It is provided a power converter for transferring power between a high voltage DC connection and a high voltage AC connection. The power converter includes a power converter assembly including: a first converter arm, a first reactor, a second reactor and a second converter arm, connected serially between the positive and negative terminals of the DC connection. The high voltage AC connection is provided between the first reactor and the second reactor. Each one of the converter arms includes a plurality of converter cells and each one of the converter cells includes a switching element and an energy storage element. Both the first reactor and the second reactor are oil filled reactors.