Sayenko Kharenko advised on USD 2 bln loan extension to the Ukrainian Government

Sayenko Kharenko acted as a Ukrainian legal counsel to Joint-Stock Company “VTB Bank” (“VTB Bank”) on the extension of USD 2 billion loan to the Ukrainian Government raised in June 2010.

In line with the agreed refinancing scheme, part of the loan in the amount of USD 1 billion and all interest accrued on the full amount of the loan was paid by Ukraine on June 6, 2012. The second half of the loan Ukraine will replace with a new issue of Eurobonds.

In 2010, Sayenko Kharenko advised VTB Bank on providing a USD 2 billion bridge loan to Ukraine, which was extended a number of times since then.

Allen & Overy acted as a legal advisor to VTB Bank on English law issues.

VTB Group is a leading Russian banking group, offering a wide range of banking services and products across Russia, certain CIS countries and in selected countries of Western Europe, Asia and Africa.

Sayenko Kharenko team involved in the transaction included partner Nazar Chernyavsky and associates Yuriy Draganchuk and Orest Matviychuk.