Ashurst advises on landmark UK Export Finance-guaranteed loan for supply of ex-Royal Navy minesweepers to Ukraine

Global law firm Ashurst has advised UK Export Finance on a landmark UKEF-guaranteed loan to finance the supply of two ex-Royal Navy minesweepers and related services to Ukraine's Ministry of Defence.

The loan was provided under the UK-Ukraine Framework Agreement on Official Credit Support for the Development of the Capabilities of the Ukrainian Navy. This Agreement anticipates further cooperation between the two countries, including UK consultancy and technical support for the building of naval infrastructure for the Ukrainian Navy.

The Ashurst Projects & Energy Transition team which advised on the transaction was led by partner Tom Longmuir, supported by senior associate Joe Newton, associate Rohan Last and junior lawyers Adéla Mackie and Zoe Delelis.

Leading Ukrainian law firm Sayenko Kharenko acted alongside Ashurst as Ukrainian legal advisers, with a team led by partner Anton Korobeynikov.

Partner Tom Longmuir said, "We are pleased to have advised UK Export Finance on their support for the provision of this key defence equipment to Ukraine. This comes against a background of sustained and robust export credit agency and official sector support for Ukraine. When delivered, this equipment will be instrumental in allowing Ukraine to maintain vital grain exports through the Black Sea."

Ashurst recently advised UK Export Finance on the first UKEF-guaranteed Ukraine reconstruction facility to finance the reconstruction of six bridges in the Kyiv region.