On May 28, 2025, the AEB Finance and Investments Committee held the third M&A conference “At the Crossroads: Russian M&A Market Outlook for 2025".

Tadzio Schilling, CEO, AEB, and Andrey Zharskiy, AEB Finance and Investments Committee Chair, welcomed the participants.

Ivan Chebeskov, Deputy Minister of Finance of the Russian Federation, and Aleksey Matushansky, Director of Department of Strategic Development and Corporate Policy, Ministry of Industry and Trade of the Russian Federation, spoke at the conference’s plenary session devoted to the regulatory framework for M&A transactions involving foreign companies, asset sales, and the possible re-engagement of foreign capital in Russia.

Over the past three years, we have witnessed a surge in landmark M&A deals in Russia that have significantly changed the landscape, the key players, and the rules of the game.

At the event, the eminent experts and market participants discussed the state of the Russian M&A market and its outlook for 2025, what are the forks in the road, what has changed and what is expected to change. Among the moderators and speakers were:

• Alexander Lobakov, Managing Partner, Novus Capital,
• David Pogosyan, CEO, Insight Investment Group LLC,
• Denis Moiseychev, Director for Key Investment Projects, S8 Capital,
• Bulat Zhambalnimbuev, Partner, Better Chance,
• German Zakharov, Partner, ALRUD Law Firm,
• Vitaly Zhigulin, Partner, Kesarev,
• Ivan Fryshkin, Counsel, Better Chance,
• Olga Pankova, Expert, Mergers and Acquisitions Department, PJSC Gazprom Neft,
• Alexander Makarov, Head of Direction, Rowan Financial Management,
• Kristina Akalovich, Senior Associate, ALRUD Law Firm,
• Alexey Sterlikov, Senior Counsel for M&A, Kismet Capital Group.

The AEB thanks ALRUD Law Firm (Gold Sponsor), Better Chance (Gold Sponsor), Kesarev (Sponsor) and Novus Capital, Ltd (Sponsor) for their support of the event.