Kesarev contributed to a major new study of the Russian M&A market, offering an in-depth analysis of government relations (GR) factors that shaped deal-making between 2022 and 2024. The report highlights key trends, structural shifts, and forecasts for 2025.

Yury Shikhov, Senior Counsel at Kesarev, was interviewed for the study. He discussed the regulatory dynamics influencing M&A strategies — particularly changes in state oversight of deals involving foreign investors. His insights covered the evolution of special legal regimes, the role of the Sub-Commission, the introduction of KPI-based mechanisms, restrictions on option agreements, and tightened requirements for exit approvals.

The research also features contributions from leading law firms, investment advisors, and audit professionals.

Read the full report below.