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Guidance on FDI screening obligations in Austria
The Austrian ministry responsible for Foreign Direct Investment (FDI) matters, the Federal Ministry for Economy, Energy, and Tourism (“the Ministry”), recently released guidance on the assessment of the filing obligation for foreign direct investments in Austria. In particular, it provided clarification on the scope of critical infrastructure and offered information regarding the acquisition of key assets, controlling influence, as well as the micro-enterprise exemption. In general, Austrian FDI rules apply to foreign direct investments into Austria by non-EU, non-EEA, and non-Swiss persons or undertakings. The Austrian FDI regime applies when such persons or entities acquire an Austrian undertaking, obtain 10%
NIS2 and the New Serbian Law on Information Security
The Republic of Serbia has adopted a new Law on Information Security (Zakon o informacionoj bezbednosti) (“Serbian NIS2”), marking a significant reform of the national cybersecurity framework and alignment with the EU NIS2 Directive. The Serbian NIS2 broadens the range of regulated entities, strengthens institutional coordination, and introduces clearer obligations for organisations operating ICT systems of special importance. Secondary legislation is expected in 2025–2026, and the previous law remains partially applicable until the end of 2025 to secure continuity during the transition period. This article provides an overview of the key novelties introduced by the Serbian NIS2, together with an outline of the
Kinstellar advises CEMEX on the acquisition of two mining areas in the Czech Republic
Kinstellar has successfully advised CEMEX, a global building materials company, on the acquisition of two mining areas in the Czech Republic. Our team provided full-scope legal advice, including transactional structuring, and regulatory support related to the transfer of mining rights. The transaction further demonstrates our experience in advising on complex acquisitions in the natural resources sector in Central and Eastern Europe. Kinstellar’s team was led by Petr Hrnčíř (Partner) and Luděk Chvosta (Partner), with key support from Michal Janíček (Counsel), Matěj Bolek (Managing Associate) and Matěj Korduliak (Associate).
Kinstellar advises on landmark PV acquisition financing in Slovakia
Kinstellar is proud to have advised UniCredit Bank on the successful provision of acquisition financing and long-term refinancing for Slovakia’s largest operational photovoltaic (“PV”) portfolio, comprising 32 photovoltaic power plants strategically located across the country with installed capacity of 35 MW. The transaction marks a significant milestone in the Slovak renewable energy sector, with Austrian-based Enery—a leading independent green power producer in Central and Eastern Europe—acquiring the portfolio from ContourGlobal (51%) and Energy Infrastructure Partners (49%). Kinstellar provided comprehensive legal support to UniCredit Bank, which acted as the lender for both the acquisition financing
Kinstellar advises joint global coordinators on KazMunayGas’s debut CNY-denominated Eurobond issuance
Kinstellar has advised the joint global coordinators, bookrunners and lead managers, Bank of China (Hong Kong), BOCI Asia, China CITIC Bank International, China International Capital Corporation Hong Kong Securities, Citigroup Global Markets, Industrial and Commercial Bank of China (Asia) and SkyBridge Invest, on Kazakhstan law matters in connection with the debut issuance by National Company "KazMunayGas" (“KMG”) of CNY 1.25 billion five-year senior unsecured Dim Sum bonds with a coupon rate of 2.95% and a yield of 3.15%, under its newly established CNY 10 billion Medium Term Note Programme. The issuance, rated Baa1 by Moody’s, marks KMG’s first-ever entry into the Chinese yuan bond market and represents the
EU adopts 19th sanctions package against Russia
On 23 October 2025, following a European Commission proposal issued on 19 September 2025 and extended negotiations among Member States, the Council of the EU adopted its 19th sanctions package against Russia in response to its ongoing aggression against Ukraine. The latest package reinforces existing restrictions targeting Russia’s military-industrial complex, energy sector and financial system, building on the measures introduced under the 18th package. It further strengthens the EU’s efforts to combat circumvention, including by designating additional entities and individuals located in third countries. In parallel, the EU has adopted additional sanctions against Belarus, including trade-related measures
Kinstellar advises Repono on the acquisition of a battery energy storage project in Arges County, Romania
Kinstellar is pleased to announce that it has advised Repono, a Sweden-based pan-European energy storage operator, on its acquisition of a 202 MW/404 MWh (2.0 h) standalone battery energy storage system (BESS) project located in Arges County, Romania. The project, developed by a Bucharest-based renewable energy developer, is ready-to-build and benefits from an existing grid connection contract with Transelectrica at the 220 kV Pitești Substation. Once operational, it will play a pivotal role in enhancing grid stability, balancing renewable generation, and advancing both Romania’s and the EU’s decarbonisation goals. The transaction was led by Iustinian Captariu, Head of firm-wide energy sector, with Ioana Criste
Kinstellar advises the sellers on the sale of RG Gold to Zijin Gold International
Kinstellar has advised Verny Capital Group and its strategic partner – U.S. based investment fund Resource Capital Funds (RCF) on the sale of RG Gold and RG Processing, which operate the Raygorodok gold mine in Kazakhstan, to Zijin Gold International, a subsidiary of Zijin Mining Group. Verny Capital has managed RG Gold since 2014, investing heavily in infrastructure, modernization, and exploration. In partnership with RCF since 2018, the company significantly expanded production capacity and tripled its resource base to 7.6 million ounces of gold in accordance with the JORC standard. Zijin Mining Group is one of the world’s largest mining corporations with a market capitalization of around USD 100 billion
Ready or not, it’s here: Transelectrica approves the grid capacity allocation procedure, effective next year
Amid market rumours (largely reflecting developers’ hopes) that the auction-based capacity allocation procedure for new power supplies to the grid would be delayed by the Romanian authorities, on 3 October 2025, CNTEE Transelectrica (the “TSO”) published on its website the Procedure for allocating electricity grid capacity for connecting electricity generation sites (the “Procedure”). The publication nonetheless came after the deadline set by the methodology on the allocation of electricity grid capacity for connecting electricity generation sites, approved by Order no. 53/2024 (the “Methodology”). I. Main rules for the allocation of capacity effective next year The main rules for the capacity allocation
NAMR draft amending Romania’s Petroleum Law with impact on concessions: two new guarantees to be provided by the titleholders
On 8 October 2025, the National Regulatory Authority for Mining, Petroleum, and Geological Storage of Carbon Dioxide (“NAMR”) has launched for public consultation a draft bill for amending and supplementing the Petroleum Law no. 238/2004 (the “Draft Law”) (Romanian version available here). Comments to the Draft Order may be submitted to NAMR by 17 October 2025. Context and main provisions of the Draft Law The Draft Law hints at strategic changes contemplated with regard to concession agreements in Romania. The statement of reasons for the Draft Law highlights the need to revisit the existing framework to ensure adequate financial coverage for restoration and environmental compliance, as well as securing
Croatia introduces Draft Foreign Direct Investment Screening Act
The Croatian Government has introduced the Draft Act on the Screening of Foreign Investments, which is currently undergoing public consultations. The Draft Act seeks to establish a foreign direct investment (FDI) screening mechanism in line with Regulation (EU) 2019/452 and OECD investment standards. Its aim is to create a national framework for reviewing FDIs that may pose risks to national security or public order. The Draft Act is open to public comments (via https://esavjetovanja.gov.hr/) until 3 October 2025. Scope of application The screening mechanism will apply to: Foreign investors – natural or legal persons from third countries, and EU entities that are under direct or
Kinstellar successfully advises in a battle to removal of legal barriers to signing of landmark nuclear contract
Kinstellar has successfully advised Korea Hydro & Nuclear Power (KHNP) in connection with the dismissal of legal challenges brought by Électricité de France (EDF), which sought to prevent the Czech state & CEZ Group-owned company Elektrárna Dukovany II from signing a contract for the construction of two new nuclear units at the Dukovany site. The Regional Court in Brno rejected EDF's lawsuit and a related motion for a preliminary injunction, thus clearing the way for the formal contract signing, which occurred in July. And by now, all appeal options have expired as well. Our team acted as Czech legal counsel to KHNP in the administrative and judicial proceedings, which concerned the largest tender in the