Managing Partner (Moscow)
Ekaterina Makarova
corporate law ■ M&A ■ joint ventures ■ private equity ■ capital markets ■ sanctions and countersanctions ■ regulatory ■ restructuring
Ekaterina is a managing partner at White Square, Moscow office.
Ekaterina has a strong track record in advising clients on complex M&A deals and corporate restructurings. Her practice also encompasses general corporate law, including joint ventures and corporate governance. In addition to her M&A expertise, Ekaterina has extensive experience in international and Russian debt and equity capital markets.
Complementing her transactional skills, Ekaterina provides strategic regulatory counsel, including on sanctions and countersanctions, enabling clients to navigate complex compliance requirements while optimizing deal structures. Ekaterina acts for a wide range of clients, including corporates, banks, private equity firms as well as sovereign governments and institutions.
Prior to joining White Square team, Ekaterina worked at leading international law firms such as Clifford Chance and Akin Gump for more than 15 years.
Selected experience and clients
Corporate practice
Softline, Russia's leading IT provider of products and services in the field of digital transformation and information security, in connection with the sale of more than 10% of the shares to the investment company Sk Capital (a subsidiary of VEB.RF and Skolkovo)
Selectel, the largest independent IT infrastructure provider, the top 3 Russian IaaS companies by revenue, in connection with the acquisition by Catalytic People, a joint venture of Interros and T-Technologies, of a 25% stake in Selectel
Global digital operator in connection with its exit from Russia, including U.S.$1.2 billion sale of telecom business and several Eurobond restructurings totalling U.S.$1.7 billion
International investment group in connection with an exit of the non-state pension fund from the Russian insurance business
Russian sovereign corporation in connection with the private equity financing of a U.S.$4 billion greenhouse project in Yakutiya
Russian coal producer in connection with the U.S.$100 million sale of the 86.8 billion m3 natural gas reserves project
European global leader in the green energy sector in connection with acquisition of the renewable power business
UAE private equity firm in connection with acquisition of the baby food production business in Russia
Cypriot JV in connection with its re-domiciliation to the Special Administrative Region (SAR) Oktyabrsky island, Kaliningrad Region (Russia)
Leading global bank on the corporate restructuring of its branch in Russia
Swiss provider of private banking services on setting up a local unit in Russia
Capital markets practice
M.Video in connection with a secondary public offering (SPO) of ordinary shares on MOEX with the value of U.S.$240 million (advising the lead managers)
Polyus in connection with a secondary public offering (SPO) of shares on MOEX and global depositary receipts on the London Stock Exchange with the value of U.S.$800 million (advising the underwriters)
PhosAgro in connection with an initial public offering (IPO) of global depositary receipts on MOEX and the London Stock Exchange, and a secondary public offering (SPO) of ordinary shares and global depositary receipts with an aggregate value exceeding U.S.$1 billion
Tinkoff in connection with an initial public offering (IPO) of global depositary receipts on the London Stock Exchange with the value exceeding U.S.$1 billion
Utair Airlines in connection with the additional issuance of ordinary shares with the value exceeding 13 billion Rubles
Selling shareholders of Magnit, LSR Group and a metallurgical company in connection with the accelerated bookbuild (ABB) sale of shares
Russian Ministry of Finance in connection with several Regulation S Eurobond issues with an aggregate nominal value exceeding U.S.$10 billion
SIBUR, LUKOIL, PhosAgro, Domodedovo Airport, X5 Retail Group and FSK EES in connection with multiple Regulation S and Regulation S / Rule 144A Eurobond issues (advising the lead managers and the issuers)
Russian state-owned and private banks (Sberbank, Russian Agricultural Bank, Tinkoff, Russian Standard Bank, Renaissance Credit, UralBank for Reconstruction and Development, etc.) in connection with multiple Regulation S and Regulation S / Rule 144A Eurobond issues, including for the purposes of regulatory (Tier 1 / Tier 2) capital (advising the lead managers and the issuers)
Market Recognition
Russian Gazette Legal Ranking, 2025: Leading lawyer (Band 1) in Corporate Law, M&A, International Projects, Private Wealth and Investments
Education
Moscow State University
Languages
Russian — Native
English — Fluent
