Sayenko Kharenko acted as Ukrainian legal counsel to Citibank and Sberbank in the restructuring of a sovereign-guaranteed loan provided by Citibank and Sberbank to the State Road Agency of Ukraine (Ukravtodor) with an outstanding principal amount of EUR 37.3 million and two sovereign-guaranteed loans provided by Sberbank to Yuzhnoye State Design Office and Ukravtodor with an outstanding principal amount of approximately USD 367 million.

The transaction represented one of the series of successfully completed restructuring exercises conducted in accordance with the requirements of the IMF’s Extended Fund Facility.

Under the terms of the restructuring, all three loans have been converted into sovereign Eurobonds and GDP-linked securities with 75% of the outstanding loans amount exchanged for Ukraine’s 7.75% senior notes due 2019, and 25% of the outstanding loans amount exchanged for Ukraine’s GDP-linked securities.

Sayenko Kharenko team advising on the transaction included counsel Anton Korobeynikov and associate Taras Shyb, and was led by partner Nazar Chernyavsky.


Sayenko Kharenko enjoys global reputation as a leading Ukrainian law firm with an internationally oriented full-service practice. The firms leading market position builds on continuous excellence of its highly specialized practice teams. During the past two years, Sayenko Kharenko collected three of the most prestigious professional excellence country awards, including Law Firm of the Year by IFLR European Awards 2015, Who’s Who Legal European Awards 2015 and Chambers Europe Award for Excellence 2015. Most recently, Sayenko Kharenko was crowned Ukraine Law Firm of the Year by Who's Who Legal 2016, and shortlisted for Russia, Ukraine & the CIS category by The Lawyer European Awards 2016 and Ukraine Law Firm of the Year category by Chambers Europe Awards 2016.

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