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Portrait of Leonid Zubarev

Leonid Zubarev

Senior Partner
Head of Commercial | Head of Insurance

Contact
CMS Russia
Naberezhnaya Tower, block C
10 Presnenskaya Naberezhnaya
123112 Moscow
Russia
Languages English, Russian
Commercial

Leonid Zubarev has been working at CMS Russia since 1995. He heads Commercial Practice Group and is generally responsible for CMS practice development in Russia and coordinates cooperation with other CMS offices.

Leonid has published numerous articles in various areas of law and is a frequent speaker at international conferences. Leonid was chosen by his peers as one of the leading practitioners in Corporate Law and Insurance Law according to Best Lawyers ranking in Russia and won the Client Choice Award 2016-2019 in Insurance.

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"Mr Zubarev is familiar not only with Russian law, but also EU and international law, and he brings these different traditions together."

Client Choice

Relevant experience

  • A major Chinese heavy machinery manufacturer on commercial debt restructuring agreements with its Russian distributors.
  • A leading international financial services consultant on services agreements with various Russian banks.
  • An international lighting equipment manufacturer on an asset transfer agreement.
  • A leading Japanese electronic games and toys producer on distribution agreements and general terms and conditions.
  • A leading international booking company on general terms and conditions.
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Memberships & Roles

  • The World Law Group, official representative 
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Education

  • 1995 – Moscow State Institute of International Relations, Degree in Law
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Insurance

Leonid Zubarev has been working at CMS Russia since 1995. He heads Commercial Practice Group, leads the firm’s Insurance Group in Central and Eastern Europe.

Leonid advises many Russian and international insurers and re-insurers on complex insurance claims in various lines of insurance, regulatory issues, product development, market entry and exit strategies including corporate transactions.

Leonid has published numerous articles in various areas of insurance law and is a frequent speaker at international conferences. Leonid was chosen by his peers as one of the leading practitioners in Corporate Law and Insurance Law according to Best Lawyers ranking in Russia and has won the Client Choice Award 2016-2019 for Insurance.

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"He is a unique professional in the insurance law sphere in the Russian market."

Client Choice

Relevant experience

  • Achmea Group on the sale by a major Netherlands-based finance and insurance group of 100% of the shares in Insurance Company Oranta.
  • A number of international financial groups on entry strategies into the Russian insurance market, including researching potential partners and structuring the acquisition; acquisition of controlling stakes in Russian insurance companies.
  • A number of leading Russian and international insurance and reinsurance companies on various issues regarding settlement of losses, including in respect of claims in connection with alleged misappropriation of goods, abuse, subrogation, as well as liability insurance for executives.
  • International insurance company in relation to an arbitration matter concerning claim of the leading Russian aluminium producer requiring indemnification under insurance policy and payment of USD 17 million from the client.
  • A major international insurance and reinsurance company on options for subrogation in connection with a series of losses, including as a result of landslides and fires.
  • A panel of international reinsurance companies on the accident at Zagorskaya Power Plant in 2013.
  • Allianz on successful reinsurance recovery action against Infrassure Ltd., a Swiss domiciled reinsurance company pursuant to the accident at Sayano-Shushenskaya Power Plant in 2009.
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Memberships & Roles

  • The Association of European Business, Insurance and Pensions Committee
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Education

  • 1995 – Moscow State Institute of International Relations, Degree in Law
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22/03/2022
Bank of Rus­sia lifts ban on cer­tain in­surer trans­ac­tions
On 18 March 2022, the Cent­ral Bank of the Rus­si­an Fed­er­a­tion (“CBR”) is­sued a per­mit to in­sur­ance mar­ket par­ti­cipants (“Per­mis­sion”) in ac­cord­ance with para­graph 2 of Art­icle 3 of Law No. 55-FZ*. In ac­cord­ance with the Per­mis­sion, in­sur­ance com­pan­ies and mu­tu­al in­sur­ance as­so­ci­ations may per­form a num­ber of op­er­a­tions, which were pre­vi­ously pro­hib­ited by this Law. The Per­mis­sion was sent to Rus­si­an in­sur­ance mar­ket par­ti­cipants through their per­son­al ac­counts on the CBR’s web­site and is in force un­til 31 Decem­ber 2022 (in­clus­ive).In ac­cord­ance with the Per­mis­sion, Rus­si­an in­surers are now al­lowed to carry out:op­er­a­tions with­in in­ter­na­tion­al mo­tor vehicle third-party li­ab­il­ity in­sur­ance schemes in ac­cord­ance with Art­icle 31 of Fed­er­al Law No. 40-FZ “On man­dat­ory mo­tor third party li­ab­il­ity in­sur­ance” dated 25 April 2002, in­clud­ing re­in­sur­ance, pay­ment of premi­ums and claims un­der re­in­sur­ance con­tracts; an­d­op­er­a­tions in con­nec­tion with re­in­sur­ance and pay­ments of premi­ums and claims (for dir­ect policies for cargo in­sur­ance con­tracts of goods im­por­ted in­to Rus­sia or re­lated fin­an­cial risks). Fur­ther­more, the Per­mis­sion al­lows in­sur­ance com­pan­ies and mu­tu­al in­sur­ance so­ci­et­ies to enter in­to trans­ac­tions with Rus­si­an in­surers and in­sur­ance brokers con­trolled by the res­id­ents of “un­friendly” states, and to make pay­ments in con­nec­tion with such trans­ac­tions.Fi­nally, the Per­mis­sion al­lows com­pan­ies to enter in­to any trans­ac­tions with and to make any pay­ments to any in­surers and in­sur­ance brokers, ex­cept for en­ter­ing in­to con­tracts or mak­ing pay­ments for in­sur­ance and re­in­sur­ance pur­poses.Co-au­thored by Max­im Telushkin, Paralegal in Bank­ing & Fin­ance.* In Rus­si­an
15/03/2022
Rus­si­an counter-sanc­tions: an in­sur­ance per­spect­ive
On 14 March 2022, a new law was pub­lished as a part of the Rus­si­an re­sponse to sanc­tions im­posed by for­eign states. Law No. 55-FZ* af­fects a num­ber of areas in­clud­ing in­sur­ance and re­in­sur­ance.Para­graph 2 of Art­icle 3 of the Law provides that, un­til 31 Decem­ber 2022, Rus­si­an in­surers can­not enter in­to con­tracts with in­surers, re­in­surers and in­sur­ance brokers res­id­ent in un­friendly states, and with in­surers, re­in­surers and in­sur­ance brokers con­trolled by res­id­ents of un­friendly states. Ac­cord­ing to Pres­id­en­tial De­cree No. 95* dated 5 March 2022 and Gov­ern­ment Res­ol­u­tion No. 430-r* dated 5 March 2022, the list of un­friendly states in­cludes the US, EU, UK, Aus­tralia, Canada, Ja­pan and a num­ber of oth­er coun­tries.The Law fur­ther provides that Rus­si­an in­surers can­not trans­fer money to any of the above en­tit­ies un­der con­tracts con­cluded pri­or to the ef­fect­ive date of the Law (14 March 2022). Such trans­fers as well as new con­tracts can only be made in ex­cep­tion­al cases sub­ject to a Cent­ral Bank per­mit. By ac­ci­dent or not, Rus­si­an in­sur­ance com­pan­ies, re­in­sur­ance com­pan­ies and brokers con­trolled by for­eign in­vestors are also sub­ject to this ban.There could be the fol­low­ing im­plic­a­tions for in­surers in­clud­ing Rus­si­an in­surers and re­in­surers con­trolled by for­eign in­vestors:They will not be able to place re­in­sur­ance through brokers based in or con­trolled by res­id­ents of un­friendly states or Rus­si­an sub­si­di­ar­ies of in­ter­na­tion­al brokers even if the risk ends up in a friendly state.Rus­si­an in­surers con­trolled by res­id­ents of un­friendly states will be ad­di­tion­ally hit by the in­ab­il­ity to ac­cept new re­in­sur­ance busi­ness from Rus­si­an in­surers.As it will not be pos­sible to trans­fer any re­in­sur­ance premi­ums to or by these “un­friendly” in­surers, re­in­surers and brokers, ex­ist­ing re­in­sur­ance policies could be ter­min­ated leav­ing the in­sureds without suf­fi­cient in­sur­ance and re­in­sur­ance pro­tec­tion.Also, trans­fers of re­in­sur­ance or ret­ro­ces­sion share of any loss to these en­tit­ies would not be pos­sible.Cus­tom­ers of Rus­si­an in­sur­ance com­pan­ies could also face neg­at­ive con­sequences, such as:An in­surer may re­fuse to enter in­to an in­sur­ance con­tract be­cause its own re­ten­tion lim­its will be ex­ceeded and it will not be able to trans­fer the risk abroad or to a Rus­si­an sub­si­di­ary of a for­eign “un­friendly” in­surer.New risks as­sumed by Rus­si­an in­surers can­not be trans­ferred un­der ex­ist­ing treat­ies to for­eign “un­friendly” in­surers or their Rus­si­an sub­si­di­ar­ies (no re­in­sur­ance premi­ums can be paid), the risks will re­main on their own re­ten­tion or will be trans­ferred to com­pan­ies with low rat­ings. If an in­sured event oc­curs, there is a high risk of bank­ruptcy for Rus­si­an in­surers as they are un­able to trans­fer the risk to highly-rated re­in­surers, there is also a high risk of not re­ceiv­ing the in­sur­ance in­dem­nity.There could be a breach of pro­vi­sions in loan agree­ments re­quir­ing in­sur­ance/re­in­sur­ance policies to be is­sued by reput­able com­pan­ies with high in­ter­na­tion­al rat­ings (tech­nic­al de­fault with all its con­sequences). Some activ­it­ies will be at risk of stop­page (e.g. air trans­port) due to in­ab­il­ity to re­in­sure high risks in for­eign com­pan­ies loc­ated in un­friendly coun­tries.The Law provides for a pos­sib­il­ity to ob­tain a spe­cial per­mit from the Cent­ral Bank “in ex­cep­tion­al cases”.  It re­mains to be seen how will­ing the Cent­ral Bank will be to is­sue them as there is no pro­ced­ure or timeline for the is­su­ance.* In Rus­si­an
14/03/2022
The Mo­scow of­fice of CMS to con­tin­ue as an in­de­pend­ent law firm
Dear FriendsWe have been through a lot dur­ing 30 years in Rus­sia. Now a dif­fi­cult de­cision has been taken by CMS to leave the Rus­si­an mar­ket. We are grate­ful to our in­ter­na­tion­al col­leagues for their...
28/01/2022
Leg­al de­vel­op­ments that may af­fect your busi­ness in 2022
CMS Rus­sia ex­perts have pre­pared their an­nu­al se­lec­tion of the most sig­ni­fic­ant leg­al de­vel­op­ments that may af­fect your busi­ness in Rus­sia in 2022.
01/11/2021
Do­ing busi­ness in Rus­sia
This is the new edi­tion of the CMS Do­ing busi­ness in Rus­sia guide. 
11/10/2021
Lex­o­logy GT­DT - In­sur­ance & Re­in­sur­ance 2021 (Rus­sia)
Lex­o­logy Get­ting The Deal Through has pub­lished the four­teenth edi­tion of In­sur­ance & Re­in­sur­ance.This is a quick ref­er­ence guide en­abling side-by-side com­par­is­on of loc­al in­sights in­to in­sur­ance and re­in­sur­ance is­sues world­wide, in­clud­ing reg­u­la­tion of in­sur­ance and com­pan­ies and their activ­it­ies; in­sur­ance claims and cov­er­age; re­in­sur­ance prin­ciples and prac­tices; dis­putes (in­clud­ing ar­bit­ra­tion); and re­cent trends.The chapter on In­sur­ance & Re­in­sur­ance for Rus­sia 2021 was writ­ten by Seni­or Part­ner Le­onid Zubar­ev. Please find be­low the com­plete art­icle to down­load and con­tact Le­onid Zubar­ev if you need any in­sur­ance-re­lated leg­al ad­vice.Ac­cred­it­a­tion: Re­pro­duced with per­mis­sion from Law Busi­ness Re­search Ltd. This art­icle was first pub­lished in Lex­o­logy Get­ting the Deal Through – In­sur­ance & Re­in­sur­ance 2021 (Pub­lished: Au­gust 2021).
10/06/2021
CMS Rus­sia earns a re­cord num­ber of re­cog­ni­tions by Best Law­yers 2022
Strong re­cog­ni­tion by the rank­ing 32 CMS Rus­sia ex­perts have been se­lec­ted for in­clu­sion in­to the 2022 edi­tion of the Best Law­yers rank­ing. In total, we have earned 74 re­cog­ni­tions by the rank­ing :Ant­on...
27/04/2021
Life in­sur­ance in Rus­sia. Chal­lenges and op­por­tun­it­ies
As­so­ci­ation of European Busi­nesses is pleased to in­vite you to the In­sur­ance and Pen­sions Com­mit­tee’s open event "Life in­sur­ance in Rus­sia. Chal­lenges and op­por­tun­it­ies" de­voted to the leg­al and prac­tic­al...
2021
In­tro­duc­tion
In this chapter of Do­ing busi­ness in Rus­sia, we out­line the Rus­si­an polit­ic­al and ad­min­is­trat­ive struc­ture. The chapter also gives a fla­vour of the leg­al en­vir­on­ment in the coun­try from an in­ter­na­tion­al per­spect­ive (touch­ing on as­pects such as the WTO, for­eign in­vest­ment and sanc­tions).
16/12/2020
In­sur­ance In­sights
The in­sur­ance mar­ket is con­stantly evolving, so you need to stay up to date on the latest de­vel­op­ments to an­ti­cip­ate and handle any po­ten­tial is­sues and be­ne­fit from op­por­tun­it­ies.With “In­sur­ance In­sights”...
04/11/2020
CMS Launches new In­sur­ance Group App
The CMS In­sur­ance Group has an­nounced the launch of a new app for in­surers and re­in­surers, brokers and cli­ents of in­sur­ance com­pan­ies.The app provides ac­cess to in­form­a­tion on the latest leg­al de­vel­op­ments...
20/10/2020
Экологические риски: тренды, о которых стоит знать
Приглашаем вас принять участие в вебинаре AIG «Экологические риски: тренды, о которых стоит знать». Программа вебинара:...