Finance

Asari Legal’s Finance practice brings together specialists with extensive financing transaction experience gained at leading international and Russian law firms, major Russian and European banks and corporations, as well as international trading houses.

Expertise

  • Broad capabilities

    We advise on a full range of financing transactions, including syndicated loans, trade and project finance, structured finance, bond issues, asset finance, acquisition finance (M&A financing), debt restructuring.

  • Trusted by market leaders

    Our clients include leading Russian and international banks and financial institutions, private and institutional investors, state-owned and private companies across various sectors, and major commodity traders.

  • Industry insight

    A key strength of our practice is the in-house experience that our team members gained at banks, corporations and international trading companies. It allows us to understand internal processes and offer legal solutions that mesh with the commercial and operational realities of our clients’ businesses.

Syndicated loans

Our team has over 15 years of experience in syndicated loan transactions under Russian law and common law (including English, Singapore, and Hong Kong law).

We handle deals of varying scale and complexity, including project finance, pre-export and trade finance, bilateral “club” and “sleeping” syndicates, classic syndicated loans with the participation of major Russian and international banks.

Trade finance

We have significant experience in trade finance transactions, having supported dozens of deals in recent years, including mandates involving the world’s largest trading houses.

Our experience covers the oil, gas, metals, chemicals, agriculture and other commodities markets. We work closely with key market participants across the financial, trading and industrial sectors.

Project finance

We advise on cross-border and domestic project finance transactions, including deals implemented under Russia’s Project Finance Factory programme. Individual team members were directly involved in the programme’s development and in its pilot projects.

Our track record features projects involving construction and reconstruction of commercial real estate, mining and processing plants, power plants and industrial facilities, technology parks and airports, motorways and water infrastructure.

Structured Finance

We design and implement innovative structured finance solutions,
such as commodity-backed structures (including commodity repo arrangements), structures involving the participation of the finance party in the commodity chain as a trader, multi-obligor structures with joint and several or secondary liability and risk transfer mechanisms, multilateral settlement arrangements using netting and debt settlement agreements, other bespoke structures tailored to clients’ risk allocation and commercial needs.
We regularly advise on new financing structures aimed at mitigating financial, commercial, and regulatory risks.

Acquisition finance

We support acquisition finance transactions involving a wide range of assets (real estate, infrastructure, transport, etc.) and advise lenders and borrowers on legal due diligence of target assets, including acquisitions of shares in financial institutions and major commercial properties.

Financial restructuring

We advise on complex debt restructuring scenarios, including exits of lenders from financing structures, borrower/obligor changes, stockholding changes, transfer of assets in lieu of performance, debt-to-equity conversions, other restructuring solutions designed to preserve value and optimise recovery.

Capital Markets

Команда практики консультирует по полному циклу сделок, включая IPO, SPO, размещение и обращение облигаций, выпуск структурных и иных финансовых инструментов, а также по операциям с участием публичных компаний и биржевых активов. Мы сотрудничаем с регуляторами и оказываем поддержку как эмитентам, так и финансовым организациям. Наша практика сочетает глубокое понимание регулирования, стратегический подход и знание актуальных рыночных реалий.

Alexander Borgoyakov

Alexander Borgoyakov

Partner, Advocate
Alexander Geda

Alexander Geda

Partner, Advocate, Solicitor (England & Wales)
Marina Smirnova

Marina Smirnova

Counsel, Advocate
Regina Abdulgafarova

Regina Abdulgafarova

Associate, Advocate
Valeria Dzyubanova

Valeria Dzyubanova

Associate, Advocate
Dmitry Lisov

Dmitry Lisov

Associate
Egor Chubov

Egor Chubov

Associate

Project highlights

Syndicated loans

Advising:

  • mandated lead arrangers and syndicate lenders in Russian-law syndicated loan transactions on, among other things, project, trade, and corporate finance facilities
  • mandated lead arrangers and syndicate lenders in syndicated loan transactions under foreign law (including English, Singapore, and Hong Kong law), on both issuing new loans after 2022 and the restructuring and servicing of the pre-2022 debt of Russian and foreign borrowers

Syndicated loans

Advising:

  • Russian and foreign borrowers of syndicated loan facilities structured under both Russian and foreign law, including new post-2022 financings and restructuring and debt servicing arrangements for pre-2022 obligations
  • Russian and foreign investors on the acquisition (for subsequent restructuring and repayment) of Russian borrowers’ foreign debts that have become difficult or impossible to service due to post-2022 restrictions

Trade finance

Advising:

  • Russian and foreign lenders and borrowers on trade finance transactions structured as loans under Russian or foreign law (including English, Singapore, and Hong Kong law), including both new financings in various currencies (such as RUB, CNY, and AED) and the restructuring and servicing of pre-2022 debt

Trade finance

Advising:

  • Russian and foreign lenders and borrowers in complex bilateral and multilateral trade finance structures on, among other things, advance and deferred payment arrangements, repurchase obligations (commodity repo), commodity loans, barter structures, joint and several and secondary liability, and set-off mechanisms

Trade finance

Advising:

  • Russian and foreign finance parties on funding arrangements for structured trade finance transactions, including via the issuance of structured notes and raising debt from independent investors

Structured Finance

Advising:

  • Russian and foreign lenders and borrowers in trade finance transactions implemented through complex bilateral and multilateral commercial contracts, involving various mechanisms for creating financial and commercial indebtedness, including advance and deferred payment arrangements, repurchase obligations (commodity repo), commodity loans, barter structures, joint and several and secondary liability of debtors, as well as the set-off of mutual homogeneous claims

Structured Finance

Advising:

  • Russian and foreign clients on arrangements for profit and risk sharing in joint trade projects (profit sharing agreements)
  • Russian and foreign lenders and borrowers on restructuring long-term indebtedness that has become difficult or impossible to service due to external market disruption, including via refinancing, creditor/borrower side restructuring, and stockholding restructuring

Structured Finance

Advising:

  • Russian and foreign investors on the acquisition (for subsequent restructuring and repayment) of Russian borrowers’ foreign debts that have become difficult or impossible to service due to post-2022 restrictions
  • Russian finance parties and investment houses on the issuance of structured notes to create investment products and finance projects, taking into account current market practices shaped by the post-2022 global economic instability
  • Financial institutions on capital relief and balance sheet optimisation transactions involving various classes of assets

Acquisition

Advising:

  • Russian and foreign investors (including investment funds) on structuring and implementing acquisition finance transactions for participation (shares/interests) in ship-owning companies holding tankers and LNG carriers, as well as on the acquisition of transport assets for joint ventures focused on the management and operation of such vessels, using option arrangements, trusts and other contractual instruments
  • Russian and foreign investors and shipowners on financing projects for the acquisition of seagoing vessels

Financial restructuring

Advising:

  • Russian and foreign lenders and borrowers on restructuring long-term debts that have become difficult or impossible to service due to adverse changes in the external economic environment, including refinancing solutions, creditor and borrower side restructuring, and stockholding restructuring

Financial restructuring

Advising:

  • Russian and foreign investors on the acquisition (for subsequent restructuring and repayment) of Russian borrowers’ foreign debts that have become difficult or impossible to service due to post-2022 restrictions
  • issuers on debt restructuring through obtaining consent to amend payment and redemption mechanics and through the issuance of substitute Russian bonds

News

Alexander Borgoyakov holds a seminar at MGIMO on legal regulation of international hydrocarbon trade
17 November 2025 г.

Alexander Borgoyakov holds a seminar at MGIMO on legal regulation of international hydrocarbon trade

On November 10, 2025, Alexander Borgoyakov, Partner in the Finance Practice at Asari Legal, delivered a seminar

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Alexander Geda participated in the conference «Banking and Financial Law, Capital Markets: legal issues»
04 April 2025 г.

Alexander Geda participated in the conference «Banking and Financial Law, Capital Markets: legal issues»

With the high key rate, inflation and general political instability, business search new lending and investment mechanisms...

Read more