Russian debt: new challenges and restructuring opportunities

Past Event - Video Available | October.02.2014 | 8am - 10am (GMT Standard Time)

Orrick London Office

All eyes are now on Russia following the recent imposition of US and European sanctions. What impact will this have on Russia? Are there opportunities in this new environment

During our upcoming breakfast briefing we intend to discuss the nature of the sanctions and the ramifications for the Russian debt markets. Many are forecasting an uptick in corporate restructurings over the next 18 months and the panel will provide an analysis of restructuring solutions for borrowers, sponsors and providers of Russian debt.

Our panel will be chaired by European Restructuring co-head Stephen Phillips and will include Moscow based representatives from Alvarez & Marsal, senior partners from our Russian practice and a senior partner from our sanctions and compliance team.


  • Alexei Evgenev - Managing Director, Alvarez & Marsal 
  • Harry Clark - Partner, International Trade & Compliance, Orrick – Washington, D.C. 
  • Konstantin Kroll - Partner, M&A and Private Equity, Orrick – Moscow 


Download presentation slides (PDF)

CLE Credits Available: N



  • Restructuring
  • Finance

Stephen Phillips Partner Restructuring, Finance


Stephen Phillips is Co-head of the European Restructuring team and is based in London. He has extensive experience in advising banks, bondholders and corporate groups on restructuring, corporate and banking matters.

Chambers UK notes that Stephen is described by one client as "very savvy from a commercial point of view. He understands what goals we are trying to achieve and finds a legal way to get us there." He has published several articles in leading business sector titles and is regularly quoted in national and sector press.



  • International Trade & Compliance
  • M&A and Private Equity

Harry Clark Partner International Trade & Compliance, M&A and Private Equity

Washington, D.C.

Harry Clark is Chair of Orrick’s International Trade & Compliance Group. He advises major companies and industry associations on a variety of international trade and investment rules.

Harry has deep experience in areas such as CFIUS/Exon-Florio examinations of foreign investment, military and “dual use” export control regulations (ITAR/EAR), economic sanctions administered by the U.S. Treasury Department (OFAC), customs regulations, the Foreign Corrupt Practices Act, anti-money laundering rules, anti-boycott requirements and defense industrial security requirements. He executes internal corporate investigations regarding trade and investment rules and advises on such rules in the context of corporate transactions.

Additionally, Harry has extensive experience with government contracting matters. His government contracting work has included, for example, design and implementation of U.S. Defense Department renewable energy projects. He also represents broad industry coalitions on major trade litigations and international negotiations. His experience in these areas includes a leading role in what is often considered the largest-ever international trade dispute: the controversy regarding unfair softwood lumber imports from Canada. It has involved myriad administrative proceedings before federal agencies, NAFTA panel appeals, WTO dispute proceedings, judicial proceedings and international settlement agreements.

Harry has represented a coalition of major U.S. oil companies in antidumping and countervailing duty litigation. As a related matter, he pursues policy issues with congressional and executive branch officials and advises on international trade rules (e.g., GATT, WTO agreements and NAFTA).

Chambers Global recognizes Harry as a leader in the field of international trade law and has recognized Harry with special distinction regarding the Foreign Corrupt Practices Act.



  • M&A and Private Equity
  • Capital Markets
  • Russia
  • Emerging Markets
  • United Kingdom
  • Oil & Gas
  • Distressed Assets & Alternative Investments
  • Restructuring
  • Derivatives
  • Structured Finance
  • Antitrust & Competition

Konstantin Kroll Partner M&A and Private Equity, Capital Markets


Konstantin Kroll is a leading M&A and capital markets (debt and equity) expert in Russia, recognised on numerous occasions by Legal 500, IFLR, Chambers and Best Lawyers. Dual qualified in Russia and England and Wales, he has over 20 years of experience advising corporate clients and financial institutions on complex cross-border transactions in Russia and the broader region of the former USSR.

Konstantin’s practice concentrates on M&A, joint ventures, debt and equity capital markets transactions, structured finance and derivatives. He also has significant experience in project finance, bankruptcies and restructurings. Konstantin has advised clients on some of the largest M&A transactions in the energy, manufacturing, consumer and banking sectors in the Russian market.

Konstantin is an accredited arbitrator at the Arbitration Center at the Institute of Modern Arbitration (Russia).

Most recently he has represented Zarubezhneft, a major Russian state owned oil and gas company, in connection with the acquisition of a stake in the Kharyaga Production Sharing Agreement (one of only three of a kind in Russia) and the transfer of operatorship from Total.

Prior to joining Orrick, Konstantin was a partner at Jones Day and before that at Allen & Overy where he led the firm’s debt capital markets and derivatives practices in Russia.