Business news from Ukraine

Business news from Ukraine

St. Sophia Cathedral in Kyiv Launches Official Audio Guide in English

The St. Sophia Cathedral National Reserve has launched an official audio guide in English for foreign visitors to St. Sophia Cathedral in Kyiv, the American Chamber of Commerce in Ukraine (ACC) announced on August 7.

The English-language version of the audio guide is primarily intended for foreign tourists, diplomats, and expats, and introduces visitors to the cathedral’s history, architecture, and 11th-century mosaics and frescoes. The audio guide is also available online.

Andriy Gunder, president of the American Chamber of Commerce in Ukraine, provided the narration for the English-language tour.

According to him, the project aims to make Kyiv’s rich history more accessible to an English-speaking international audience. Gunder invited diplomats, tourists, and foreigners living in Ukraine to visit St. Sophia Cathedral and use the new audio guide.

St. Sophia Cathedral was built in the first half of the 11th century during the reign of Yaroslav the Wise and became one of the main sacred and political centers of Kievan Rus’. UNESCO calls it one of the most outstanding monuments of architecture and monumental art of the early 11th century. The cathedral preserves a unique collection of original mosaics and frescoes from this period.

In 1990, St. Sophia Cathedral, along with the adjacent monastic buildings and the Kyiv-Pechersk Lavra, was inscribed on the UNESCO World Heritage List. St. Sophia Cathedral in Kyiv was one of the first Ukrainian sites to be included on this list.

The launch of an English-language audio guide expands opportunities for international visitors to explore one of Kyiv’s major historical landmarks on their own and creates an additional tourist attraction for foreign visitors to the Ukrainian capital.

St. Sophia Cathedral is located at 24 Volodymyrska Street, Kyiv. The English-language audio guide can be listened to either during your visit or online.

, , , ,

Sicilian town of Naro opens applications to buy abandoned houses for EUR1

The municipality of Naro in the Sicilian province of Agrigento has opened applications for the purchase of abandoned houses at the symbolic price of EUR1. The program’s official digital portal began operating in July 2026, while the municipal regulations were approved by the city council on June 4. The program is aimed at restoring vacant properties, preserving the historic center and attracting new residents, entrepreneurs and investors to the town. The municipality does not purchase the buildings or become their owner, but verifies the properties and acts as an intermediary between private owners and potential buyers.

At the time of the launch, two houses are listed in the public catalog. The first property, with an area of about 20 sq. m, is located on Via Vanelle and consists of three rooms. The second house, with an area of 93 sq. m and 5.5 rooms, is located on Via Madonna della Rocca. Both buildings require renovation.

Applications may be submitted by adult citizens of Italy and other countries, including those who do not reside in Italy. The program is also open to companies, associations, foundations, cooperatives and other legal entities. The regulations do not impose any restrictions based on citizenship.

The restored property may be used as a primary residence, second home, tourist accommodation, B&B, artisan workshop, commercial premises or an organization’s office. However, in the allocation of houses, preference will be given to projects involving permanent residence in Naro, the creation of businesses and jobs, and the restoration of the building’s historic elements.

The maximum 30 points are awarded to applicants prepared to move their primary residence to Naro. Commercial, artisan and tourism projects may receive up to 25 points, while using the building as a second home may receive up to 10 points. Additional points are awarded to young couples under 35, families with children, energy-efficient projects and initiatives involving the hiring of local workers.

The symbolic price of EUR1 does not include notary services, registration and cadastral fees, project preparation, obtaining permits or construction work. All costs associated with the purchase and restoration are borne by the new owner.

The winner of the competition must provide a deposit of EUR5,000. It may be arranged in the form of a bank or insurance guarantee. The amount is returned after the work has been completed and verified as compliant with the approved project. If the buyer fails to meet their obligations, they lose the deposit and the right to benefit from the program.

The restoration project must be submitted to the municipality within 12 months after completion of the transaction. Work must begin no later than 12 months after the project is approved and must be fully completed within 36 months from the date of purchase. In the event of technical or other justified circumstances, the buyer may be granted a single extension of up to 12 months.

The restored house may not be sold for at least five years after completion of the work. During the renovation, the owner must also obtain third-party liability insurance. Municipal specialists will inspect the status of the project every six months.

The applicant must select a house from the electronic catalog and specify its assigned unique code. Applicants may submit a simplified application containing basic contact details or immediately provide a complete package describing the intended future use of the property, a preliminary project, a work schedule and the estimated amount of investment.

Submitting an application through the portal does not mean that the applicant will automatically receive the property. The documents and project are reviewed by a municipal technical commission, after which a ranking of applicants is compiled. Preliminary results are published for 15 days to allow for possible comments, while final completion of the transaction takes place after the deposit has been provided.

The official primary source of information is the dedicated portal of the Municipality of Naro and the regulations for the “One Euro Houses” program published there. As of August 6, the portal does not specify a final deadline for applications, while the list of available properties may be expanded after new offers from private owners have been verified.

, , ,

“Nadiina” Insurance Company Reduced Gross Insurance Premiums by 21.8%

PJSC “Insurance Company ‘Nadiina’” (Kyiv) collected gross insurance premiums totaling 14.816 million UAH in January–June 2026, which is 21.77% less than during the same period a year ago.

This is evidenced by data from the “Standard-Rating” rating agency regarding the update of the insurer’s credit rating/financial stability (reliability) rating to uaA+ on the national scale.
It is noted that premiums from individuals amounted to 0.433 million UAH, while premiums from reinsurers were nonexistent.

Insurance payments remitted to reinsurers more than doubled during the reporting period, reaching 0.764 million UAH. Consequently, the reinsurers’ share of insurance premiums increased by 3.16 percentage points to 5.16%.
The insurer’s net premiums for the first half of 2026 decreased by 24.28% compared to the same period in 2025, to 14.052 million UAH, while net earned premiums fell by 44.66%, to 10.505 million UAH.

The volume of insurance claims paid by SK “Nadiina” for January–June 2026, compared to the first half of 2025, decreased by 25.48% to 4.765 million UAH, and the claims ratio fell by 1.60 percentage points to 32.16%.
The RA reports that, based on the results of the first six months of 2026, the company’s net profit amounted to 49,000 UAH.

As of July 1, 2026, assets grew by 7.62%, to 101.126 million UAH; equity increased by 0.06%, to 81.433 million UAH, liabilities increased by 56.55%, to 19.693 million UAH, and cash and cash equivalents rose by 4.14%, to 70.435 million UAH.
The RA also notes that as of July 1, 2026, IC “Nadiina” had formed a portfolio of current financial investments totaling 15.614 million UAH, consisting entirely of government bonds.

As previously reported, Nadiina Insurance Company was founded in 2006. Agroholding 2012 LLC (Khmelnytskyi region) owns 100% of the insurer.
Agroholding 2012 LLC was established in September 2015. Its beneficiaries, through the “Oferent” venture capital fund, are Galina and Oleksandr Herega. The company’s business activities include the cultivation of grains, legumes, and oilseeds.

, , , ,

Rain and thunderstorms in Kyiv on Saturday; no precipitation on Sunday

Rain and thunderstorms will pass through Ukraine on Saturday; hail and squalls are possible in some areas. It will become cooler, with daytime temperatures across most of the country dropping to 24–29°, though the south will remain hot, with temperatures reaching 35–37°.

At night in the west, north, and Vinnytsia Oblast, and during the day across Ukraine (except for most western regions), there will be moderate to heavy rain in some areas, along with thunderstorms; during the day, hail and gusts of 15–20 m/s are expected in some areas. The wind will be from the north at 5–10 m/s. Nighttime temperatures will range from 18–23°, and 14–19° in the western regions; daytime temperatures will range from 24–29°, with intense heat of 35–37° in the south and southeast of the country.

In Kyiv on Saturday, expect rain and thunderstorms, with a north wind of 5–10 m/s; nighttime temperatures will be around 20°, and daytime temperatures 25–27°.

According to data from the Boris Sreznevsky Central Geophysical Observatory, the highest daytime temperature recorded in Kyiv on August 8 was 39.2° in 2010, and the lowest nighttime temperature was 7.8° in 1887.

On Sunday, August 9, no precipitation is expected; however, during the day in the east and southeast of the country, brief showers and thunderstorms are possible, with hail and squalls reaching speeds of 15–20 m/s in some areas. The wind will be from the north at 5–10 m/s. Nighttime temperatures will range from 12–17°, and daytime temperatures from 24–29°; in Zakarpattia, the south, and the east of the country, nighttime temperatures will range from 18–23°, and daytime temperatures from 28–33°.

In Kyiv on Sunday, no precipitation is expected; the wind will be from the north at 5–10 m/s, with temperatures ranging from 15–17° at night and 25–27° during the day.

 

How to Verify the Ultimate Beneficial Owner of a Foreign Company

Verification of the beneficial owner helps Ukrainian companies establish who actually controls a foreign partner and reduce sanctions and reputational risks.

Before concluding an international transaction, it is not enough for a Ukrainian business to check only the name, address, and registration number of a foreign counterparty. A company may be part of a large corporate group, controlled through several legal entities, or have its ultimate owner in another jurisdiction.

Identifying the ultimate beneficial owner, or UBO, makes it possible to understand who actually controls the company and receives economic benefits from its activities. This is important for banking compliance, international payments, investment transactions, exports, imports, and cooperation with large corporate customers.

The formal owner indicated in the register is not always the final link in the structure. Between the operating company and an individual, there may be holding companies, foundations, trusts, nominee owners, or enterprises registered in several countries.

Dun & Bradstreet uses corporate relationships and ownership information to build company structures, identify parent companies and subsidiaries, and determine beneficial owners. Corporate ownership information can be used for KYC checks, sanctions screening, and third-party risk assessment.

“A company’s name and country of registration do not always provide a complete picture of who controls the business. Before a significant transaction, it is necessary to see the entire corporate structure — from the local legal entity to the parent company and the ultimate owners,” emphasized Maksym Urakin, Director of Development and Marketing at Interfax-Ukraine, Head of the D&B-Interfax-Ukraine business unit, PhD in Economics.

According to him, particular attention should be paid to the ownership structure in cases where a counterparty has recently changed shareholders, is registered in a jurisdiction where access to corporate registers is complicated, or belongs to a group with a large number of related legal entities.

Verification of the beneficial owner helps answer several practical questions. A Ukrainian company needs to understand who controls its partner, whether this owner is connected with sanctioned persons, whether the declared structure corresponds to the actual business activities, and whether reputational or legal risks are hidden behind it.

At the same time, the mere fact of a complex corporate structure does not indicate a violation. International groups often have dozens or hundreds of enterprises in different countries. Risk arises when the structure remains opaque, contradicts the documents provided, or does not make it possible to establish actual control.

Ownership should preferably be checked not only before the first transaction. A change of shareholders, parent company, or ultimate beneficial owner may affect sanctions status, creditworthiness, and the ability to continue making payments through international banks.

Dun & Bradstreet is an international provider of business data and analytical solutions whose history began in 1841. The company provides tools for identifying legal entities, analyzing corporate relationships, identifying beneficial owners, checking counterparties, and conducting compliance procedures.

The official representative of Dun & Bradstreet in Ukraine is the Interfax-Ukraine News Agency. The D&B-Interfax-Ukraine division helps Ukrainian businesses obtain information about foreign companies, their owners, executives, and corporate relationships. Interfax-Ukraine has been operating since 1992 and produces more than 50 information products in Ukrainian, English, German, and Russian.

, , ,

Turkish company Aydem Holding A.S. will build up to 100 MW of renewable energy facilities in Kyiv region

The Kyiv Region Regional Development Agency has signed a memorandum of cooperation with Aydem Holding A.S., one of Turkey’s largest energy investors, regarding the construction of up to 100 MW of renewable energy capacity in the region.

According to a post by the Agency on LinkedIn on Thursday, it will provide comprehensive support to the investor at all stages of the project’s implementation, including identifying the optimal land plot, engaging with local communities, and coordinating with government authorities. Project support will be provided in collaboration with UkraineInvest.

“Our goal is to make the Kyiv region one of the most attractive regions for international investors, where large-scale investment projects are implemented quickly, transparently, and effectively,” commented Nazarii Volyanskyi, director of the Agency.

According to him, the partnership with Aydem Holding A.S. will mark the beginning of new large-scale investments, contribute to the development of the region’s energy infrastructure, and strengthen the Ukrainian-Turkish economic partnership.

The holding company’s website states that it has been operating in the fields of electricity generation, distribution, and retail for 40 years, applying an innovative approach in the energy sector. The primary focus is on renewable energy: hydro, wind, and geothermal sources.

, , , ,