16 July 2025 – It has come to our attention that there is an increased level of impersonation fraud activity targeting Kinstellar. This includes a number of unauthorised, fraudulent emails falsely claiming to originate from various Kinstellar offices, as well as a fake website – "kinstellar.finance" – that is fraudulently using our firm's name, offering non-existent legal services by non-existent lawyers, and referencing the address of our Prague office. Th e website "kinstellar.finance" has no connection whatsoever to Kinstellar or any of its offices. Any communications originating from that domain, or similar unofficial sources, are part of an illegal impersonation scam. This fraudulent
On 30 July 2025, Romania enacted its first set of guidelines dealing with investment screening aspects (the "Guidelines"), generally codifying authorities' practice so far and views on particular aspects. The Guidelines were adopted by the Romanian Competition Council ("RCC"), which hosts the secretariat of the Commission for the Screening of Foreign Direct Investment (the body entrusted with carrying out the screening of investments). The RCC is also entrusted with issuing the national security clearances for non-problematic cases. A draft of the Guidelines was initially launched into public consultation by the RCC in mid-February 2025 and interested parties had until 11 March 2025 to provide feedback. The publication
On 6–7 August 2025, a new package of changes to currency restrictions in Ukraine came into force. The National Bank of Ukraine (the "NBU") introduced currency restrictions in February 2022, following the onset of Russia's full-scale invasion. Below we highlight the key changes introduced by the new amendments. 1. New opportunities for income repatriation The NBU now allows the transfer of dividends to foreign investors that have accrued since 1 January 2023, compared to the previous rule that allowed dividends for 2024 only. However, such payments remain subject to existing requirements to make the transfer directly to the investor's foreign account with a monthly limit of EUR 1 million (or equivalent).
The NIS 2 Directive is the European Union's cybersecurity framework that requires considerable efforts by companies in sectors like energy, transportation, life sciences and digital infrastructure to establish the required compliance. The directive mandates that the companies within the scope of NIS 2 implement a large number of technical and organizational measures to manage cybersecurity risks and puts cybersecurity as a top management responsibility. EU Member States must transpose the NIS 2 Directive into their national acts of law. Although a number Member States are delayed in this legislative process, other jurisdictions are already well past requiring registration and implementation of cybersecurity risk management.
On 14 July 2025, the Cabinet of Ministers of Ukraine (CMU) approved the Lists of Minerals and Components of Strategic and Critical Importance (Resolution No. 845, or the Lists). Resolution No. 845 classifies minerals into two categories: strategic minerals (those crucial for the national security of Ukraine and its economic prosperity), comprising 11 elements (e.g., uranium, titanium and strontium) and critical minerals (those essential for modern technologies), comprising 28 elements (e.g., lithium, rare earth ores and cesium). The above categorisations were developed in accordance with the Updated National Program for the Development of the Mineral Resources Base of Ukraine for the Period up to 2030, adopted in December
A new funding opportunity in Romania—the DR-23 Investments for the Processing of Agricultural Products Aid Scheme—has been launched following its publication in the Official Gazette, offering significant financial support to businesses operating in the agri-food sector. With a total budget of approximately EUR 165 million, this scheme is designed to support a wide range of companies operating in the food industry in Romania, including but not limited to bakeries, milling units, biscuit and pasta producers, chocolate and cocoa manufacturers, ice cream producers, and even beer makers. Who can apply? The funding scheme is open to a variety of Romanian enterprises in the agri-food sector, including:
Kinstellar is delighted to welcome Raluca Gabor as Counsel in its Bucharest office, further strengthening and expanding our Energy & Natural Resources practice in Romania and across the region. Raluca Gabor brings over a decade of experience advising on complex energy, natural resources and infrastructure projects, ranging from renewables, conventional electricity, onshore and offshore oil & gas, mining, natural resources and petrochemicals. In addition to Energy & Infrastructure, she also covers Corporate and M&A, with a strong emphasis on large-scale project development and regulatory compliance. Raluca's expertise covers the full lifecycle of energy and infrastructure projects — from permitting
The Romanian tax authorities have recently enacted legislative changes concerning advance pricing agreements (APAs), with the aim of enhancing the regulatory framework and supporting tax compliance. Key amendments include: The introduction of the possibility to request the issuance of an APA for historical transactions, with retroactive application of up to five years, subject to conditions that will be detailed in secondary legislation. The option for the tax authorities to suspend tax audits for periods covered by submitted APA requests, in order to prioritise their resolution. A revision of the mutual agreement procedure for the avoidance of double taxation, aimed at facilitating the resolution
The National Bank of Ukraine (NBU) enacted a series of regulations on 1 August 2025 that establish an open banking system in Ukraine and significantly improve the regulatory environment for modern fintech services. The new legal framework sets out clear legal standards for secure data sharing, API-based payment services, and third-party access to user accounts — all aligned with the EU's PSD2 Directive. The reforms are important step in the digital transformation of Ukraine's financial services market. Click on one of the images below or use the following links to read our overview in English or in Ukrainian. Download in English: Download in Ukrainian:
Kinstellar acts as trusted legal counsel to leading investors across Central and Eastern Europe (CEE), Southeast Europe (SEE) and Central Asia. Our reputation for quality, excellence and integrity speaks for itself.
With offices in 12 jurisdictions and over 300 local and international lawyers, we deliver consistent, joined-up legal advice and assistance across diverse regional markets – together with the know-how and experience to champion your interests while minimising exposure to risk.
Our clients include leading international and regional corporations, banks and other financial institutions, state bodies, multi-lateral institutions, and international law firms with clients that require top-quality legal counsel in our jurisdictions. We handle the most important and complex assignments for clients across diverse industries and business sectors.
*2024 rankings in core practice areas in international legal directories (Chambers & Partners, Legal 500, IFLR1000)
With expert local knowledge and a track record at the international level, our lawyers provide top-tier advice and client service in Central and Eastern Europe (CEE), Southeast Europe (SEE) and Central Asia.
Our Team🇺🇦 Ukraine greenlights strategic & critical minerals lists Ukraine’s Cabinet of Ministers officially defined strategic (e.g., ⚛️ uranium, ⚙️ titanium) and critical minerals (e.g., 🔋 lithium, 🌍 rare earths) essential for national security and modern technologies. This move aligns with Ukraine’s updated National Mineral Resources Development Program and the Ukraine Facility Plan. Key highlights: 🏞️ 60 subsoil areas/deposits with strategic/critical minerals to be offered via electronic auctions. 🤝 26 areas to be allocated through production sharing agreements. 🌐 Investment opportunities for Ukrainian citizens, OECD residents, and partners. These reforms aim to attract investment, drive industrial growth, and integrate Ukraine into global critical mineral supply chains — supporting a sustainable, secure future. Read the full commentary here 👇🏻 https://lnkd.in/dwbJEpeA For mining regulation advice, reach out to Olena Kuchynska, Managing Partner, Kyiv. #ExceptionalTogether #Ukraine #Mining #CriticalMinerals #Investment #NationalSecurity #OECD #MineralResources #Sustainability #UkraineReconstruction #UkraineFacilityPlan
🔐 Navigating NIS 2: How businesses can achieve cybersecurity compliance across the EU The NIS 2 Directive — the European Union’s cybersecurity framework — places strict obligations on critical sectors, and makes it a top management responsibility. While EU Member States are at different stages of transposing NIS 2 into national law, businesses can’t afford to wait. At Kinstellar, we support organizations in navigating the implementation across multiple EU markets by: ✅ Assessing NIS 2 applicability; ✅ Supporting self-registration; ✅ Providing actionable legal guidance; ✅ Reviewing internal policies and procedures; ✅ Advising on legal aspects of cybersecurity incident management; ✅ Ensuring supply chain and service agreement compliance. ➡️ Read our overview, written by Lukas A. Mrazik (Firm-wide Head of Data & Cybersecurity), and get in touch with our experts to secure your NIS 2 compliance strategy today: https://lnkd.in/dxQ7_-QP #ExceptionalTogether #InTheKnow #NIS2 #Cybersecurity #EUCompliance #CybersecurityCompliance #EU #NIS2Directive
🌟 We are delighted to welcome Raluca Gabor as Counsel in our Bucharest office, further strengthening the Energy & Natural Resources practice in Romania and across the region. 💼 Raluca brings over a decade of experience advising on complex energy, natural resources and #infrastructure projects, ranging from #renewables, conventional #electricity, #onshore and #offshore #oil & #gas, #mining, natural resources and #petrochemicals. In addition to Energy & Infrastructure, she also covers Corporate and M&A, with a strong emphasis on large-scale project development and regulatory compliance. ⚖️ She has also contributed to shaping major energy laws through public consultations and has supported state-owned entities, investors, and developers on high-profile, market-defining projects. Raluca joins an established team of Energy and Natural Resources law specialists in our Bucharest office — a team that has advised on several of the most significant energy deals on the local market in recent years. 🙌 💬 Iustinian Captariu, Head of Firm-wide Energy sector, comments: "We are delighted to welcome Raluca to our team. Kinstellar is a recognised leader in the energy and natural resources sector, advising on the full spectrum of work — renewables, trading, electricity, gas, nuclear and upstream. Raluca’s strong background and practical insight into both regulatory and transactional matters will further strengthen our ability to support clients across all segments of the energy market. This move reflects our long-term commitment to remaining a go-to legal partner in one of the most fast-moving and strategic areas of the market." 🔗 https://lnkd.in/dDdv_ZBp #ExceptionalTogether #Welcome #NewJoiner #Romania #Energy #NaturalResources #EnergyLaw #Counsel
📢🇺🇦 Open banking now in Ukraine! The National Bank of Ukraine (NBU) has officially launched a comprehensive #open_banking framework, setting the stage for a new era in financial services and digital payments. This milestone reform brings #Ukraine closer to the #EU standards and promises significant opportunities for banks, fintech companies, and end users. 🔍 Our latest summary explores: 📌 What services fall under the new open banking model 📌 Why client consent is central to the system 📌 Who can participate – and under which authorisation rules 📌 Key responsibilities and liabilities for service providers 📌 The phased implementation timeline through 2026 💬 Our #Banking & #Finance team in #Kyiv breaks down what these changes mean in an overview by Illya Muchnyk (Partner, Head of local Banking and Finance, and Firmwide Head of FinTech), Oleksandra Poliakova (Managing Associate) and Zakhar Oprysko (Junior Associate). Read our article, available in English and Ukrainian, here: 👇🏻 https://lnkd.in/gr7n7D34 #ExceptionalTogether #NBU #InTheKnow #BankingAndFinance #Fintech #DigitalTransformation #FinancialRegulation #PSD2 #LegalInsight
📢 Our team, together with Addleshaw Goddard as lead counsel, has advised Phoenix Equity Partners Limited, a leading UK-based private equity investor, on its acquisition of FutureMeds, a fast-growing European clinical trial site network operating across Europe, including its subsidiaries in Bulgaria and Ukraine. We provided local legal support on all Bulgarian and Ukrainian aspects of the transaction, including legal due diligence and regulatory analysis, including advice on competition, anti-trust and tax queries. The firm’s multidisciplinary teams in Sofia and Kyiv worked closely with Addleshaw Goddard to ensure seamless cross-border execution. 🇧🇬 The Kinstellar team in #Bulgaria was led by Diana Dimova (Managing Partner) and Denitsa Kuzeva (Senior Associate), and included Atanas Mihaylov (Counsel), Simeon Vachev (Senior Associate), Debora Dineva (Senior Associate), Vanya Evtimova (Consultant) and Simona Damyanova (Junior Associate). 🇺🇦 The Kinstellar team in #Ukraine was led by Olena Kuchynska (Managing Partner), and included Natalia Kirichenko (Partner), Lyudmyla Dzhurylyuk (Managing Associate), Yulia Eismont (Counsel), Olena Stanishevska (Senior Associate), Tetiana Kolha (Senior Associate), Olena Tsygulska (Associate), Diana Malysh (Associate) and Danylo Kholodyan (Associate). 🔗 Read more: https://lnkd.in/duiaPUty #ExceptionalTogether #DoneDeals #Pharma #LifeSciences #Healthcare #MergersandAcquisitions #MandA #PrivateEquity #CompetitionLaw #AntiTrust #Tax
⭐ We are pleased to announce that we have advised East Grain S.A, a leading Romanian agribusiness company specialized in grain origination, trading, and logistics, on the acquisition of a 90% stake in Maragro Group, a major local agricultural player headquartered in Giera, Timiș County. 🔄 The transaction represents a major step for East Grain, marking a shift toward integrating value-added activities across the agribusiness supply chain. 🌟 Our team was led by Zsuzsa Csiki (Partner, Co-Head of Corporate/M&A, Romania) with the strong support of a multi-practice team of talented people, who went the extra mile at each phase of this complex transaction. Madalina Perte coordinated all aspects of the transactional and due diligence processes of this complex deal, making sure everything is aligned, being an absolute powerhouse during negotiations. • Further transactional matters: Andrei Băluş handled the closing matters with meticulous endurance. Other corporate matters were further covered by Cosmin Vasilescu, Teodor Lupu and Mirela Ivana. • Competition and FDI matters: Cătălin Graure ensured efficient filing processes, supported by Cristina Costin. • Financing matters: Razvan Constantinescu played a key role in ensuring all financing aspects were effectively addressed, together with Daria-Maria Buhus. • Further due diligence matters, primarily in real estate and regulatory/compliance, were handled by Catalin Dinu, Mălina Andrieș, Diana Radu, Denisa Constantin, and Dana - Andreea Sârbu and Ioana-Mihaela Criste, ensuring comprehensive coverage across a complex group structure. 🙏 “We are grateful to East Grain for their trust and for this opportunity – and thank you to Tamás Vincze, Alpár Kiss-Griz, Kende Pásztor, and Máté Bodnár. It has been a privilege to work alongside such a professional team. 🤝 And not least, thank you to our wonderful Kinstellar team – without your resilience and professional stamina, none of this would have been possible. It’s teamwork and exceptional talent that make all this – and more – possible. I feel humbled and proud to be part of it.” — Zsuzsa Csiki, Partner, Co-Head of Corporate/M&A, Romania 🔗 https://lnkd.in/dW55XZ4S #ExceptionalTogether #DoneDeals #Romania #MandA #MandALaw #MergersAndAcquisitions #agribusiness #trading #logistics #grainorigination #EastGrain
🚨 As of 22 July 2025, Bulgaria's foreign direct investment (#FDI) regime is fully operational. With the final implementing rules now in force, transitional exemptions have expired. Any qualifying transactions initiated after February 2024 but not completed before 22 July 2025 must now go through prior FDI screening. While the legal framework is in place, its broad scope and ambiguous provisions raise important questions for investors: - Who is subject to the regime? - What counts as foreign direct investment? - Which economic activities are relevant for FDI screening? - What are the exceptional cases? 📌 Bulgaria’s regime goes beyond the traditional definitions and introduces low thresholds and the potential for ex officio and ex post screening. Until consistent enforcement practice develops, caution and early legal risk assessment are strongly recommended. 💡 Read the most important updates in our article, written by Nina Tsifudina (Partner) and Milka Nikolova (Of Counsel): https://lnkd.in/dMDkMxym #ExceptionalTogether #InTheKnow #Bulgaria #RegulatoryCompliance #ForeignInvestment #LegalUpdate #FDIRegime #FDIScreening
We’re pleased to have advised Mitiska REIM on their acquisition of OC Cassovia, one of the largest retail centres in Eastern Slovakia, located in Košice. It offers ~23,000 sq meters of leasable area and 1,200 parking spaces. 🏢 💼 Our team - Tomáš Melišek (Partner), Dáša Labašová (Managing Associate), Michaela Straková, and Norbert Stilla (Senior Associates) - provided full legal support on both the transaction and financing, including due diligence, contract negotiation, and closing. We’re proud to have supported our client through this important transaction and look forward to continue and assist with similar projects. 🔗 Read more: https://lnkd.in/dzgc5n-6 #ExceptionalTogether #DoneDeals #Slovakia #MergersandAcquisitions #RealEstateLaw #RetailCentre
📢 We are pleased to have advised Odine on its acquisition of a 53.03% stake in Logate, a Montenegro-based software company active in 5G core networks, banking infrastructure, and digital transformation across Europe. This strategic step supports Odine’s global expansion in next-generation connectivity and enterprise tech. 🌍 Kudos to Emre Edmund Ozer (Partner, Istanbul) and the whole team for their dedication and cross-border collaboration. Read more 👉 https://lnkd.in/dAE-uZtN #ExceptionalTogether #donedeals #Odine #MergersAndAcquisitions #5G #DigitalTransformation #CrossBorderDeals #TechAcquisition #MandA