firm can always be addressed with any legal problem, including matters with increased complexity. It impresses that the work is done in a short time. Experts are always open for dialogue, and provide detailed advice on any legal issues." – Restructuring and insolvency 

Dmitry Fesko 

"Excellent analytical skills, flexible thinking." 

"He makes non-standard, but effective legal decisions. He organises and distributes the work effectively." 

"The specialist is productive, and solves legal problems with profit or the minimum possible losses for the client." 

"Volitional and creative in the implementation of decisions and strategies. Purposeful, productive, and achieves planned results." 

Evgeny Karnoukhov 

"A competent and experienced specialist, and very attentive to details." 

"A reliable specialist, principled and independent in solving professional problems." 

"An experienced specialist and goal-oriented person. This is a lawyer who perfectly knows his business." 

"Competent, active, energetic person." 

"Has a deep understanding of the business culture and how best to apply legal tools to solve internal corporate problems and resolve disputes." 

Nickolay Popov 

"A specialist with a high level of training, who has developed analytical skills and has extensive experience in solving complex and unusual legal problems." 

"High professional competence. He has a great deal of practical experience related to working in government structures, purposefulness and perseverance, and the ability to negotiate competently." 

"High professionalism, deep expertise, professional ethics, and psychological tact in dealing with clients." 


Alrud law firm is a local firm active in banking, capital markets, M&A and project work. 

In banking work recently the firm advised a mix of lenders and borrowers on microfinance regulatory matters, facility agreements and the financing for a mining machinery purchase. It also advised on a loan portfolio restructuring and a Raiffeisen Bank International demerger. 

In capital markets work the firm performed due diligence of investor risks for the Russian business of its client Monnalisa in preparation for an IPO. It also advised on securitisations.  

In M&A the firm mainly represented the buyers and investors in acquisitions. A firm highlight was the investment and acquisition made by client China National Gold Corporation of a majority stake in the Klyuchevskoye gold deposit development project in the Russian mining sector.  

Additionally, in project development, the firm notably advised VTB Capital in the purchase of its own exclusive grain terminal in an infrastructure transaction, and worked on a public-private partnership (PPP) for infrastructure development. 

Recent Deal Data highlights 

  • Bayer $66 billion acquisition of Monsanto Company
  • Central Ring Road PPP
  • China National Gold Corporation $420 million acquisition of 70% stake in West Keys Klyuchevskoye gold deposit
  • Kuznetsk Investment Construction Company RUB 715 million financing
  • Taisho Pharmaceuticals Co $1.6 billion acquisition of UPSA
  • VTB Capital RUB 36 billion acquisition of Novorossiysk Grain Terminal 

Client feedback 

"Responsive and reacts to specific needs." – M&A 

"Dedicated, precise, professional, client-oriented approach. We can only recommend this firm." – Restructuring and insolvency 

"Responsive and ready to assist at any time." – Restructuring and insolvency 

Magomed Gasanov 

"Responsive and accessible, polite and able to provide tailored made solutions." 

Sergey Khanaev 

"Responsive and knowledgeable." 

Boris Ostroukhov 

"Professional, hard-working guy with vast experience." 

BGP Litigation

BGP Litigation was active in M&A and dispute resolution work during the research period. 

In M&A, the firm worked mainly for the buyer in acquisitions. It assisted the formation of joint ventures in transport and technology, and advised on the restructuring of relationships between issuers and holders. 

In restructuring and insolvency, the firm represented creditors in bankruptcy procedures and debt recovery. It also undertook a lot of defence work in dispute resolution and commercial arbitration.  

Recent Deal Data highlights

  • Carlo Pazolini $23 million bankruptcy
  • CMA CGM / Logisiticheskiy Operator joint venture
  • Heedbook Cloud $1.5 million financing 

Client feedback 

"Impressed by the ability of the firm's team to immediately get involved in the work and promptly provide us with necessary solutions." – M&A 

"Impressed by the high service level the firm provides. I appreciate the proactive approach of the team to the project, their capability to identify new project strategies and in proposing optimal solutions, as well as their expertise and quality of client communication." – M&A 

"Impressed by the team's ability to enter quickly into work on the project and go into detail." – M&A 

"Very productive company." – M&A 

"We appreciated the possibility of cooperation with the firm. We were impressed by full involvement of the team in the project and rapid understanding of all specifics of the work performed, and their willingness to analyse enormous volumes of information." – M&A 

Oleg Khmelevsky 

"Extremely helpful, very responsive and his knowledge of the procedural law helped us to reach our goals."   

Anton Patkin 

"Has a high level of professionalism, an individual approach and non-standard ways of problem solving." 

"Has the willingness to commence working on projects immediately, proposing the best solutions for reducing costs and minimizing risks." 

"His solutions have been timely, clearly verified and beyond the standard consulting process." 

Timur Unarokov 

"Highly professional."  

Alexander Vaneev 

"Deep expertise, client-oriented approach and proactive positions." 

"Good and highly qualified lawyer." 

"Has a deep attention to details, with a high level of involvement." 

"High level of professionalism, and has innovative ways of handling challenging situations." 

"Highly appreciate his individual approach to the solution of the company's issues, as well as his strategic thinking and attention to details." 


The Russian arm of Borenius is active in capital markets, M&A and banking work. 

During the research period the firm advised on multiple IPOs, loan restructurings and group restructurings that involved transferring receivables. The firm also advised buyers on acquisitions and assisted in a post-takeover corporate restructuring. 

The firm hired Artem Zhavoronkov as partner from Dentons. 

FBK Legal

FBK Legal is a local firm recognised for its work in M&A and restructuring. 

During the research period in M&A, the firm took on a lot of legal detailed due diligence for acquisitions and acquisition financing, on the behalf of buyers and sellers. It also advised on the restructuring of a joint project and venture.  

In project development, the firm provided legal support within PPP frameworks, drafting concession agreements and preparing initiative offers for construction in various sectors. It advised on several oil and gas, healthcare and power projects, particularly for the investor and project company. The firm worked closely with key client Gazprom, a global energy company. 

Additionally, in R&I, the firm undertook due diligence and advised creditors, debtors and holding company owners in debt recovery and bankruptcy proceedings. 

Recent Deal Data highlights

  • Areal-S $31 million recovery of debt and liquidation damages 
  • Gazprom $12 million investment for reconstruction of pipelines and gas transmission facilities and compensation payments
  • Obolenskoe $15 million legal due diligence for credit facility
  • Russian Fishery Company $30 million legal due diligence acquisition

Client feedback

"We see the profit they provide for our business and this is the best assessment of their work." – Banking

"Excellent knowledge of the Russian practice and has the ability to work closely with our team of experts." – M&A

"High-quality work performance. The team is qualified; they always provided us with decisions and complex analysis of the problems." – M&A

"Practical approach. Prompt reaction. Solid advice." – M&A

"Very good and competent staff, which is quick response to requests." – M&A

Ilyashev & Partners

The Russian team of Ilyashev & Partners is active in restructuring and insolvency.  

During the research period the firm represented shareholders, debtors and creditors in insolvency and bankruptcy proceedings, and advised on debt restructuring.  

Recent Deal Data highlights 

  • Kolton Union Corp bankruptcy 
  • Logopark Medion bankruptcy
  • Logopark Pyshma bankruptcy  

Client feedback 

"Very professional and client-oriented. Creativity is a strength." – Capital markets: Debt 

Dmitry Konstantinov 

"He is a very responsible, professional and creative lawyer. Open-minded and client-oriented." 


Infralex is recognised for its M&A, restructuring and project work. 

In M&A during the research period the firm firm worked on both the buy and sell side of acquisition work. 

In project development work the firm has been active in PPPs, particularly in the transport sector. Working for the Russian Ministry of Transport, the firm advised on the private concession for the Kuragino-Kyzyl railway, the Moscow-Kazan high-speed railway and the Northern Latitudinal Railway PPP. 

In restructuring and insolvency the firm advised mainly creditors in bankruptcy procedures.  

Recent Deal Data highlights

  • Kuragino-Kyzyl railway 
  • Moscow-Kazan high-speed railway
  • Northern Latitudinal Railway PPP 

Client feedback

"Excellent firm. Very responsive and commercially minded, which completes high-quality work." – M&A

"Excellent overall. Great quality work." – M&A

"Good instructions, commercial and sensible." – M&A

"The lawyers of the practice are always available." – M&A

"An excellent firm which provides high quality advice." – Restructuring and insolvency

Liniya Prava

Liniya Prava is particularly active on PPP and capital markets transactions.  

During the research period the firm’s banking and finance work saw it mainly advise lenders, including asset finance work for China Development Bank on aviation lease agreements. 

In capital markets work the firm was mainly active on bond transactions. It worked for VTB Bank on its structured exchange-traded bonds issue and for other clients on securitisation of mortgage-backed loans. 

In M&A it advised on joint ventures and worked for bidders on potential acquisitions. 

In project development the firm worked on PPP projects in healthcare, aerospace, aviation and transport sectors. It did analysis of the M-4 Don Road PPP project, worked on the concession agreements for a water supply project in Gelendjik, and advised on the reconstruction and operation of radio diagnosis rooms in the Chelyabinsk region.  

In restructuring and insolvency the firm represented both creditors and debtors in bankruptcy cases.  

Recent staffing changes saw partners Vadim Konyushkevich and Oleg Bychkov leave the firm to join VK Partners and EMPP respectively. In the project finance and PPP areas, counsels Irina Minskaya and Ilya Nesterov left the firm. 

In early 2018, Liniya Prava signed a cooperation agreement with Maratha & Co to expand reach for projects in both Russia and India. 

Recent Deal Data highlights

  • Gelendjik PPP 
  • Moscow Bread Products Plant bankruptcy 
  • Nastyusha Grain Company bankruptcy
  • Regional Medical Service Company radio diagnosis rooms PPP 
  • VTB Bank $30 million bond issue 

Client feedback 

"High performance and good expertise." – M&A 

"Strong lawyers with vast knowledge and experience in concession agreements and project financing. They do extensive work in order to complete transactions." – Project development 

"Quality of services is great." – Restructuring and insolvency 

Vladislav Ganzhala 

"A very competent and knowledgeable lawyer." 

Mikhail Kornev 

"Demonstrated an outstanding expertise in risk management, public-private partnerships and project finance issues. He successfully provided our interests in negotiations." 

Andrey Novakovskiy 

"High performance and good expertise." 


Domestic firm Paradigma is active in banking, capital markets, and restructuring and insolvency. 

In banking work during the research period the firm advised a client on debt and corporate restructurings. It also worked on fiduciary loans for key client Asian-Pacific Bank. 

In restructuring area the firm had roles for creditors and debtors in bankruptcy cases. 

Client feedback 

"Very prompt response to all our queries and very clear advice." – M&A 

"Highly professional, with great depth, and a model organisation from all perspectives. They are outstanding in setting up the right strategy for the client and are extremely responsive." – Restructuring and insolvency 

"The firm is excellent at representing interests of creditors and trustees in bankruptcy in various cases. I would definitely recommend their practice of restructuring and insolvency." – Restructuring and insolvency 

"The strength of the firm is that it has very creative individuals with a good idea of strategy, who go to great lengths to ensure that the clients' objectives are met." – Restructuring and insolvency 

"They have an excellent team of lawyers who can quickly find a solution for your business, and they also have excellent experts in the field of international law and litigation. The lawyers are fluent in several languages." – Restructuring and insolvency 

Marat Hasanov 

"He is on the ball all the time." 

"Well versed in his relevant area, practical and efficient and very much in tune with the clients' needs."   

Natalia Kolodezhnaya 

"Highly skilled, well prepared and she is an excellent lawyer." 

Kliment Rusakomskiy 

"He is very well knowledgeable, strategic, dynamic and aggressive when needed. He is responsive and efficient." 

"Professional at handling every matter with outstanding quality. He is very skilled at guiding clients in the insolvency projects.  He has strong leadership skills and is able to bring legal teams together for highly productive work."   

Valeria Selivanova 

"A very diligent lawyer with critical and creative thinking who can adapt and adjust to the needs of the client and find solutions."   

"Outstanding work. A guru on setting the right strategy for the client. A true professional who can resolve any issue and handle any situation." 

VK Partners

VK Partners is a young firm established in February 2019 that was active in banking and M&A work during the research period.  

In banking and finance the firm advised on loan facilities and was mandated to advise Raiffeisen Bank on acquisition financing within the agricultural sector. 

In M&A the firm worked on both the buy and sell side of acquisitions. 

Natalia Danilova and Ilya Kudryashov both joined the firm as partners. Kudryashov from Russian Direct Investment Fund, Danilova from Alrud.

Recent Deal Data highlights

  • State Development Corporation R$5 billion financing 
Akin Gump Strauss Hauer & Feld

Akin Gump Strauss Hauer & Feld has a credible financial and corporate offering in Moscow. Banking and M&A are areas where it has strengths within the Russian market. 

The firm regularly takes on cross-border project financings and refinancings in the banking space. Recent highlights include acting for a large oil company to finance a gas field in Uzbekistan, and representing an aviation group on the restructuring of its debt portfolio. 

The capital markets team is active mainly on the debt side. The firm has the expertise to work on the issuance of eurobonds on foreign stock exchanges. 

The firm’s M&A team has been active in the oil and gas and technology space, representing some of the largest corporates in Russia on their investments. A recent highlight saw the firm advise a large Russian internet group on a Russo-Chinese e-commerce joint venture. 

In September 2018, several lawyers departed to join the newly launched Rybalkin Gortsunyan & Partners. Among those who departed was M&A partner Suren Gortsunyan. 

Recent Deal Data highlights 

  • AliExpress Russia joint venture
  • Kandym Gas Processing Complex
  • Lukoil acquisition of Yuzhno-Sardakovskoe
  • Utair $585.5 million refinancing
Allen & Overy

Magic circle firm Allen & Overy excels in the banking area, where it is among the best firms in the Russian market. 

The firm’s banking team is particularly strong in asset finance, syndicated lending and refinancing. The firm often represents lenders on corporate lending and project finance work and works for regional and international investment banks. Recent highlights includes completing transactional lending work within the financial services and oil and gas sectors. 

The M&A team often works on a mix of cross-border and domestic transactions, most notably in the manufacturing, minerals and oil and gas sectors. A clear recent highlight saw the firm advise a Russian consortium on the sale of a large local copper project to a London-listed Kazakh mining group. 

Project work is another area of strength for the firm, especially in the financing space. The firm largely represents banks on funding national projects including copper fields, power plants and shopping centres. 

In the restructuring and insolvency space the firm acts for banks and investors on their own restructurings, as well as for creditors on bankruptcy proceedings. 

A notable staffing change saw the departure of banking partner Stephen Matthews to Bowmans in Kenya. 

Recent Deal Data highlights 

  • Credit Bank of Moscow $400 million financing
  • Etalon Group R30 billion acquisition of Leader Invest
  • Government of Russia €1 billion 2.875% sovereign bond issue
  • IRC $210 million refinancing
  • Kandym Gas Processing Complex
  • KAZ Minerals $900 million acquisition of Baimskaya copper mine
  • LocoTech-Service / Transmashholding merger
  • Russia China Investment Fund $106 million acquisition of a minority stake in Sovcombank

Client feedback

"The main strength of the firm is its global character so that they can provide advice on both, English and local law, matters." – Banking

"They work fast, the quality is very high." – Banking

"Very strong performance. Lawyers at all levels are very accessible and provide clear legal advice." – Banking

"Pragmatic and commercial approach; always available; and displays a high level of commitment." – M&A

"Very practical and reasonable approach. Very nice people to work with." – M&A


Althaus Legal was particularly active in M&A during the research period.  

The firm advised investors, buyers and sellers in share acquisitions, undertaking due diligence and all related transactional documentation.  

The firm also acted for private equity firms in their investments. Some key publishable clients include Segezha Group, TD Media and X5 Retail Group. 

The firm has hired Anatoly Fabrichnov, formerly from X5 Retail Group, as a director in corporate and M&A, commercial and joint ventures.  

Recent Deal Data highlights 

  • Si RUSNANO Sistema Sicar / Skolkovo Venture Fund $8 million acquisition of 20%in iVideon
  • Russian Venture Company $4.7 million acquisition of stake in Personal Medication & Health Management

Client feedback

"Professional, flexible, responsible, and has a strong ability to work with clients." – Banking

"Clear, informative and detailed." – M&A

"Experienced, professional, result-oriented team." – M&A

"They always do their job great, are attentive to details and sensitive to client's interests." – M&A

"Very good quality of reports and deep studying of all pertaining matters." – M&A

"Offers deep and careful attention to every client's matter." – Restructuring and insolvency

Andrey Gorodissky & Partners

Andrey Gorodissky & Partners is a local law firm active in M&A and financing work. 

In banking and finance the firm recently advised a lender in credit facility secured by pledged assets in transportation. It also advised on a mezzanine financing. 

In M&A the firm has assisted three rounds of financing for a real estate joint venture between Sberbank and Rostelecom, creating a sub-fund, and advised Gleden Invest on the purchase of Moscow Factory. 

Recent Deal Data highlights 

  • Sberbank Investments $62 million series C financing 

Client feedback

"The quality of work offered was excellent in every respect, without exception. They are efficient, responsive, eager to help, collaborative and professional." – M&A

"Every year it becomes stronger and more reliable." – Project development has been active in restructuring and insolvency During the research period particularly working on bankruptcy cases within the real estate sector.

Client feedback

"Competently and professionally fulfil their obligations." – Restructuring and insolvency

Art De Lex

Art De Lex law firm was active in restructuring and insolvency During the research period mainly representing creditors in bankruptcy proceedings.

The firm also advised on risk of loss of asset collateral on a loan, offered legal support in the bankruptcy of a borrower and advised on the implementation of measures to return illegally withdrawn assets in the reorganisation and rehabilitation process of a bank.  

Olga Savina joined the firm as partner and head of restructuring and insolvency from Engeocom.  

Client feedback

"Provides high level legal advice." – Restructuring and insolvency

Baker McKenzie

Baker McKenzie is best known for its strong project-related transactional work in Russia, where it is among the market leaders in the mining sector. The US firm also impresses on debt capital markets and restructuring work. 

Manufacturing and transport are some of the key sectors often covered by the firm’s banking practice, with acquisition finance and corporate lending making up the bulk of the recent work.  

In the debt capital markets area the firm often acts for both issuers and lenders and is particularly strong on eurobonds and securitisation work. A recent transaction SAW the firm work for a large Moldovan company on first eurobond issue by a local company based there. 

The M&A team remains active mainly on transactions within the infrastructure space, where it acts for both domestic transactions and local representation of international transactions. Joint ventures are another strength as more Russian companies look to pool resources to invest in renewable energy and oil exploration. 

The firm’s projects work is primarily focused within the mining and oil and gas sectors where it advises on a range of matters from procurement to construction queries. The firm has notably worked with metals specialist Severstal on several project development matters concerning iron ore, mining and steel factories in Russia. 

In the restructuring and insolvency area the firm focuses on acting for creditors in bankruptcies. The firm has recently worked for such mandates within the banking and construction sectors. 

Recent Deal Data highlights 

  • AccessBank $100 million financial restructuring
  • Alfa Bank R10 billion 9.35% bond issue
  • Aragvi $300 million 12% bond issue 
  • Hitachi $6.4 billion acquisition of ABB power grids business
  • Jerooy gold deposit
  • NovaWind / Lagerway joint venture
  • Severgroup acquisition of AVA-Peter
  • Severgroup TalentTech acquisition of the

Client feedback

"A highly professional team willing to assist in solving practical issues." – Capital markets: Debt

"Reliable, competent." – M&A

"The team constantly delivered good products within tight deadlines." – M&A

"They are responsive and usually turn things around quickly will little prompting." – M&A

"Their advice and services are always professional, precise, client-oriented, and are provided on time." – Project development

"Provides an excellent quality of service. They are attentive to details and client's needs, and offer a pragmatic and solution-oriented approach." – Restructuring and insolvency


Bartolius Attorneys at Law was active in restructuring and insolvency During the research period particularly for creditors. Moscow United Energy Company is a key client. 

It also assisted the legal administration procedure for a distressed company in the entertainment sector, disposing of property to pay creditors.  

Recent Deal Data highlights

  • Moscow State Unitary Enterprise insolvency
  • Poligrand bankruptcy 
  • Shadrinskiy steel production plant bankruptcy 
Borodin & Partners

Particularly active in restructuring and insolvency, Borodin & Partners has advised multiple creditors and arbitration managers in bankruptcy proceedings. The firm worked closely with key client Sberbank during the research period. 

Recent Deal Data highlights 

  • Amatus insolvency 
  • Iniciativa bankruptcy 
  • Natural Persons insolvency 
Branan Legal

During the research period Branan Legal advised on share issues, M&A and corporate restructuring. 

In restructuring and insolvency the firm was involved in spin-off and restructuring work, including the restructuring of Rosana and the reorganisation of the management company UEC and plant NPC Salut. It also supported the reorganisation of the X5 Retail companies.  

Tatiana Bunyakina joined the firm as head of real estate from Goltsblat BLP. 

Recent Deal Data highlights 

  • NPC Salut restructuring
  • Perekrestok restructuring
  • Rosana restructuring 
Bryan Cave Leighton Paisner

Bryan Cave Leighton Paisner is renowned in the Russian market for its work in the M&A and projects space.  

The banking team is strong across the board and has expertise in matters such as asset finance, structured finance and securitisation. The firm acts for a mix of borrowers and lenders on its financing transactions. 

The M&A team was particularly active in acting for clients seeking cross-border acquisitions, sales, mergers and joint ventures during the research period. A notable mandate saw the firm represent OBL Pharm on its complex sale, where two separate legal teams from the firm worked for two separate parties of the transaction at once. 

In the projects space the firm is involved in several ongoing infrastructure projects of national significance, working for clients ranging from oil and gas corporates to international development banks. Recent highlights include airport-related work, where it is acting for a regional fund on the development of Khabarovsk International Airport, and the airport itself in the expansion of Sheremetyevo International Airport. 

The firm’s restructuring and insolvency team regularly acts for creditors and borrowers on a mix of international and domestic restructurings, loan workouts, distressed sales and bankruptcies. 

Recent Deal Data highlights 

  • HMS Group restructuring
  • IRC $210 million refinancing
  • Khabarovsk International Airport expansion
  • Miratorg $27.3 million acquisition of RAV Agro Oryol
  • Nord Stream 2
  • Sheremetyevo International Airport redevelopment
  • Sistema / VTB $240 million acquisition of a take in OBL Pharm 
  • TurkStream offshore gas pipeline

Client feedback

"A brilliant team, which respects deadlines, offers an amazing client relationship, and takes on a flexible and creative approach." – Banking

"Has particular experience in finance." – Banking

"Highly professional performance, wide range of services, deep expertise." – Banking

"Excellent service and solid advice." – M&A

"Excellent team of professionals, which is available around-the-clock, and is always ready to find solutions and respond to client's requests." – M&A

"Takes a practical approach." – M&A

"The team is always available with solutions and suggestions on how to resolve an issue." – M&A

"Very professional and supports clients." – M&A

"Professional and relevant legal advice." – Project development

"Profound knowledge of legislation, pro-active approach." – Project development

"A comprehensive service." – Restructuring and insolvency

"Appreciated the attention to detail of the team working on the deal, as well as timely responses on any queries we had." – Restructuring and insolvency

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton excels across the financial and corporate area in Russia, and is best known for its strong transactional practices in the banking, capital markets and M&A areas. 

The firm’s banking team regularly appears as the borrower’s counsel on large syndicated loans and project financings extended to Russian companies. The team are recognised for their handling of complex acquisition financing arrangements and refinancing and debt restructurings. Recent highlights include working on billion dollar facilities for the likes of Eurasian Resources Group (ERG) and Qatar Investment Authority (QIA). 

In the capital markets space the firm is strong across both debt and equity. 

The M&A team often works on high-value, cross-border matters in the Russian market. The firm acted for acquirers and sellers on a mix of acquisitions, mergers, joint ventures and financial investments during the research period. A clear example of the high-end nature of the firm’s work is best shown by its representation of QIA on its acquisition of a stake in Rosneft, with the deal marking the largest single privatisation sale in Russian history.  

In the restructuring and insolvency space the firm acts for banks and investors on their own large restructurings, and has recently collaborated with the ERG on multiple mandates. 

Recent Deal Data highlights 

  • AliExpress Russia joint venture
  • Anheuser-Busch InBev / Anadolu Efes merger
  • Etalon Group R30 billion acquisition of Leader Invest
  • Gazprombank / MegaFon / Rostec / USM Holdings joint venture
  • Kazakhtelecom $446 million acquisition of Kcell
  • LocoTech Service / Transmashholding merger
  • Sistema $226.6 million acquisition of 25% stake in Etalon Group
  • Sovcomflot $750 million 5.375% bond issue
Clifford Chance

Magic circle firm Clifford Chance is best known in Russia for its strength in financing mandates – particularly in the banking, capital markets and project finance areas – where it is one of the market’s strongest firms. 

The firm’s banking team often acts for banks and alternate lenders on a variety of mandates regarding the provision of loan facilities, including in the fast developing area of Russian law syndicated lending. The team is also strong in areas such as asset finance, structured finance and real estate finance. 

The firm’s recent debt capital markets team regularly acts on a range of the market’s most prominent corporate and sovereign bond issues. Recent highlights include acting as the issuer for Russia’s eurobond issue, and for the lead managers of Belarus’s eurobond issue. In the equity space the firm worked on a series of IPO preparations. 

In the M&A space the firm worked on a mix of cross-border acquisitions, mergers, joint ventures and sales for clients during the research period. It has a strong presence on energy, healthcare, real estate and retail deals, while the firm’s private equity expertise is also recognised. 

The firm’s project development team acts on several projects of national importance, advising on engineering, procurement and construction (EPC) agreements. All of the firm’s work in the research period was confidential. 

In the restructuring and insolvency space the firm has particular expertise in the aviation, financial services and retail sector. A recent highlight saw the firm represent Sberbank on issues relating to airline company Utair’s debt restructuring. 

Recent Deal Data highlights 

  • Alstom / Siemens railway business merger
  • ChelPipe €150 million syndicated facility
  • DME Airport $300 million 5.075% bond issue
  • Government of Russia $4 billion dual tranche (4.625% and 5.25%) sovereign bond issue
  • Government of Russia €1 billion 2.875% sovereign bond issue
  • Sibur $500 million 3.45% bond issue
  • Uralkali $825 million financing
  • Utair $585.5 million debt restructuring 

Client feedback

"Good knowledge of the market and Russian specifics, as well as world standards." – Banking

Danilov & Partners

Danilov & Partners is a local firm recognised for its M&A and corporate transactional work.  

During the research period the firm advised a client on a tender for the construction of an ethylene plant and advised a fintech company on an initial coin offering (ICO). In other work, the firm advised an online gaming platform on virtual currency and license and user agreements. In acquisition work the firm mainly represented the buyer. 

Alexandra Fasakhova joined the firm as a partner in corporate and M&A. Brian Konradi, a partner in corporate, M&A and fintech left the firm to pursue own projects in the fintech sector. 

Recent Deal Data highlights 

  • Irkutsk Oil Company ethylene plant
  • Qurrex $6.3 million initial coin offering  

Client feedback

"Has a focus on results, and broad expertise." – Banking

"Has an excellent balance of strategic and technical acumen, as well as practical and pragmatic skills." – M&A

Debevoise & Plimpton

Debevoise & Plimpton’s Moscow office is recognised for its work in the M&A and project development areas, especially for its expertise in mining. 

The firm’s banking team regularly works for borrower clients from the metals and mining sectors. Other strengths includes corporate lending, real estate finance and structured finance matters. 

Metals and mining also feature heavily in the work of the capital markets team, with mandates mainly focused on debt matters in recent times. During the research period the firm advised the likes of NLMK and Polyus on their eurobond offerings 

The firm is active in the M&A space, where it works on transactions for acquirers and sellers related to energy, mining and transport. The firm’s team has recently advised clients on a mix of acquisitions, mergers and joint ventures. 

In the project development space, the firm’s team compliments its strong transactional practice by working on engineering, procurement and construction (EPC) agreements. 

Recent Deal Data highlights 

  • AliExpress Russia joint venture
  • Euroset / Svyaznoy merger
  • Kinross Gold $283 million acquisition of Chulbatkan
  • Norilsk Nickel $750 million 3.375% bond issue
  • Norilsk Nickel $2.5 billion financing
  • Novolipetsk Steel $500 million 4.7% bond issue
  • Polyus Finance $500 million 4.70% bond issue
  • Polyus Finance $250 million convertible bond issue

Client feedback

"Always very quickly responds to any requests. The firm's consultants have well-developed negotiating skills and can suggest ways out of difficult situations." – Banking

"Attentive to details. Has expertise that enables the team to see the issue from different angles." – Banking

"Deep knowledge, wide experience and excellent orientation." – Banking

"They are well known for being deal-oriented, business-savvy, time and cost efficient. The lawyers always react promptly to the changing commercial background, and provide smart and innovative structuring and drafting solutions." – Capital markets: Debt

"Attentive to details. Takes a business-oriented approach." – Project development

"Excellent knowledge of law with a practical approach." – Project development


Dechert’s Russian team is recognised for M&A and banking work. 

During the research period in banking, it advised on debt buy backs, debt facility refinancing and senior secured acquisition financing agreements. 

In M&A and private equity the firm advised a consortium of investors in a start-up telehealth company. It also advised on the restructuring of shareholder arrangements and acted mainly on the buy side of acquisition work. 

In restructuring and insolvency the firm mainly represented the creditors in bankruptcy and insolvency proceedings, including key client Eurobank Ergasias. 


Deloitte Legal is active in corporate law services.  

During the research period the firm provided full support in business restructuring and acted on the buyer’s side of acquisitions, completing due diligence. 

Nikita Korobeinikov joined the firm as counsel and head of corporate and M&A from Duvernoix Legal. 


Dentons has a well-balanced practice across the financial and corporate area in Moscow and St. Petersburg. M&A and project development are areas of particular focus. 

Often working alongside its global network of offices the firm’s banking and finance team advises on matters including corporate loans, project financings and refinancings. The firm usually represents the lender, and in recent times it has represented international development, global investment and domestic banks. 

In M&A the firm works for a mix of international and domestic acquirers on deals in sectors such as life sciences, real estate and transport. The M&A team operates in cooperation with other Dentons’ offices in the region and is regularly involved in Azerbaijani, Georgian, Kazakhstani, Ukrainian and Uzbekistani matters. 

The project development team regularly work on energy and PPP mandates for international clients. A niche area of the team’s work is its assistance to Russian oil and gas companies who look to build in Iran. In other projects mandates the firm often works for real estate developers in connection with large-scale, residential projects in St Petersburg. 

The firm’s restructuring team acts on mandates settling unsuccessful cross-border commercial property loans and export trade debt, among other tasks. A highlight saw the firm assist a large Azerbaijani bank on their restructuring and recapitalisation.  

A notable staffing change saw the arrival of banking partner Logan Wright from Clifford Chance.  

Recent Deal Data highlights 

  • AccessBank $100 million restructuring
  • Baltic LNG project
  • ChelPipe €150 million syndicated facility
  • ChelPipe $300 million 4.50% bond issue
  • EuroChem $820 million financing
  • Ferrexpo €400 million revolving credit facility
  • Ipsos €105 million acquisition of GfK custom research business divisions
  • Kazakhstan–China oil pipeline

Client feedback

"Business-oriented. Attentive to the details. Meets tough deadlines. International network." – M&A

"Fast and accurate work performance. Pro-active approach." – M&A

DS Law

DS Law is known for its high-tech and digital sector venture capital and M&A work.  

During the research period the firm was more active on the sell side of acquisitions, with notable deals in events ticketing and confectionery production. 

The firm also advised several investors in financing rounds, including for AI engines, universal stock trading platforms, legaltech platforms, and a multi-channel business analytics service. 

A partner in corporate and M&A, Alexander Kovalev, left the firm to join Dentons in the research period. 

Recent Deal Data highlights

  • GetSarafan $1.3 million financing 
  • MTS $61.9 million acquisition of MDTZK
  • NWTN Group $1 million financing 

Client feedback

"Great experience supporting e-commerce and IT businesses, both in Russia and in the countries of Europe. They have excellent skills in corporate law." – Banking

"Very fast and competent." – Banking

"Reliable firm, thorough approach to work and deliverables." – Project development

"Very professional approach to all areas of work. Fully satisfying and comprehensive advisory." – Project development

"Very practical, efficient, responsive and client-oriented." – Restructuring and insolvency

Duvernoix Legal

Duvernoix Legal is active in M&A and restructuring and insolvency during the research period. 

In M&A and private equity a highlight was advising Acticomp on an investment in the construction of a new pharmaceutical plant.  

In restructuring and insolvency the firm supported both debtors and creditors in bankruptcy proceedings. 

Nikita Korobeinikov, head of M&A, left the firm in the research period to join Deloitte Legal, while Karina Epifantseva joined the firm as head of restructuring and insolvency from Appeal Centre.  

Recent Deal Data highlights

  • Acticomp R2 billion financing
  • GK Makon bankruptcy 
Egorov Puginsky Afanasiev & Partners

Egorov Puginsky Afanasiev & Partners is a domestic firm that has been particularly active in capital markets and PPP work recently. 

In banking and finance the firm worked with clients on the securitisation of mortgage assets, mezzanine financing, and project and acquisition financing, advising a mix of investors and borrowers. 

In capital markets work the firm worked mainly with issuers on bonds and planned IPOs. 

In M&A the firm advised a mix of buyers and sellers in acquisitions. A notable example was working for SOGOZ insurance company in its acquisition of VTB’s insurance business. 

In PPP work the firm has worked within several sectors, including transport social infrastructure, utilities and energy. 

Michael Copeland was hired as a partner in M&A to replace Mikhail Markov who left the firm. 

Recent Deal Data highlights

  • Alfa Bank $762.5 million multi-currency subordinated bond programme
  • Bank Saint-Petersburg $115 million MBS 
  • GLONASS North-West bankruptcy
  • SOGAZ $1.5 billion acquisition of VTB’s insurance business

Client feedback

"The banking team provides high-quality services. The team is highly client-oriented, and their work is well-structured and organised." – Capital markets: Debt

"The team are known for their reliance and professionalism." – Capital markets: Debt

"They do impressive preparatory work and full-scale profound analysis before choosing a strategy and proceeding any further. These consultants are always informed about possible risks and hidden pitfalls, as well as proper ways to mitigate any of such." – Capital markets: Debt

"Extremely professional firm with very high caliber of lawyers. They are committed to their clients." – M&A

"Distinguished by strong willing to client's success, deep understanding of a client's business, and its aspiration to concentrate on precise and clear recommendations." – Restructuring and insolvency

"Excellent, responsive and thinks strategically." – Restructuring and insolvency

"Prompt responses at partners’ level. High level of efficiency." – Restructuring and insolvency 

"Provides unmistakable advice and has a creative and persuasive strategy." – Restructuring and insolvency

"The firm has the competence, the experience and the best network." – Restructuring and insolvency

"The lawyers are very professional and work as the strong team. They react very fast and understand the client." – Restructuring and insolvency

"The team is very professional, trustworthy, and strategic and often achieves their goals and does their best for the clients." – Restructuring and insolvency


EMPP has been active in capital markets work recently, particularly in bond work. 

In debt capital markets work it advised on bond restructuring and exchange traded bonds, In equity work the firm prepared clients for IPOs on Moscow’s exchange. 

In M&A the firm worked on both the sell and buy side in acquisitions, and advised on a management buy-out. It also aided the creation of joint venture companies.  

In the research period Oleg Bychkov and Ivan Semenkin joined the firm as partners in corporate and finance from Liniya Prava and Winston & Strawn respectively. 

Recent Deal Data highlights

  • Antteq joint venture
  • DaVinciCapital $100 million bond issue
  • InvestAG $10 million acquisition of a stake in Biofood Lab
  • Softline $50 million bond issue 
Eterna Law

The Russian office of Eterna Law is recognised for its M&A work. 

During the research period the firm represented buyers and sellers in acquisitions, particularly concerning non-resident’s assets. It also carried out analysis of the legislation of several jurisdictions, assessing the risks of joint venture structures under their law.

Client feedback

"Strengths include client engagement, and understanding the business better." – M&A

Eversheds Sutherland

Eversheds Sutherland is particularly active in M&A and restructuring work. 

In banking and finance recently the firm advised on trade finance, corporate loans and loan restructuring. 

In M&A the firm advised on the buy and sell side of acquisitions in agriculture, transport, production and logistics markets. In other work, the firm provided full legal support on a merger and assisted a client in a public tender offer acquisition. 

Recent Deal Data highlights

  • Cherkizovo Group R4.5 billion acquisition of Altaisky Broiler 
  • FläktGroup / Denco Happel Ru merger 
  • Gazprombank $40 million trade finance facility 
  • Univar $2 billion acquisition of Nexeo Solutions

Client feedback

"Good relations. Quick feedback. Friendly and client-oriented." – M&A

"Their responsiveness, availability and the high quality of the documents they draft are definitely among their strengths. It is always a pleasure to work with the team." – M&A

"Very client oriented, it is nice to work with them. Experience and responsiveness are also definitely among their strengths." – M&A


Exiora is a local firm recognised for its restructuring and insolvency work. 

During the research period the firm has mainly been involved in debt restructuring for debtors, though it also worked with creditors. 

Recent Deal Data highlights

  • INGA R1.2 billion debt restructuring

Client feedback

"A very professional team that can find practical solutions to solve complex situations." – Restructuring and insolvency

"Excellent balanced team, which is able to manage large-scale and complex structured projects. Impeccable quality of services." – Restructuring and insolvency

EY Law

EY Law’s Russian office is recognised for its work in M&A, banking and project development. 

During the research period in banking and finance the firm developed a legitimate currency control risk-free financing structure of a joint venture for a client and one of its investors. It also advised on financial restructuring, implementing factoring-based models. 

In M&A the firm advised buyers and sellers in acquisitions and conducted legal due diligence. 

In project development the firm was involved in PPP work, including projects for the construction and operation of a regional hospital. It also advised on the concession agreement for the financing, construction and operation of a transport project. 

Ilya Skripnikov joined the firm from Dentons as an associate partner and head of PPP. 

Recent Deal Data highlights

  • Boguchansky aluminium smelter 
  • Kamchatka regional hospital PPP 

Client feedback

"Takes a thorough and deep approach." – Banking

FTL Advisers

FTL Advisers is a boutique firm active in corporate restructuring work.  

During the research period in restructuring and insolvency, the firm was involved in deals in the real estate, agriculture and trade sectors, and advised on a cross-border retail restructuring. It also advised creditors on debt restructurings. 

Golden Rule

Golden Rule Law Services is active in restructuring and insolvency.  

During the research period the firm mainly represented the debtors in bankruptcy cases.  

Some of the firm’s key clients include Do-Rus, Svarog, Marka and StroyVenta.  

Recent Deal Data highlights

  • Do-Rus bankruptcy
  • Marka bankruptcy 
  • Svarog bankruptcy
GR Legal

During the research period GR Legal law firm has provided insolvency support for debtors and creditors, and has represented several banks in bankruptcy proceedings. All transactional details are confidential.  

Herbert Smith Freehills

The Russian office of international firm Herbert Smith Freehills is known for banking and projects work. 

The firm’s banking team has strength across the board, notably appearing for lenders on financings involving the energy, commodity and real estate sectors. It has expertise on the provision of syndicated loans, leasing financings and acquisition financings. 

The firm is active in the capital markets space, despite the recent slowdown in the Russian market. It has advised clients on a variety of regulatory and securities law issues such as insider trading, reporting, and the structuring of buy-backs of listed securities. 

The M&A team acts for a mix of international and domestic clients on a range of matters including investments, joint ventures and privatisations. A clear highlight saw the firm advise Uber on the combination of its ridesharing business with Yandex across Russia and the Central Asian region. The firm is also a key contact for Chinese and Japanese companies investing in Russia, with recent clients including Sinopec and the Silk Road Fund. 

The firm has a market-leading projects team, which assists developers on the construction and financing of Russia’s most prominent ongoing energy, infrastructure and PPP developments. During the research period, the firm notably worked on multiple matters concerning the implementation of the Amur Gas Processing Plant in East Siberia, a key part of the plan to export Russian gas to China. 

The firm represents a mix of creditors, distressed companies and shareholders in the restructuring and insolvency space. The firm has garnered a strong reputation for its work in sectors including energy, media, retail and real estate. 

Recent Deal Data highlights 

  • Amur Gas Processing Plant
  • China National Petroleum Corporation acquisition of 10% stake in Arctic LNG 2 project
  • Europlan R15 billion financing
  • Jerooy gold deposit expansion
  • LocoTech-Service / Transmashholding merger
  • Moscow Central Ring Road
  • Russian Export Center $30 million investment in Afreximbank
  • Uber / Yandex CIS merger
Hogan Lovells

The Moscow office of Hogan Lovells is best known for its banking and restructuring teams. 

The firm has a strong aviation finance focus within the banking area, where it regularly advises lenders and aircraft companies on financings, leases and regulations. Highlights include working on the financing of Scat’s acquisition of six Boeing flights from the Boeing Company. The firm also works on completing financings in the wider region, and notably represented lenders on big transactions in Armenia, Kazakhstan and the Tula region. 

The firm’s restructuring and insolvency team has worked for lenders on the restructuring of a Russian steel company, and for a trustee regarding the defaulted eurobond issuance of a bankrupt Russian bank. 

Recent Deal Data highlights 

  • Aktyubinskaya Mednaya Kompaniya $250 million financing
  • Moscow Central Ring Road
  • NLMK $240 million financing
  • Spayka Group $21.5 million financing
  • Tulachermet restructuring

Based in St Petersburg, Inmarine has recently been active in asset finance work. The firm advised on financing the acquisition of a vessel, financing the construction of ship, and obtaining state support measures for the construction financing of a sea tug vessel. 

Recent Deal Data highlights

  • Volga-Dream II financing  

The Russian office of Integrites is active in corporate transactional work.  

In M&A the firm advised on the buy and sell side of acquisitions recently, including asset acquisitions from bankrupt companies. 

The firm also advised creditors in insolvency proceedings. 

During the research period the firm hired partner Ekaterina Rudova and counsel Andrey Astanin in M&A from Capital Legal Services International.

Recent Deal Data highlights  

  • DOM 21 Veka bankruptcy
  • Mezhtopenergobank insolvency 

Client feedback

"Legal assistance was provided on the highest professional level. All deadlines were met, and there was good pro activity." – Capital markets: Equity

"Good communications and responses, which is paramount to good local knowledge." – Restructuring and insolvency

Iusland Law Offices

Iusland is active in restructuring and insolvency work. During the research period the firm worked for creditors in asset recovery and bankruptcy proceedings. It also worked closely with individual bankrupt clients and distressed companies.

Kachkin & Partners

Kachkin & Partners is recognised for M&A, PPP and restructuring work. 

During the research period in M&A the firm worked on the buy side of acquisitions, including working with property developer and investor Seven Suns Development in several transactions. 

In PPP and project finance the firm advised on concession projects to construct the first seaport in Kalmykia and to set up and operate a tram network in St Petersburg. It advised on the creation and operation of three railway ferries for the Ust-Luga-Baltiysk ferry crossing and worked on other PPPs in agriculture, healthcare, education, tourism and transport.  

In restructuring and insolvency the firm advised in insolvency proceedings, litigation matters and dispute resolution.  

Recent Deal Data highlights

  • BaltNedvizhService tram lines, tram depot, rolling stock concession agreement
  • Seven Suns Development €30.5 million acquisition of Summa Group asset
  • Seven Suns Development R2 billion acquisition of Severnaya Dvina  
  • Ust-Luga-Baltiysk ferry crossing

Client feedback

"Demonstrates the highest level of professionalism and stress tolerance. The lawyers are efficient, proactive and quick to find right solutions to problems." – Banking

"Excellent legal skills, distinguished negotiators, and very result-oriented." – Banking

"Professional attitude. Specialists in their field." – Banking

"Satisfied with the quality of work and client communications." – Banking

"The firm is well-known for its high class expertise and vast experience in the PPP sphere. We highly rate the perfect professional skills of the lawyers." – Banking

"The team has broad experience of PPP projects, which allows them to plan ahead, be extremely business oriented and comfortable to work with." – Banking

"Very high professional level." – Capital markets: Debt

"The team is great to work with, they understand our business, and they are very efficient, experienced, professional and reliable." – M&A

"Very professional and client oriented." – Project development

"Their advice is always quick, professional efficient and practical. The team is client-oriented and possesses deep understanding of both legal and business aspects of each case." – Restructuring and insolvency

Kazakov & Partners

Kazakov & Parters is active in restructuring and insolvency, particularly within the energy sector. 

During the research period the firm has been involved in bankruptcy cases, representing creditors. 

Recent Deal Data highlights

  • Tsentrgazpromstroy bankruptcy 
  • Zarechnaya bankruptcy 

Client feedback

"Pleased with the quality of legal services. Highly professional lawyers." – Project development

"A sustainable company, a highly professional team, high standards of quality of service and constant observance of the designated deadlines for the performance of the relevant legal services." – Restructuring and insolvency

"Employees are professionals in their field. Quickly and competently give opinions on issues." – Restructuring and insolvency


Korelskiy Ischuk Astafiev and Partners is an independent local firm active across banking and M&A. 

During the research period in banking a highlight was advising on an ICO (initial coin offering) framework based on a loyalty program within the agriculture sector.  

In M&A the firm mainly advised on establishing cross-border joint ventures. 

In restructuring and insolvency the firm represented creditors, debtors and distressed companies in bankruptcy cases.  

Recent Deal Data highlights

  • LavkaLavka $16 million ICO

Client feedback

"Well-informed about recent trends in Russian legislation and business. Their professional expertise and observations are always relevant and valuable." – Banking

"High quality, fast and to-the-point support." – M&A

"The firm combines high-qualified experts, who are well-informed about recent trends in legislation and business. The team is insightful, but also open-minded, responsive and approachable." – M&A

"The team is responsive, available and provides great services." – M&A

"All work was done promptly, issues were analysed deeply and comprehensively." – Project development

"Responds quickly for our requests and provides us business-oriented solutions." – Restructuring and insolvency

King & Spalding

The Russian office of King & Spalding is recognised for its work in M&A.

During the research period, the firm’s highlights have been in joint venture work in the oil and gas sector. It worked on a joint venture between Mubadala Petroleum, Gazprom Neft and Russian Direct Investment Fund (RDIF), and a second joint venture with Gazprom Neft and Repsel.

Recent Deal Data highlights

  • Gazprom Neft / Mubadala Petroleum / RDIF joint venture
  • Gazprom Neft / Repsel joint venture
Kovalev Tugushi & Partners

The Moscow-based law firm Kovalev Tugushi & Partners is active in restructuring and insolvency. The firm represented creditors and debtors in bankruptcy recently.   

In recent hires, Alexander Evseev joined the firm as counsel in from a development company. 

Client feedback

"Client-oriented, practical, successful." – Banking

Latham & Watkins

Latham & Watkins is best known for its strong capital markets practice, though it is also a strong performer across all other areas of financial and corporate work in Moscow.  

In the banking space the firm often represents large international and domestic investment banks on loans to borrowers from the agriculture, energy, minerals and metals sector. Among other mandates, the firm has recently acted on commodity finance, pre-export finance and project finance work.  

The strength of the capital markets team lies on the debt side of things, where it represents both issuers and underwriters on large bond issues. Two examples of this saw it acting for Russian hydroelectricity company Rushydro on its eurobond issue, and for the bookrunners on Ukraine’s large sovereign bond issue. The firm also was active within the equity market, notably acting on the first Russian IPO on a US exchange since 2013. 

The firm was active within the M&A space for both acquirers and sellers during the research period, and completed large, cross-border transactions in the automotive, pharmaceutical, and telecommunications sectors. 

Recent Deal Data highlights 

  • Alfa Bank R10 billion 9.35% bond issue
  • Government of Ukraine $2 billion dual tranche (9.75% and 9%) sovereign eurobond issue
  • HeadHunter Nasdaq IPO
  • KazMunayGas $3.25 billion bond issue
  • Mriya $1.3 billion restructuring
  • Myronivsky Hliboproduct €550 million 6.95% eurobond issue
  • Silknet $200 million 11% bond issue
  • Sistema / VTB R15.5 billion acquisition of OBL Pharm

Client feedback

"Very responsive, very competent and extremely diligent." – Banking


Lecap is a domestic firm active in capital markets, M&A and PPP work. 

During the research period in equity capital markets the firm provided legal support on placements of shares for the funding of various infrastructure projects. In bond work it restructured six issues of exchange-traded bonds, registered and placed multiple bond issuances, and prepared IPOs and domestic securitisations. 

In M&A the firm advised drafted and negotiated shareholders agreements and provided legal support on tender offers. It represented the buyer in the acquisition of a closed-end real estate investment fund. 

In project development work the firm was involved in PPP concession projects in waste management, maritime infrastructure, sport infrastructure, power, heat supply facilities and healthcare. 

Recent Deal Data highlights

  • Crimea waste processing PPP 
  • Kaliningrad waste management PPP 
  • Kit Finance Capital R9.6 billion exchange-traded bonds restructuring
  • PF Capital R4 billion bond issue
  • Russian Railways R80 billion secondary share offer 

Client feedback

"Knowledgeable and creative lawyers." – M&A

"Established itself as a reliable partner, which is highly qualified and has a fast work speed." – Project development

Legal Pro

Legal Pro is an M&A boutique. During the research period the firm represented a seller and potential buyer in acquisition work.

Legal Studio

The St Petersburg-based law firm Legal Studio, associated with Grata International, is active in restructuring and insolvency. During the research period the firm supported creditors on in bankruptcy cases. 

Recent Deal Data highlights

  • SDSI bankruptcy
  • Trade House Cascade bankruptcy subsidiary liability 
  • Voloknistiye Ogneupory restructuring 

Client feedback

"Great work experience and professional skills." – Project development

"Their communication skills are unparalleled and we highly appreciated their hand-on approach." – Restructuring and insolvency

"Very high quality expertise." – Restructuring and insolvency

Lemchik Krupskiy and Partners

Lemchik, Krupskiy and Partners, Structure and Tax Consulting is a Moscow-based firm that has been active in business structuring. 

During the research period the firm mainly undertook due diligence and risk analysis roles.  

Recent Deal Data highlights

  • OKAN $350 million diagnostics of structure consultancy
  • Santim $200 million structuring analysis consultancy 
  • Upeco $195 million due-diligence   

Client feedback

"They are very reliable, professional and cover a very wide variety of law aspects including Russian and international regulations." – Restructuring and insolvency


Lidings is active in M&A and restructuring and insolvency. 

During the research period the firm worked with both the sellers and buyers in acquisitions, including Platinum Equity’s acquisition of one of Johnson & Johnson’s Russian subdivisions.  

The firm also advised clients in bankruptcy proceedings. 

Recent Deal Data highlights  

  • Platinum Equity $2.1 billion acquisition of a Johnson & Johnson’s Russian subsidiary
  • Rusnano bankruptcy

Client feedback

"Quick and comprehensive feedback. Professional and capable of understanding foreign clients' needs." – M&A


Magic circle firm Linklaters is one of the best financial and corporate firms in the Russian market and has noted strength in the banking, debt capital markets and M&A areas. 

The firm’s banking team often acts for international and domestic lender banks on loans to Russian companies. On project finance matters the firm also acts for both sides and has notably acted on the funding of large infrastructure projects such as the Antipinsky Refinery and the Hanhikivi 1 nuclear plant in Finland. 

In the capital markets space the firm has strong expertise and experience on representing the underwriters on bond issuances. In recent times the firm has assisted a number of banks on the sovereign issues of Kazakhstan and Uzbekistan. 

The firm regularly takes on many of the market’s largest transactions in the M&A area. Working for both acquirers and sellers, the firm is consistently strong across a diverse range of sectors from financial institutions to healthcare to mining. 

In the restructuring and insolvency area a highlight deal saw the firm represent Sberbank on the multi-jurisdictional debt restructuring of Agrokor Group, as the bank sought to recover debts. 

Recent Deal Data highlights 

  • Agrokor restructuring
  • AliExpress Russia joint venture
  • Antipinsky Refinery $1.75 billion financing amendments
  • China CITIC Bank / Shuangwei acquisition of 60% stake in Altyn Bank
  • DME Airport $300 million 5.075% bond issue
  • Development Bank of Kazakhstan KZT100 billion 8.95% bond issue
  • Government of Russia $4 billion dual tranche (4.625% and 5.25%) sovereign bond issue
  • KAZ Minerals $900 million acquisition of Baimskaya copper project

Client feedback

"Flexible and adapts very quickly." – Banking

"Always diligent and follows deals very closely." – Capital markets: Debt

"Excellent professional work, client-oriented professionals, and is able to balance the risk assessment approach." – M&A

"Very professional. Provides strong support legally but also during the negotiating process. Always available." – M&A

Lurye Chumakov & Partners

Lurye Chumakov & Partners was formed by the union of Norland Legal and NewLawyers.

During the research period the firm supported borrowers in fund raising through a crowd fund platform. It also advised on investing in bonds and structured other investments as convertible loan agreements. The firm also supported two rounds of Telegram initial coin offerings (ICO). 

The firm hired Alla Abarysheva as head of venture capital and IT projects from PPF Group and Rustam Rafikov as head of financial and digital technologies from Megafon.

Client feedback

"Hands on and flexible." – M&A

Maxima Legal

Maxima Legal is active in M&A, project development and restructuring and insolvency. 

During the research period in M&A and corporate work the firm advised a seller in a share acquisition, aided the establishment of joint ventures, and undertook due diligence. 

In project development work the firm advised private investors and public entities in PPP within the transport sector. It has also advised on concession and PPP projects in technology and healthcare.  

Recent Deal Data highlights 

  • SeverStroy insolvency
  • ZAO Investment Company Energokapital bankruptcy
  • Zodiaq blockchain company £78.8 million ICO 

Client feedback

"A highly professional law firm with experience in Russian and foreign law." – M&A

"Considerable experience, professionalism, attention to detail and clear willingness to take responsibility for their work." – M&A

"The PPP specialists provided professional assistance and demonstrated their experience in this area with the highest quality." – Project development

"Have proved themselves to be highly-qualified and responsible specialists." – Restructuring and insolvency

"Fully satisfied with the work of lawyers. Their strengths include having a clear approach to the details of the work and, as a consequence, high quality results." – Restructuring and insolvency

MGP Lawyers

MGP Lawyers is a local law firm that has been particularly active in M&A and bankruptcy proceedings during the research period. 

In M&A, the firm advised on the buy and sell side of acquisitions. It also worked on corporate structuring and optimization.  

In restructuring and insolvency, the firm represented creditors in bankruptcy cases. The firm also conducted multiple tenders within the framework of debtor’s bankruptcy proceedings. 

Recent Deal Data highlights

  • Agrokompleks them. N. I. Tkachev $273 million acquisition of controlling block of shares in Parus Agro Group holding
  • LLL Estate Management $60.6 million optimization of corporate structure
  • OEU Block No. 2 Anzherskaya-Yuzhnaya mine and Scientific Production Union Gidrougol RUR 1.32 billion bankruptcy
  • Rubezh Bezopasnosti Group of Companies $3.34 million acquisition of minority block of shares in Energomashbank PJSC

Client feedback

"Very responsible lawyers - they always stay in touch and attentively listened to our needs and were able to accomplish the tasks in the most convenient way for us." – M&A

"The main strengths are its proficiency and attention to detail." – Restructuring and insolvency

Mitra Law Offices

During the research period Mitra Law Offices mainly represented electric power companies in bankruptcy cases. 

Recent Deal Data highlights

  • Roskommunenergo bankruptcy 

Client feedback

"A very responsible company. We could relax and trust them." – Project development

"Their lawyers are able to find answers to the most difficult questions." – Project development

Monastyrsky Zyuba Stepanov & Partners

Monastyrsky Zyuba Stepanov & Partners is best known for its strong restructuring and insolvency work in Russia.

During the research period, the firm was involved in multiple bankruptcy cases, including representing the owners of Yugra Bank on matters involving Russia’s Central Bank. The firm worked for a mix of debtors and creditors in proceedings. 

Recent Deal Data highlights

  • Sibenergostroy insolvency
  • VinNet bankruptcy 
  • Yugra Bank insolvency
Morgan Lewis & Bockius

Morgan Lewis & Bockius is best known in Russia for its strong M&A and projects work. 

The firm’s banking team has a expertise in banking and finance transactions in the metals and commodities sector, and often represents clients in both sectors on borrowing mandates. The firm also has a strong prepayment finance practice, where it regularly completes deals on commodities including oil, coal and gold. 

The firm has strength across several sectors in the M&A space and works for clients on a mix of cross-border acquisitions, financial investments, joint ventures and mergers. A particular highlight saw the firm assist Gazprom Neft in collaborating with Emirati fund Mubadala Petroleum on a landmark investment in the Russian petroleum industry. 

The firm’s projects team is best known for its transactional work within the mining, power and oil and gas sectors, where it often works with international clients. Other mandates included representing Eni on constructing the first wind project in Kazakhstan. 

In the restructuring space the firm was busy on corporate and loan restructurings. The firm also regularly advises clients on restructuring businesses following on from EU and US sanctions against Russia.  

Recent Deal Data highlights 

  • Delo Group acquisition of 30.75% stake in Global Ports Investments
  • Gazprom Neft / Mubadala Petroleum joint venture
  • Oil India consortium acquisition of minority stake in Rosneft
  • Russian Copper Company $250 million financing
  • Sberbank / Yandex joint venture
  • Sistema / VTB Bank $240 million acquisition of a stake in OBL Pharm
  • Suek $121 million financing
  • Uber / Yandex merger 

Client feedback

"Delivered everything in a timely manner, was highly responsive and was ready to provide additional advice at no cost." – Banking

"Professional, competent and ready to work on sophisticated tasks." – Banking

"Quick and performs with good quality." – Banking

"Very fast and professional." – Banking

"Very responsive and competent service." – Banking

"Great performance, quick and professional. A pleasure to work with." – Capital markets: Debt

"They have a high standard of quality, they always meet the deadlines and they are very good to work with." – Capital markets: Debt

"Solid knowledge of law, practice and country specifics. Has the ability and willingness to understand a client's business needs and industry." – M&A

"Provides reasonable and practical recommendations." – Project development

"Highly knowledgeable and experienced, very good process management." – Restructuring and insolvency

Nadmitov Ivanov & Partners

Moscow-based firm Nadmitov Ivanov & Partners is active in M&A and restructuring and insolvency.  

During the research period the firm was counsel to underwriters and majority shareholders in initial coin offerings (ICOs). 

In M&A it advised on a share acquisition, representing the buyer; a venture investment, and the creation of a joint venture. 

In restructuring and insolvency, the firm represented the creditors in bankruptcy proceedings. 

Recent Deal Data highlights 

  • Cryptonomos ICO
  • Giga Watt ICO

Client feedback

"Competent and professional." – Banking

"A reliable partner law firm. Happy about fruitful cooperation with this firm." – M&A

"A very strong cross-border corporate practice." – M&A

"Deep expertise and hands-on experience in Russian and cross-border corporate deals." – M&A

"Fine corporate boutique with a great expertise in cross border transactions." – M&A

"Great firm, great job." – M&A

"Great experience in cross border transactions." – M&A

"Lawyers are very available." – M&A

"Quality of the services is superb." – M&A

"Great expertise in energy regulation including tariffs for power and heat supply industry." – Project development

"Solid reputation in legal support of power energy industry." – Project development


Navicus is a maritime law firm active in transactions surrounding the shipping business industry. During the research period it did work for buyers in vessel acquisitions.

Nektorov Saveliev & Partners

During the research period Nektorov Saveliev & Partners’ banking and project finance work included advising on syndicated and convertible loan transactions and work for the Russian Development Investment Fund on granting credit for an energy from waste plant. 

In capital markets wokr the firm advised on a structured bond issue and the restructuring of an exchange-traded bonds issue, and prepared legal opinion on a default of stock bonds. It also advised on an IPO, multiple ICO projects, and a charter capital increase by an aviation company. 

In M&A the firm advised a mix of sellers and buyers in acquisitions, and undertook a lot of work in joint ventures in the research period. 

In restructuring and insolvency the firm acted for creditors and debtors in bankruptcy proceedings, and helped restructure a client within the hotel industry. 

Dimitry Gladkov, a former partner, left the firm to join the Transaction Advisory Group.  

Recent Deal Data highlights 

  • Hybrid Platform $40 million ICO 
  • IBS Group NYSE IPO
  • Stocken Board ABS 

Client feedback

"Comfortable to work with them. They demonstrated results-based management and strong expertise." – Restructuring and insolvency

"Pro-active and experienced team with very consistent style of work." – Restructuring and insolvency


The Moscow office of Noerr is active in banking, M&A and restructuring. 

During the research period in banking and project finance a highlight was advising the lender VTB Bank on the financing for the construction of two solar power plants in Russia. It also advised on trade facilities, refinancings and prepayment facilities. 

In M&A the firm worked on both the sell and buy side of acquisitions and undertook joint venture restructuring. It also advised on the execution of a special investment contract (SPIC).

Client feedback

"Completely satisfied." – Banking

"Very client oriented, and able to work under pressure and meet deadlines." – Banking

"The advice was of an extremely high quality. Practical yet rigorous and authoritative." – Restructuring and insolvency

Nortia GKS

During the research period Nortia GKS was active in in project development. It worked with clients on the construction of a regasification LNG terminal on the Baltic Sea and provided legal support on multiple tender documents for maritime projects. 

Recent Deal Data highlights 

  • MRTS Baltic Sea regasification terminal
  • Spetsfundamentstroy LNG plant 

Client feedback

"Expert knowledge of local law and regulations. Reliable overall support of project implementation." – Project development

Norton Rose Fulbright

The Moscow office of Norton Rose Fulbright has a strong banking and M&A practice, and often assists clients on energy-related transactional work.  

The firm’s banking team is active for lenders and borrowers across matters ranging from syndicated lending to trade and commodity finance. In recent times the firm has taken on mandates across diverse sectors such as energy, transport and real estate. 

In M&A the firm regularly completes transactions in the mining, nuclear energy and oil and gas sectors. In a standout deal, the firm advised BP on the acquisition of a stake in Kharampurneftegaz from Rosneft, to create a new joint venture to develop the Kharampurskoye oil field and the Festivalnoye oil field in northwest Siberia. Other active sectors for the firm includes food and beverage, pharmaceuticals and technology. 

Recent Deal Data highlights 

  • Anheuser-Busch InBev / Anadolu Efes merger
  • BP acquisition of 49% in Kharampurneftegaz
  • Buhlmann Rohr-Fittings-Stahlhandel / DylanBeheer €164 million financing
  • Carlyle A$1 billion acquisition of Accolade Wines
  • IRC Limited $240 million financing
  • Nami / Sollers joint venture
  • Sovcombank $25 million financing
  • Suek Group $1.2 billion financing 
O2 Consulting

During the research period O2 Consulting mainly advised on joint ventures. However, it also saw work in mergers, buy-outs and acted on both the buy and sell side of acquisitions. 

Additionally, the firm represented a software developer company in their Series A round of financing and advised investors in both iFarm Inc, an agricultural solutions technological start-up, and HappyBook, an online platform for photobooks. It also acted on a notable ICO transaction with Human Net. 

Recent Deal Data highlights 

  • Gagarin Capital $5 million investment in iFarm
  • Human Net $100 million ICO 
  • Wallarm $8 million series A financing

Client feedback

"Fast and comfortable. Their professional advice was accurate and well-analysed." – Banking

"Good quality, with a wide array of services ranging from equity investments to corporate finance and M&A." – Capital markets: Equity

"Always respects deadlines and is good at problem solving." – M&A

"Consistently delivering good results." – M&A

"Efficiency, flexibility, readiness to start performing tasks of any complexity." – M&A

"Flexibility, readiness to proceed with the work as soon as possible, competence in a wide range of issues." – M&A

"Goes the extra mile, good attention to detail, provides good step-by-step support." – M&A

"Professional, precise and efficient." – M&A

"Provides very high level advice." – M&A

"Result-oriented, provides different options and new ideas on how to handle different types of negotiations." – M&A

"The company's lawyers show themselves as high-qualified professional with deep knowledge of the IT market and a business background of the transactions." – M&A

"They turn around documents quickly and are good at explaining complex ideas in easy terms." – M&A

"Very experienced. Loyal, professional, and client-oriented lawyers." – M&A

"Very professional, competent." – M&A

"Very high quality of work. Has the ability to meet strict deadlines. Takes on a creative approach." – M&A

Olevinsky Buyukyan and Partners

Olevinsky Buyukyan and Partners is a local firm active in restructuring and insolvency. During the research period the firm represented both creditors and debtors in bankruptcy cases.  

Recent Deal Data highlights  

  • Asmato bankruptcy
  • Gazneftekomplekt bankruptcy 
  • Rusnano bankruptcy

Client feedback

"The company's strengths are its high degree of professionalism, competence and responsibility of its specialists." – Restructuring and insolvency

Ost Legal

Ost Legal is project development, particularly within the energy sector. During the research period in projects work the firm advised on the construction of a mining processing plant in the Chukotka region, the establishment a manufacturing plant for wind turbines and the capital repair of power unit three of Berezovskaya GRES.  

The firm also advised on the potential acquisition of a licence for a super-absorbents production plant. 

Recent Deal Data highlights

  • Berezovskaya GRES power unit 3
  • GDK Baimskaya mining processing plant
  • Novawind / VetroOGK wind farm

Client feedback

"Brings a lot of industrial expertise which is important." – Project development

"They deliver high quality services, and have the ability to carry out complex negotiations. They also have good industry knowledge." – Project development

Pepeliaev Group

Domestic firm Pepeliaev Group is active in banking and finance, M&A, restructuring and insolvency and project work.  

During the research period in banking work the firm has advised on a number of financing agreements.  

In M&A the firm conducted legal due diligence of target companies ahead of acquisitions and was involved in joint venture work. In acquisition work the firm mainly advise the buyer. 

In project development work a firm highlight was advising on the implementation of the product sharing agreement and development of Kharyaga oil field.   

In restructuring and insolvency work the firm represented creditors, debtors, and guarantors in bankruptcy matters. 

Recent Deal Data highlights  

  • Kharyaga oil field 

Client feedback

"A well-knit team of lawyers." – M&A

"Efficient, thorough, and has a good knowledge of local laws." – M&A

"Completely satisfied with the work performed. The main strengths are its readiness and ability to start a large scope of work in short time, and its great knowledge of Russian law." – Restructuring and insolvency

"Experienced, accessible and good at negotiations." – Restructuring and insolvency

"Strong lawyers with high analytical skills and proficiency in many aspects of the profession." – Restructuring and insolvency

Peterka & Partners

The Russian office of Peterka & Partners is active in M&A and banking transactional work. 

During the research period in banking and finance the firm was involved in the restructuring of a financing and the termination of an aircraft lease and its sale. It also advised on securing loans and alternatives to intra-group financing. 

In M&A the firm advised mainly on the buy side of acquisitions and aided the establishment of multiple joint ventures. It advised a ceramic producer and supplier on the recapitalisation of the share capital in its Russian joint venture. 

The firm also represented creditors in insolvency proceedings. 

Prime Advice Consulting Group

Prime Advice is recognised for its work in restructuring and insolvency.  

During the research period the firm has represented a mix of creditors and debtors in bankruptcy proceedings, including newsprint producer Kondopoga and Stroytransgas.  

Recent Deal Data highlights 

  • Construction Department of Far Eastern Military Region bankruptcy 
  • Kondopoga bankruptcy 

Client feedback

"A partner not only in terms of legal support but common business development." – Restructuring and insolvency

"A reliable and responsible partner from year to year." – Restructuring and insolvency

"A reliable, trustful and productive co-operation." – Restructuring and insolvency

"Genuine spirit of cooperation and shared goals revolving around helping the customer." – Restructuring and insolvency

"Good expertise on a wide range of issues demonstrates understanding of the specifics of the business." – Restructuring and insolvency

"Long-term experience of specialists in various areas of services is manifested in the efficiency of solving problems, in the reliability of the solutions and in an integrated approach to customer requests." – Restructuring and insolvency

"Provides excellent services in different areas. Company staff consists of real professionals - very responsive and responsible." – Restructuring and insolvency

Rodin & Partners

Rodin & Partners in a local law firm active in public-private partnership and infrastructure project work. 

During the research period some firm highlights include the financing, construction and operation of five modern waste to energy plants in Russia and advising on a PPP for a sodium hypochlorite production plant in Moscow. 

It also advised clients on PPP agreements in the energy, transport and utilities sectors. 

Recent Deal Data highlights

  • BPS International funicular PPP
  • EVN Moscow waste incineration plant PPP
  • Hitachi Zosen Inova waste-to-energy plants 
  • WTE Wassertechnik sodium hypochlorite production plant PPP 
Russin & Vecchi

Russin & Vecchi is active in investment and corporate work. During the research period the firm mainly had roles providing support or legal due diligence in their company incorporation. The firm also assisted clients in liquidating subsidiaries and restructuring.

Client feedback

"Full support, focused on client's interests, and has strong attention to detail." – M&A

Rybalkin Gortsunyan & Partners

Rybalkin Gortsunyan & Partners was created in September 2018 by a group of lawyers from Akin Gump.  

During the research period the firm was active in M&A and private equity. It advised buyers in acquisitions and represented clients in the creation of cross-border joint ventures. 

Additionally, the firm undertook the restructuring of a financing arrangement and security package, and worked on a corporate financing of an online lender.  

Recent Deal Data highlights 

  • Aeon Corporation acquisition of 48% stake in GeoProMining 

Client feedback

"Highly satisfied with the quality of the services we received. This law firm is client oriented and well equipped with excellent lawyers." – M&A

"Strong strategic thinking. Good knowledge of local laws, and good contacts with Russian politicians and businessmen. Focused on getting things done, and finding practical solutions to the problem." – M&A

"The firm is extremely competent, user-friendly and strategic." – M&A

"The whole team is very professional, pro-active and able to meet strict deadlines throughout the project." – M&A

"High professionalism and good negotiating skills." – Project development

S&K Vertical

S&K Vertical is a local firm active in the corporate space, particularly in restructuring and insolvency. 

During the research period the firm worked mainly for the creditors in bankruptcy cases. An example of the firm’s work is advising Rossiya Bank in the bankruptcy case of a contractor. 

In other corporate transactions, the firm has worked closely with foundations, including advising Stanislavsky Electrotheatre Foundation on infrastructure project structuring, and Alma Mater Foundation on corporate activities. 

Recent Deal Data highlights 

  • Agro-Invest bankruptcy 
  • Mostostroitelny Trest No 6 bankruptcy 

Client feedback

"A team of professionals which provide services at the highest level within the agreed time frame. We appreciate the experience and impeccable reputation of this company, as well as the individual approach that we receive." – Restructuring and insolvency

"It is necessary to note the high professionalism, speed of work, innovative thinking and elegant problem solving of the firm." – Restructuring and insolvency

"Very responsible and professional approach to their work." – Restructuring and insolvency


Salomons law firm is active in M&A. 

During the research period the firm mainly advised the sellers in acquisition work, including advising client RRC on the sale of a significant part of their business to Ingram Micro. It acted for the shareholders of SPSR Express in a merger with parcel delivery business DPD Russia, and was involved in joint ventures, fund formation and investment work.  

Recent Deal Data highlights 

  • DPD / SPSR Express merger
  • Ingram Micro acquisition of RRC’s CEE division

Client feedback

"Customer-oriented and highly professional team. A firm that perfectly defends the interests of the client." – M&A

"Flexible, creative, and result oriented." – M&A

Shapovalov Petrov

Shapovalov Petrov firm is active in project development, particularly within the mining sector.  

During the research period the firm advised on the construction of a gold recovery tank leaching plant. It also advised on obtaining licences for export ores and concentrates containing precious metals. 

Recent Deal Data highlights 

  • Target Gold gold recovery tank leaching plant

Client feedback

"Has high-class professionals with extensive experience advising companies in the mining sector. Their legal advice in this area allowed us to save millions of dollars. We appreciate this law firm." – Project development

"Pleased with the work. They proved to be great professionals in the mining sector, as well as in the legal intricacies of construction matters." – Project development

"Significant professional experience and competence in mining technologies, and has a long-term specialisation in this area." – Project development

"Strong and solid. Deep involvement. High competency." – Project development

"The team always gives us competent and professional advice. We appreciate the quality of the work." – Project development

"The team completed the project professionally and on time. I highly appreciate the quality of their work." – Project development

"We highly appreciate the professional experience of this law firm. We really liked their attentive and meticulous attitude to the task we set." – Project development

Skadden Arps Slate Meagher & Flom

Skadden Arps Slate Meagher & Flom is best known for its strong offering in the equity capital markets and M&A areas in the Russian market, featuring among the best firms in the jurisdiction across both categories. 

The firm is a strong player in the capital markets space and has a focus on equity work.  A notable recent highlight saw the firm act for the world’s largest uranium mining company on the first ever listing on the Astana International Exchange (AIX). In further capital markets mandates the firm worked for mainly issuers on a number of proposed and delayed IPOs, ICOs and eurobond offerings, as the market remained apprehensive. 

The M&A team mostly works on the buy-side and have recently completed high-value transactions in sectors including retail, technology and transport. Other mandates that the firm worked on during the research period includes acting for clients on making financial investments and exiting joint ventures. 

Recent Deal Data highlights 

  • Avtovaz €1.2 billion restructuring
  • Dixy Group share buyback
  • DXC Technology $2 billion acquisition of Luxoft
  • GeoProMining $300 million 7.75% bond issue
  • Kazatomprom LSE/AIX IPO
  • L1 retail acquisition of 12% stake in DIA
  • Renault $1.05 billion investment in Russian automotive sector
  • VTB $2.5 billion acquisition of 29.1% stake in Magnit 

Client feedback

"Excellent in all respects, including speed of execution, clarity, conciseness, and the ability to account for business realities." – Banking

"The firm did excellent, high quality work, under challenging and complicated circumstances. Efficient, resourceful and constructive." – Capital markets: Equity

"Huge amount of experience, very responsive, very commercial and adds a lot of value." – M&A

"Truly excellent. Balances purely legal and practical advice in sophisticated transactions." – M&A


Sotbi law firm is active in restructuring and insolvency. 

During the research period the firm advised debtors and creditors in bankruptcy proceedings, and provided consultancy to major Russian banks including VTB Bank, UniCredit Bank, and Rosbank. FDG was a key client for the firm. It offered legal support in external management, insolvency receivership procedures, collecting receivables and the sale of debtor’s assets.  

Recent Deal Data highlights

  • FDG bankruptcy

Client feedback

"Has a global view. Offers fast feedback." – Restructuring and insolvency

"Professional and efficient. Provides a high level of services with a pro-active, client-oriented approach." – Restructuring and insolvency

"Specialises itself in support of bankruptcy procedures and it does so very professionally and efficiently." – Restructuring and insolvency

"The company has established itself as a reliable and efficient partner in the field of legal support in insolvency and bankruptcy proceedings." – Restructuring and insolvency

"The company showed excellent results in the preparation of legal opinions, and complied with deadlines." – Restructuring and insolvency

"The teams of lawyers do an excellent job with their tasks, both in terms of the quality of work and the high level of administration of all projects." – Restructuring and insolvency

"They have the resources to get a good result. The company's lawyers find various ways to achieve them. We can always expect an outstanding service." – Restructuring and insolvency

Squire Patton Boggs

The Russian arm of the Squire Patton Boggs is active in project development work. 

During the research period the firm advised on multiple concession and PPP projects, including the reconstruction and operation of Blagoveshchensk Airport of the Amur Region, Proletarskoye electric engine house, Arkhangelsk water supply and water management facilities, and the construction of multiple railroad overpasses. 

It advised on the development and implementation of a transport system on Central Ring Road, and the financing, construction and maintenance of a medical rehabilitation building in St Petersburg. 

Additionally, the firm advised EBRD in regards to legal and institutional reform of PPP policy.  

Recent Deal Data highlights

  • City Hospital No 40 PPP
  • Mostalyans railroad haul concession
  • Proletarskoye electric engine house reconstruction
  • Tollway Central Institute for Research and Engineering railroad overpasses concession
Synum ADV

Synum ADV is a local firm active in restructuring and insolvency.  

During the research period the firm has mainly represented creditors in bankruptcy procedures. 

Recent Deal Data highlights

  • Gurievsky Metallurgical Plant bankruptcy 
  • InvestStroyPlus bankruptcy 
  • Tunaicha Company bankruptcy

Client feedback

"Strong professionals with a solid background of experience. I can rely on them in any circumstances and situation." – Restructuring and insolvency

TA Legal Consulting

TA Legal Consulting, formerly Tertychny Agabalyan, is active in corporate and M&A transactional work. 

During the research period the firm had several regulatory support roles. It also advised investors in a gold mining project and advised on the legal structuring of ownership rights to land plots.

Client feedback

"I appreciate the work that the firm did. They studied the issues thoroughly and timely." – Banking

"Pleased with the work quality of the firm. They provided us with prompt legal aid on various topics. The lawyers are very open-minded and client oriented." – M&A

"Everything we wanted was made and reached in fixed terms." – Project development

"Highly professional and attentive to all details." – Project development

"Liked the work that the firm did for us." – Project development

"Pleased with the firm's work. All their legal work was well accomplished and the team always observed timeframes set." – Project development

"The firm showed a very good level of corporate law." – Project development

"Content with the results of our cooperation. The team worked as true professionals and within the set time frames." – Restructuring and insolvency

Tomashevskaya & Partners

Tomashevskaya & Partners is a domestic firm active in M&A.  

During the research period in M&A the firm mainly advised on joint ventures. In acquisitions, it acted for buyers and sellers. 

Additionally, the firm advised on the formation and restructuring of multiple venture capital funds.  

Olga Khokhlova joined as a partner in M&A and capital markets in the research period.  

Recent Deal Data highlights

  • Alma Group $38 million acquisition of Iscratelecom 
  • Efko Foods / RosAgro joint venture
  • Flint Capital restructuring
  • Rodina Group / BI Group joint venture
  • Westwing Group $1.3 million divestment of Russian subsidiary  
Vegas Lex

Vegas Lex is known for project work. Some of its key clients include Russian Railways RZD, High-Speed Rail Lines, Dorogi Rossii and Fortum. 

In recent project finance work the firm was involved in financings for rail and transport projects  

In M&A the firm advised on the buy and sell side of acquisitions, on joint ventures, and on the formation of an infrastructure investment seed fund.  

In project development the firm was most active in the transport and energy sectors. However, it also advised on the construction of two separate coal terminals, one in Sukhodol bay and the other in Lavna.  

In restructuring and insolvency, the firm mainly represented creditors within bankruptcy proceedings.  

Recent Deal Data highlights

  • Eurasia high-speed railway 
  • InfraOne $200 million RTIF seed fund for infrastructure project investments
  • Moscow-Vladimir VSM high-speed railway
  • Northern latitudinal passage
  • Russian Railways (RZD) $692 million construction of coal terminal in Lavna and seaport facilities of Murmansk port 

Client feedback

"A strong firm providing legal support for PPP projects for many years." – Banking

"Demonstrated very solid and professional skills in the banking sector, based on deep expertise and understanding of infrastructure and investment projects." – Banking

"A leading company in the field of support of PPP projects in Russia. Produces very high quality results." – Project development

"High-quality services, deep knowledge of the subject, and good attention to the client's needs." – Project development

"The firm provides top level legal services in the PPP sector." – Project development


VLawyers is active in restructuring and insolvency, primarily offering bankruptcy-related services. 


During the research period, the firm represented creditors and debtors in proceedings.

Recent Deal Data highlights

  • Peresvet Group bankruptcy
  • WEST bankruptcy

Client feedback

"Excellent work with extremely responsive, innovative and warm lawyers. Very good development of alternative legal strategies and explanations." – Restructuring and insolvency

"They are flexible and very innovative. We appreciate the personalised attention of partners to our matter. Their creative approach, together with deep knowledge of the procedures, allowed us to win the matter." – Restructuring and insolvency

"Very responsive and strong technical knowledge." – Restructuring and insolvency

Westside Advisors

Westside Law Firm has been particularly active in M&A during the research period. 

The firm advised on joint ventures, working closely with Hilong Group, a client in the oil and gas sector, on two joint ventures with a drill pipe producer in Russia. It also represented buyers in acquisitions. 

Recent Deal Data highlights 

  • Hilong Group / TMK joint venture 

Client feedback

"Good knowledge of Russian and international laws. Takes an innovative approach." – Capital markets: Debt

"Complex and effective advice." – M&A

You & Partners

You & Partners Law Firm is particularly active in project development and financing transactional work. 

During the research period the firm acted as consult to multiple clients ahead of project concession agreements, conducting risk analysis and regulation reviews. It advised on infrastructure projects in the power, transport, technology and healthcare sectors, usually providing consulting support for project structuring, risk matrices and financing.

Client feedback

"A really experienced team of lawyers in the field of PPP." – Banking

"A strong team of lawyers which always recommends clear and sound legal solutions." – Banking

"Capable of proposing tailor-made decisions in the area of PPP and project finance." – Banking

"Experienced, smart and dedicated team of lawyers, which provide legal support at an the outstanding quality." – Banking

"Highly satisfied with the work the lawyers did for us. It is a strong partner and a team player, ready to provide creative and innovative solutions." – Banking

"Really appreciated the firm's ability to work in close cooperation with the client, to deeply analyze and understand the client's business needs, and to meet the deadlines." – Banking

"Pleased with their work. Strengths include their flexible work and their German language skills." – Project development


Yust law firm is active across the financial and corporate space, particularly in banking, M&A, project work and restructuring.  

During the research period in banking work the firm worked on cryptocurrency, bank guarantees and project financing.  

In M&A the firm worked for a buyer in a property acquisition.  

In restructuring and insolvency the firm advised both creditors and debtors in bankruptcy procedures, including advising Kookmin Bank and Deposit Insurance Agency. 

Recent Deal Data highlights 

  • Baltic Gas Chemical Company Leningrad methanol production plant 
  • Leks Ko bankruptcy

Client feedback

"A very good team of dedicated professionals capable of solving complex legal matters. Their structuring capabilities are phenomenal, they see the whole picture and have a good understanding of the industry." – Banking

"Great lawyers and professionals. Their procedural documents are top." – Banking

"The firm demonstrates a reasonable, client-oriented approach, and is willing to accommodate to the client's needs." – Banking

"Fully oriented towards the client's demands. They are always ready to respond your queries even in fundamentally new cases without any enforcement practice. They are significantly experienced on international law issues, including on matters regarding the conflicts of jurisdictions." – M&A

"I am convinced of the highest qualification and professionalism of specialists of this company. I can characterize the work as highly professional, operational and systematic." – Restructuring and insolvency

"The law firm is a strong professional in the bankruptcy area." – Restructuring and insolvency