On November 30 the European Commission, on behalf of the EU, approved the disbursement of the first €500 million of the new Macro-Financial Assistance (MFA-IV) program to Ukraine, which amounts to a total of EUR 1 billion. With this disbursement, the total Macro-Financial Assistance extended to Ukraine by the EU since 2014 will reach €3.3 billion, the largest amount of such assistance directed at any non-EU country.

The said MFA program is contemplated by the Memorandum of Understanding and the Loan Facility Agreement entered into in September 2018 by Ukraine, as borrower, the National Bank of Ukraine, as agent to the borrower, and the European Union, as lender. Both above documents were ratified by the Ukrainian Parliament on November 8, 2018.

AEQUO has advised the European Commission on Ukrainian and international law matters of the transaction and issued a legal opinion in favour of the lender. The team consisted of Partner & Banking & Finance Head Yulia Kyrpa, and Banking and Finance Senior Associate Viktor Panchenko. Of note, this is the fourth macro-financial assistance program of the EU in a row supported by AEQUO Banking & Finance team.