In June 2014 theEuropean Union disbursed EUR 500 million for Ukraine, the first tranche underthe new macro-finance program – MFA-II, in the aggregate amount of EUR 1billion that the EU pledged to help the country’s struggling economy. VasilKisil & Partners is pleased to announce that we acted as a sole legaladvisor to the European Union on granting of this macro-financial assistance toUkraine. 

In May 2014, the Memorandum of Understanding and theLoan Agreement were entered into by Ukraine, as a borrower, the National Bankof Ukraine, as an agent to the borrower, and the European Union, as a lenderregarding the loan in the total amount of EUR 1 billion. Both above documentswere ratified by the Ukrainian Parliament on May 20th 2014. Thefirst installment of the macro-financial assistance was transferred to thestate of Ukraine on June 17th. The outstanding amount of the loan isexpected to be granted within the course of 2014. 

Vasil Kisil & Partners advised the European Unionrepresented by the European Commission, on the Ukrainian law and internationallaw matters of the transaction. In particular, the lawyers were activelyinvolved in drafting of the transaction documents, controlled fulfillment ofconditions precedent to completion of the transaction and issued a legalopinion in favour of the lender. 

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

“We welcome the provision ofmacro-financial assistance as a concrete manifestation of European solidaritywith the Ukrainian people at a time when the country is undergoing one of themost significant transformations; and we are proud to contribute to thisprocess”, commented Yulia Kyrpa, Partner, Head of Banking & Finance atVasil Kisil & Partners. 

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For more details please contact YuliyaChervonookaya,

Head of PR/BD Department

Tel.: +380 44 581 7777

E-mail: pr@vkp.kiev.ua

Aboutthe Firm

Established in 1992, Vasil Kisil & Partners is aUkrainian law firm that delivers integrated legaladvice in banking & finance, mergers & acquisitions, capital markets,antitrust, competition and trade, dispute resolution, tax law,energy and natural resources law, intellectual property law, labor andemployment law, real estate and construction law,as well as PPP, concessions and infrastructure law. Vasil Kisil & Partners isa member of such international professional associations as TerraLex, IBA, andIus Laboris.