Dewey & LeBoeuf has represented Russian banking client Sberbank on a US$1 billion loan to Belaruskali, made in collaboration with the Eurasian Development Bank (EDB).

Belaruskali is a potash mining company owned by the Belarusian state, and is one of the country’s leading businesses. 

Partner Dmitry Gubarev commented: “This is a very important facility for Belaruskali and thereby for Belarus as a whole. It is hoped that the loan will help to kick-start growth and mitigate the effects of the global financial crisis in the country. The deal also showcases Sberbank’s leading position in the Eastern European and Central Asian region and we are delighted to have been able to assist with the transaction.” 

Belarus has been negotiating for bail-out funds with several regional organizations as it attempts to address its national deficit. The EDB was established by Russia and Kazakhstan in 2006 to promote the development of Central Asian economies through strategic investments. 

The Dewey & LeBoeuf team was led by Mr. Gubarev in Moscow, working with Partner Bruce Johnston in London. They were assisted by Associates Neelanjana Atreya, Paul Denham and Natalia Mikheeva.