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Kinstellar advises CSG on its strategic acquisition in RÁBA
Kinstellar has successfully advised Czechoslovak Group (CSG), one of Europe’s largest defence industry groups, in connection with its indirect minority acquisition in RÁBA Járműipari Holding (RÁBA), a company listed on the Budapest Stock Exchange and majority-owned by 4iG Space and Defence Technologies (4iG S&D). Through the transaction CSG has obtained a shareholding of approximately 37% in RÁBA, with 4iG S&D retaining control. The investment is part of a broader strategic cooperation framework between RÁBA, Tatra Trucks, and CSG Defence, focused on long-term industrial collaboration, including manufacturing and integration activities. The matter involved above-average complexity due to RÁBA’s status
Ukraine simplifies import/export of military and dual-use goods
The Ukrainian government has simplified the procedure for obtaining permits and conclusions for international transfers of military and dual-use goods under international treaties with Ukraine. The relevant changes were introduced by Resolution of the Cabinet of Ministers of Ukraine No. 6, dated 07 January 2026, and come into effect immediately from 8 January 2026. When does the simplified procedure apply? The simplified procedure applies where an international transfer of goods is carried out on the basis of an international treaty with Ukraine that expressly provides for such a transfer, and specifies: the goods to be transferred; the exporters, importers, intermediaries and end
Defence City legal regime: full implementation phase begins
The Defence City regime entered its full implementation phase, following the adoption of the relevant regulations by the Cabinet of Ministers of Ukraine. This alert provides an overview of the adopted regulations, with a focus on the key procedures and implications for defence industry companies. Click on one of the images below or use the following links to read our overview in English or in Ukrainian. Download in English: Download in Ukrainian:
Kinstellar and Strategy Council deliver the 4th Defence Tech Forum in London
In a recent event held at the Royal United Services Institute, Kinstellar and the Strategy Council, working in partnership with the Embassy of Ukraine in the United Kingdom, co-organised the 4th Defence Tech Forum in London, Financing Joint UK-Ukraine DefenceTech Development and Co-production. Following opening remarks by Stephen Butler, Managing Director of Strategy Council, Daniel Bilak, Partner at Kinstellar Ukraine, framed the event’s two-fold purpose: first, to highlight the significant step-change in UK-Ukraine private sector defence cooperation over the past year under the UK-Ukraine 100-year partnership; second and equally important, to present the investment potential of Ukraine’s defence-tech sector to
NIS2 and the New Serbian Law on Information Security
The Republic of Serbia has adopted a new Law on Information Security (Zakon o informacionoj bezbednosti) (“Serbian NIS2”), marking a significant reform of the national cybersecurity framework and alignment with the EU NIS2 Directive. The Serbian NIS2 broadens the range of regulated entities, strengthens institutional coordination, and introduces clearer obligations for organisations operating ICT systems of special importance. Secondary legislation is expected in 2025–2026, and the previous law remains partially applicable until the end of 2025 to secure continuity during the transition period. This article provides an overview of the key novelties introduced by the Serbian NIS2, together with an outline of the
Romania’s defence sector outlook – Overview of strategic, legal and financial developments
Romania is entering a new phase in the development of its defence and security sector. In this brochure, we provide an overview of the current strategic, legal, and financial developments driving Romania’s defence transformation, including insights into the National Defence Strategy for 2025–2030, the Security Action for Europe (SAFE) program, and key legislative updates such as Government Emergency Ordinance No. 62/2025. It also highlights key aspects of Romania’s defence procurement processes, industrial cooperation and opportunities for modernisation through innovation and investment, providing a clear picture of the country’s evolving defence landscape. Click on the image below or use this link to
EU adopts 19th sanctions package against Russia
On 23 October 2025, following a European Commission proposal issued on 19 September 2025 and extended negotiations among Member States, the Council of the EU adopted its 19th sanctions package against Russia in response to its ongoing aggression against Ukraine. The latest package reinforces existing restrictions targeting Russia’s military-industrial complex, energy sector and financial system, building on the measures introduced under the 18th package. It further strengthens the EU’s efforts to combat circumvention, including by designating additional entities and individuals located in third countries. In parallel, the EU has adopted additional sanctions against Belarus, including trade-related measures
Ukraine’s sanctions maze: Why challenging sanctions rarely succeeds
Ukraine currently maintains one of the largest sanctions lists in Europe, comprising roughly 21,000 entries but with only 114 removals over the past decade. Sanctions have become a central instrument of national security policy in response to persistent external threats. At the same time, the likelihood of successfully overturning a designation remains extremely limited. How sanctions are imposed Under current law, the National Security and Defense Council of Ukraine (the “NSDC”) is the primary body responsible for initiating and approving sanctions proposals. These proposals may originate from the President, the Verkhovna Rada of Ukraine (Ukraine’s parliament), or other state authorities such as the Cabinet
Defence City: New opportunities for the defence industry
On 21 August 2025, two laws were adopted in Ukraine on the creation of Defence City*. Defence City is a special tax and legal regime that provides a number of benefits and easements for companies working in Ukraine’s defence industry. The laws will enter into force one month after the date of their publication following their signing by the President of Ukraine and will be valid until 1 January 2036 or until Ukraine joins the EU (whichever comes first). Below we provide an overview of the new laws, including on benefits for Defence City residents, eligibility criteria, and relevant procedures. Click on one of the images below or use the following links to read our overview in English or in Ukrainian.
Public–private partnership reform in Ukraine
On 30 July 2025, the President of Ukraine signed Law No. 7508, aimed at optimising the mechanism for attracting private investment into post-war infrastructure recovery efforts through public-private partnerships (PPPs). The law, save for a few exceptions, will come into force three months after its official publication. The reforms enact a new version of the Law “On Public-Private Partnership” and also introduce significant changes to the Law “On Concessions”, along with related laws governing urban planning, highways, land relations, railway transport, and other sectors. Below we summarize the key innovations: 1. Expansion of PPP usage and concessionsOpening up additional entry points for private
New legal framework for explosives and ammunition in Ukraine
New rules governing the production, procurement, and supply of explosives and ammunition came into effect in July 2025. Their goal is to simplify regulatory procedures for manufacturers. Click on one of the images below or use the following links to read our overview in English or in Ukrainian. Download in English: Download in Ukrainian:
EU adopts 18th sanctions package against Russia
On July 18, the European Council adopted its 18th sanctions package to be imposed on Russia for its continued war in Ukraine. The sanctions are mainly aimed at entities and activities concerning the military, energy, and banking sectors. The package also includes efforts to provide protection for Member States against investment arbitration and additional measures against the circumvention of the sanctions in place. We summarize the key issues touched on by the new amendments below. Military sanctions Measures aimed at the Russian military industrial complex and its suppliers include tighter export restrictions on certain dual-use goods and technologies for 26 new entities, 11 of which are located