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Legal Aspects of Cross-border Syndicated Lending to Russian Borrowers

Student: Pogodina Lira

Supervisor: Vadim Lipovtsev

Faculty: Faculty of Law

Educational Programme: Private International Law (Master)

Year of Graduation: 2019

The paper is devoted to the issue of cross-border syndicated lending to Russian Borrowers under Russian law governed and foreign law governed documentation. The author reviews the definition, types and key characteristics of a syndicated loan, defines key characteristics of key participants of a syndicated loan transaction and analyses public-law risks, that need to be taken into account while structuring of a cross-border syndicated loan to Russian borrower regardless of the parties’ choice of law. Moreover, the author analyses factors that determine the parties’ choice of law and dispute resolution body in cross-border syndicated lending to Russian borrowers as well as legal consequences of such choices. The author reviews the effectiveness of the new mechanisms implemented by legal regulation on syndicated lending in Russia that came into force on 1 February 2018. As a result of the authors research, the author determines advantages and disadvantages of choosing Russian law to govern syndicated loan transactions to Russian borrowers with foreign creditors as well as aspects that the creditors shall take into account regardless of the parties’ choice of law when they are dealing with Russian borrowers. The key conclusion of the author is that currently Russian legal regulation in respect of syndicated lending transactions requires revisions and is connected with certain risks for the potential creditors. Nevertheless, general tendencies towards improvement of Russian legislation on syndicated lending can be seen.

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