Banking & Finance, Capital Markets
Banking & Finance, Capital Markets

The Firm's legal advice to different parties to transactions in the capital markets and banking business is recommended by the international legal guides.



Roman Stepanenko (Kyiv) “speaks very good English and understands western companies, and is very up-to-date about changes in banking regulations."



“Banking powerhouse lauded for its skill in international, sovereign and private financing.”

“In-depth specialisation in Russian capital markets. Experienced in international deals.”

“Superb capital markets team…”

"I find the team to be knowledgeable, experienced and strong in cross-border transactions."

"I like the capital markets experience of the lawyers and their awareness of the wider market."

"I appreciate the firm's approach to work; it provides answers quickly and has flexible pricing."

"The team is known for its strong expertise in project financing."

Dmitriy Glazounov (Moscow) is "very knowledgeable, experienced and a pleasure to work with." “He is also known for his detailed knowledge of Russian securitisation law.”

"The team [in Ukraine] is very open minded and is always finding creative solutions to legal issues."

“The "solution-oriented" Roman Stepanenko [Kyiv] … has a broad financing practice and … receives high praise for his technical knowledge, diligence and ability to offer advice that is both practical and commercial.” Sources further appreciate his "genuine desire to get the deal done" and name him "one of the best capital markets lawyers in the market."

Dennis Turovets (Minsk) “is recommended for his experience in handling cases that require Belarusian state guarantees. He is known to represent both borrowers and lenders in finance cases.”

“Anna Rusetskaya (Minsk) regularly represents major financial institutions in banking mandates.”



“The firm is recommended for its Russian law capabilities spanning transactional, regulatory and contentious banking and finance matters as well as debt recovery issues.” The firm “significantly bolstered its practice by hiring Russian capital markets specialist Dmitriy Glazounov (Moscow)”.

The “open-minded, professional and creative” Roman Stepanenko (Kyiv)is recommended.

Kateryna Oliynyk (Kyiv) is recommended for cross-border debt matters.”

In Belarus the firm “provides an efficient service”, based on “pragmatic advice” and “a client-oriented approach”.

Dennis Turovets (Minsk) is “a very knowledgeable lawyer”. He is a Leading Individual.

The “very proactive” Anna Rusetskaya (Minsk) is a Leading Individual


The "solution-oriented" Roman Stepanenko (Kyiv) … has a broad financing practice and is additionally noted for his capital markets expertise.


In Russia “…it’s been a busy year for the banking team … This includes providing regulatory advice to a national bank and international financial institutions and advice on acquisition financing in the metals sector. The capital markets practice was boosted significantly this year by the arrival of Dmitriy Glazounov (Moscow) and his team.”

A very strong [Ukrainianteam all-round, sound legal knowledge, good commercial perspective and service oriented.

“The advantage of this law firm is that they are very professional and ready to work 24/7, if necessary. Moreover, they are open-minded and can offer nonstandard – and at the same time well legally grounded – solutions. They are also able to participate during the high-level negotiations and conduct themselves very professionally.”

In Belarus “[The firm gives] timely and well researched legal advice.”

The firm truly belongs to the first tier. Their financial teams are really strong and Belarusian and foreign banks quite often prefer their services.

Roman Stepanenko (Kyiv) - rising star.
Anna Rusetskaya (Minsk) - leading lawyer.

Dmitriy Glazounov recently joined EPAM as head of the Moscow office's banking & finance and capital markets teams. Sources highlight his local knowledge, noting his experience with government agencies, with which he has been "doing a lot of work in proposing legal reforms."

In Ukraine “strong links with Russia help it attract mandates from prominent banks, and it enjoys close relations with many international players. Its past experience working with the Ministry of Finance means it is well placed to advise on sovereign bond issues.”

"The quality of the written advice was excellent, and the lawyers were just incredibly easy to work with."

Roman Stepanenko (Kyiv) is a rising star within the team and a “commercial and responsive” lawyer.”

In Belarus the firm has “a leading presence in the market, with team members often appearing in high-end transactions. Particularly noted for its work on loan deals and infrastructure projects, and for its capacity to advise international investors and financial institutions.”

“The team's main strength is its ability to give objective consultations about local law without bias.”

“Firm managing partner [in Minsk] and practice head Dennis Turovets is highly regarded by sources. He assists several banks with matters in this area.”

Anna Rusetskaya (Minsk) maintains a wide practice, which includes capital markets and privatisation cases.”

In Russia “EPAM’ banking strengths are allied to the firm’s dispute resolution and regulatory expertise, acting for state-owned giants as well as prominent international financial institutions. The team, which includes senior associate Roman Malovitsky, recently won a number of transactional and structuring mandates. Since we went to press, Dmitriy Glazounov has joined from Liniya Prava Law Firm as the new head of banking and finance and capital markets.”

In Ukraine the firm is “strongly recommended”. Roman Stepanenko has “sound experience and show personal dedication”.

In Belarus “corporate, finance and capital markets are core elements of the practice.” 

Roman Stepanenko (Kyiv) is a rising star within the team and a "commercial and responsive" lawyer.

In MinskAnna Rusetskaya is a common choice for investment projects, particularly those involving foreign entities. She is also adept at handling projects with elements of banking and finance law.”

Dennis Turovets (Minsk) is lauded by peers for his ability to handle mandates in an efficient manner, whilst clients praise his flexible approach to projects”. 

“One of the top firms” in Belarus. The firm's recent mandates display a good mix of financial and corporate work.”

“Managing partner Dennis Turovets [Minsk] is the firm's most prominent figure. Competitors consider him one of the strongest financial and corporate lawyers in the country and clients say he is a dealmaker: “He's a very intelligent lawyer. The laws in Belarus can make it very difficult to do business there but he always finds solutions.”

“Clients are very impressed with the work of the firm [in Russia], with one describing it as a “competitive professional team who are demonstrating keen minds, self-reliance and thorough analytic skills”.

The firm’s clients in Ukraine “continue to be impressed” by the services. “The firm's work has been interesting and varied, including restructurings, acquisition and project financings and bond issues, acting for the banks, borrowers and issuers.”

“Olga Khoroshylova [Kyiv] is seen as one of the firm's assets. “She is quite assertive, she knows the market well. She identifies issues and argues them with the counterparty's Ukrainian council to try and resolve them, but also recognises that there are complex difficult issues which need to be addressed ahead of time,” says one client.”

In Ukraine “the firm continues to advise large government-owned companies, and has also secured a number of mandates from international creditors.

"I feel very comfortable working with it."

"The team had the will to close the deal, and was available 24/7."

The firm’s “well-established team is a notable player in the securities market. It has a long track record of advising the state of Ukraine on sovereign debt matters, as well as assisting international law firms and lead managers. The team is also instructed by a number of government-owned companies on debt capital markets issues.”

"Its experience on the debt side is very strong."

“Olga Khoroshylova (Kyiv) is singled out as a “very experienced practitioner.” She is admired for her stellar practice, covering capital markets, banking and finance, and restructuring and insolvency. She is much liked by clients, with one saying: "She is highly knowledgeable and helpful, and has superior insight into potential risks."

“Up-and-comer Tetyana Grischenko (Kyiv) is well versed in capital markets matters, as well as banking and finance. She is valued for her hands-on approach.”

“The Minsk office focuses on large-scale, high-value international investment projects in the Belarusian market. The team is particularly effective in combining its strong connections to domestic industry with its cross-border capabilities.

"The team has excellent knowledge of the Belarusian legal system and institutions, and provides clear responses in a short timeframe."

“The reputation of [Minsk] managing partner Dennis Turovets continues to increase in Belarus. He is appreciated for his knowledge of capital markets.”

Anna Rusetskaya (Minsk) demonstrates particular prowess on cross-border assignments.”

“Head of the Ukrainian […] finance practice, Olga Khoroshylova is much liked by clients.” She “is one of the leading banking and finance and capital markets advisers in Ukraine, and is also well versed in restructuring and insolvency matters.” She “has worked on various transactions. Recently she has been highly active in the finance and oil and gas sectors.”

“The reputation of managing partner Dennis Turovets continues to increase in Belarus. He impresses sources by taking the lead on deals. He is appreciated for his knowledge of capital markets.”

“Anna Rusetskaya (Minsk) demonstrates particular prowess on cross-border assignments.”

“Largely occupying a different space to the international firms, EPAM’ banking and finance practice spans insolvency, disputes and restructurings for bank clients, and government advisory work. The team has strong experience in advising state-owned giants on restructuring of their debt obligations after the financial crisis and has also been involved in some of the biggest state bank transactions in recent years. The firm has also been advising two multinational banks on local banking issues. Arkady Krasnikhin (Moscow) and Roman Malovitsky (Moscow) are the key contacts.”

“Olga Khoroshylova (Kyiv) has a solid reputation, and often advises international financial institutions.”

The firm “is a frequent presence in major Belarusian financings. Highly regarded managing partner Dennis Turovets has experience in capital markets as well as finance expertise.”

“The firm … has a good place in the banking sector due to its roles on bank related M&A … and in banking and debt litigation cases. The team also often gets instructed by investment funds.”

In Belarus “EPAM has continued to build on its success after breaking in to the top tier last year, securing roles in a number of important deals.”

“For peers and clients, [Belarus] practice head Dennis Turovets is among the firm's strongest lawyers. According to one managing partner, in terms of financial and corporate advisers based in Belarus, Turovets is "one of the best". One competitor also remarks that the quality extends to the whole of the team, saying: "We know a couple of their associates over there. They have an international background so the quality is there." Clients view him equally favourably.”

“This major CIS firm is a key player for banking, finance and capital markets matters. The Ukraine office has a long history of working at a high level and on governmental cases. The firm combines a thorough knowledge of local issues with an impressive international track record in acting for leading financial institutions, municipalities and large corporations.”

"The firm provides the international standard we usually expect to receive from magic circle firms."

Practice head Olga Khoroshylova (Kyiv) enters the top band to reflect her growing profile as a leading finance lawyer. She also leads the firm's capital markets practice. Clients speak in glowing terms of her technical prowess and commercial nous. Sources say that "her knowledge is incredible, and I admire her ability to work towards solutions instead of highlighting problems."

“The firm has a strong presence on capital markets mandates, especially debt assignments, where the firm principally advises the lenders.”

"A very high-quality team – a solid performer that contributes well to deals."

“Olga Khoroshylova (Kyiv) has an impressive reputation for capital markets files, with both peers and clients rating her skills and knowledge as "outstanding."

Clients praise Tetyana Grischenko (Kyiv) for being "extremely reliable and very knowledgeable."

“This growing firm earns recognition from market sources for its successful operation in Belarus. … The team is considered to be well balanced and clients note its proactive approach.”

“Partners Anna Rusetskaya and Dennis Turovets (Minsk) are described by clients as "focused and experienced practitioners who have a real enthusiasm for what they do." 

  “A “notable mandate” was the firm’s “representation of a syndicate of five banks on the USD500 million cross-border refinancing of the Rolf Group's debt”.

“Kirill Ratnikov's […] recent work includes advising a bank on a high-value restructuring, and numerous project finance transactions.”

“Practice head [in Ukraine] Olga Khoroshylova enters the top rank as a reflection of her profile as a leading finance lawyer. She also leads the firm's capital markets practice. Clients speak of her in glowing terms and highlight her technical prowess and commercial nous. Sources say that "her knowledge is incredible and she works towards solutions instead of highlighting problems."
  “EPAM’ broad banking and finance practice encompasses all types of transactional work as well as disputes. Recently, the team’s workload has been dominated by issues arising from of the economic crisis, exposing it to some of the biggest debt restructurings in Russia and numerous bankruptcy cases.”

“Olga Khoroshylova’s [Ukraine] well-respected team is renowned for acting on some of Ukraine’s largest bond offerings.”

“The team [in Belarus] provides “good legal, financial, corporate and tax advice”, and “always looks after the interest of the client”. Dennis Turovets and Anna Rusetskaya are highly recommended.”
“The firm breaks through to the top tier this year with a clutch of notable deals and the backing of those in the market.”
 “Ukrainian partner Olga Khoroshylova "enjoys a well-deserved reputation" in the market for her banking and finance expertise. She also "brings considerable restructuring and insolvency know-how to her practice.”
 "The team is highly effective," clients say. The firm is also involved in drafting legislation.”
 “EPAM recently advised on corporate debt restructurings in Russia totaling over $20bn and assisted with drafting the legal framework for the Russian Government’s anti-crisis programme and the reform of Russian bankruptcy legislation.”

“Dimitry Afanasiev, Stanislav Puginsky and Dmitry Stepanov are held in high esteem. “

“The firm in Ukraine has "a very strong track record in banking and finance" and is "particularly experienced in major bond offerings", where it has advised the Ministry of Finance. The firm is also experienced in debt restructurings.”

“In Belarus the firm is "making an excellent impression on the market". The guide highlights the firm’s role in advising BNP Paribas, RBS, Deutsche Bank and Sberbank, on Belarus' debut $1bn sovereign Eurobond issue. Other active clients of "the quality office" include Technip Benelux, EXIDE Technologies and TDF Ecotech.”


 “EPAM is another local firm to attract crisis-driven work from big-ticket clients.”

“The firm has also played an instrumental role in drafting the new insolvency laws and financial rehabilitation regulations.”

“In Belarus the firm is "showing versatility and winning mandates on large project financings, capital markets transactions and corporate matters". Clients say that the firm “is well reputed in the market for having a good network and being especially strong with Russian clients" and that "it is very good, very active, very fast and very willing to understand EU and US requirements and foreign practices, corporate compliances and ethics.” 
 “In Ukraine the team is praised for its work for banks, corporate entities and the government, and is very highly regarded for its extensive experience in a wide range of financial products.”

“Partner Olga Khoroshylova “is comparable to any international lawyer – structured in her thinking and practical in her approach.”


 “Although this firm’s emphasis has traditionally been on corporate law and litigation rather than finance, it has played an undeniably central role in handling the matters emerging from the economic crisis.”

“Senior figures at partner level “have their finger on the pulse, which is helpful in understanding trends and amendments in legislation,” agree clients.”

“The Russian government instructed EPA&P on its Anti-Crisis Programme, drafting legislative measures to overcome financial crisis in Russia.”

“Clients are quick to note the value for money and international working standards from this native Russian firm.”

“Ukrainian partner Olga Khoroshylova “is comparable to any international lawyer – structured in her thinking and practical in her approach.”
 “The firm is “very experienced in capital markets work” and is praised for its involvement in several major restructurings.”
 “In Ukraine the firm "continued to provide a solid banking practice through the crisis."

“The partners Anna Rusetskaya and Dennis Turovets "command a strong reputation among peers and clients" and are named leading lawyers in Belarus.” 
 “The firm has "outstanding leaders, in addition to a good-sized supporting team who have all had exceptional hands-on training."

“The firm’s practice is "definitely outstanding in banking.”

“The referees say that the practice head, Partner Olga Khoroshylova is "able to focus on the key issues and is quick on the uptake – she excels in capital markets and secured lending."


 “The firm’s practice is "definitely outstanding in banking.”
 "Broad-based practice" is ranked in Band 1 for Ukraine being praised for its work in syndicated loans, capital markets, structured finance and project finance.”
 “In Ukraine the firm is "a strong performer in banking and finance practice, with a near monopoly on sovereign work."

"In Olga Khoroshylova the firm possesses one of the strongest performers in the market," whom the clients describe as "an ambitious lawyer" with "outstanding attention to details."

“Clients say the firm’s' lawyers "are comfortable to work with."
 “Partner Olga Khoroshylova is "a smart, knowledgeable lawyer with excellent analytical skills."
 “Olga Khoroshylova is the “leading lawyer” in Banking & Finance in Ukraine. One client referred to her as "very good; a very detail-oriented person."

 “A solution-driven firm."

“Olga Khoroshylova is the leading lawyer in Banking & Finance.”