CMS Advises EBRD on USD 25m Financing for Varus Group

3 September 2025

CMS has acted as legal advisor to the European Bank for Reconstruction and Development (EBRD) on Ukrainian and English law aspects of a USD 25 million senior loan to Varus Group, one of Ukraine’s leading food retail chains.

Varus Group currently operates 117 stores, primarily in the Dnipro and Kyiv regions, with additional presence in Zaporizhzhia and Odesa. The financing will support the company’s sustainable expansion, enhance supply chain stability, and ensure continuity of operations.

This investment comes at a critical time, addressing financing challenges caused by adverse market conditions resulting from the Russia-Ukraine war. The loan will help safeguard existing jobs at Varus while also boosting employment opportunities and job quality for people with disabilities and other war-affected groups.

Strengthening resilience in Ukraine’s food sector

Commenting on the transaction, Ihor Olekhov, Banking & Finance partner, said:

“As a long-standing client, and Ukraine’s largest institutional investor, we’re delighted to have advised EBRD on this financing. This important investment will contribute to the resilience of the Ukrainian private sector and will also help address risks to the vital local food supply.”

Rafał Zakrzewski, Banking & Finance partner, added:

“This is another great example of ongoing investment into Ukrainian businesses, and we’re very pleased to have supported EBRD on the English and Ukrainian law aspects of this financing. At CMS, our team has an extensive footprint across Central and Eastern Europe, and we remain well-placed to advise on complex infrastructure investments across the region, including in Ukraine.”

The CMS team advising on the project was led by Ihor Olekhov and Rafał Zakrzewski, and included Bohdan Ilchenko, Artem Lukyanov, and Iryna Barlit (Banking & Finance).

About CMS

Founded in 1999, CMS is an international organisation of independent law firms offering full-service legal and tax advice. With 85 offices in over 45 countries and more than 6,300 lawyers, CMS combines local expertise with cross-border reach. The firm provides services across 19 practice areas and sectors, including Corporate/M&A, Energy & Climate Change, Banking & Finance, Life Sciences & Healthcare, and many others.

For more information, please visit cms.law.

Contact:
Darina Gordienko
✉️ darina.gordienko@cms-cmno.com
📞 +38044 391 3377

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