Matthew Fisher’s practice focuses on cross-border equity and debt capital markets transactions and related regulatory matters, including market abuse and economic sanctions.

He has particular experience and interest in the Russian market.

Matthew joined the firm in 2012, was resident in the Moscow and Paris offices in 2014, and was seconded to Schroders Investment Management in 2016.

Notable Experience

  • RTC (Rustranscom), a Russian rail transportation company, as well as its shareholder, in RTC’s proposed IPO and London listing.

  • United Company Rusal plc in its debut international bond offering, two international bond offerings, and a consent solicitation relating to those bonds.

  • PJSC Magnit in the sale of approximately $750 million of its ordinary shares by means of an accelerated bookbuild on the Moscow Exchange.

  • CB Equity LLP, a subsidiary of Fomento Económico Mexicano S.A.B. de C.V. (FEMSA), in connection with the sale, through an accelerated bookbuilding process, of 22.5 million shares of Heineken N.V. and 7.7 million shares of Heineken Holding N.V.

  • Sovcomflot in the reopening of two eurobonds issued in 2016 and a $750 million eurobond offering.

  • Viking Global as an anchor investor in the IPO of the special purpose acquisition company J2 Acquisition Limited.

  • Ministry of Finance of the Russian Federation, acting on behalf of the Russian Federation in a $4 billion liability management transaction.

  • HSBC, Nordea, and DNB Markets as underwriters in the SEK 2.75 billion offering by major insurance provider Sirius of notes structured to qualify in multiple jurisdictions as tier-2 regulatory capital.

  • The underwriters in the NOK 3.8 billion IPO of EVRY ASA.

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Selected Activities

  • Intern, The European Commission Directorate General for Legal Services, Brussels
  • Member, Anglo-Russian Law Association


Bank Rescue in Russia: The Tale of PSB and the Brothers Ananyev,” The Emerging Markets Restructuring Journal (March 2020)

Uzbekistan Internationalizes Legal Landscape to Entice Foreign Investors,” Eurasianet (November 2019)

High Court of England: U.S. Secondary Sanctions can Trigger Illegality Clauses,” Cleary International Trade and Sanctions Watch blog (October 2019)

Official List or Blacklist? The UK’s Proposed National Security Block on IPOs and Bonds,” Foreign Policy Research Institute (August 2019)

Russian Offshore? Not So Fast,” BNE Intellinews (May 2019)

Buybacks or Bust: Russian Issuers Make the Most of a Bad Year,” Butterworths Journal of International Banking and Financial Law (February 2019)

Green Cash for Siberian Trash,” Intellinews republished by Bear Market Brief (January 2019)

Fast-Moving Political Developments Increase the Pressure for Reactive Sanctions Implementation,” Cleary International Trade and Sanctions Watch blog (November 2018)

Interpreting Sanctions Clauses and the EU Blocking Regulation: The High Court of England Weighs In,” Cleary International Trade and Sanctions Watch blog (October 2018)

“Buridan’s Donkey’s Choice:How to Comply with EU and Russian Inside Information Legislation,” Legal Insight(August 2018), republished in English as “On balance: Issuers should consider potential conflicts between Russian and EU inside information rules before listing,” International Financial Law Review (September 2018)

The Blocking Regulation and Brexit: the Effect of U.S. Sanctions in a Changing Europe,” Cleary International Trade and Sanctions Watch blog (July 2018)

UK Passes New Sanctions Legislation,” Cleary International Trade and Sanctions Watch blog (June 2018)

EU's ICO Response Lags Behind Its Potato Regulation,” Law360 (April 2018)

“The Scramble for Shares: The Return of Russian Equity Deals,” Butterworths Journal of International Banking and Financial Law (February 2018)

Online EU Sanctions Map Launched,” Cleary International Trade and Sanctions Watch blog (September 2017)

“The Dash for Debt: Russian Issuers Return to the Market,” Butterworths Journal of International Banking and Financial Law (February 2017)