Business news from Ukraine

Business news from Ukraine

Ukraine Opens Honorary Consulate in Narva, Estonia, to Support Citizens and Businesses

On October 14, 2026, the Honorary Consulate of Ukraine was officially opened in the Estonian border city of Narva, headed by Estonian entrepreneur Allan Kaldoya. The new mission will help support Ukrainian citizens in northeastern Estonia, develop economic ties between the two countries, and expand cooperation at the regional level.
According to the Ukrainian Embassy in Estonia, the opening ceremony was attended by Ukrainian Ambassador Volodymyr Boiechko, Narva Mayor Jaan Toots, Estonian Deputy Minister of Foreign Affairs for Political Affairs Martin Roger, as well as representatives of local authorities, the Ukrainian community, and volunteer organizations.
According to Boiechko, the opening of the consulate will strengthen Ukraine’s diplomatic presence in the eastern regions of Estonia and create additional opportunities to support Ukrainians living in Narva and Ida-Viru County.
“Today we are continuing this work here in Narva, bringing Ukraine closer to our citizens and friends throughout Estonia,” the ambassador noted, recalling the opening of the Honorary Consulate of Ukraine in Tartu at the end of September.
One of the new mission’s priority areas of activity will be the development of business contacts. In particular, the consulate will help entrepreneurs in Narva and Ida-Viru County establish partnerships with Ukrainian companies, obtain information about opportunities in the Ukrainian market, and foster economic cooperation.
Ukrainian companies will also be able to turn to the Honorary Consulate to find potential partners in the region, develop trade relations, and implement joint projects.
Special attention will be given to supporting Ukrainian citizens. The Honorary Consulate will provide informational and organizational assistance regarding documentation, interactions with Ukrainian diplomatic missions, and communications with the relevant Estonian authorities.
In addition, the consulate’s premises will be used for periodic on-site consular services for Ukrainians provided by staff of the Embassy of Ukraine in Tallinn.
The office is located at 2 Linda Street, Narva.
The new consulate’s activities will include cultural and educational cooperation, the organization of joint events, the development of community ties, and support for Ukrainian initiatives in Estonia.
Narva is Estonia’s third-most populous city and is located directly on the border with Russia. The city is part of Ida-Viru County, which has industrial potential and traditionally plays an important role in the country’s energy sector and cross-border trade.
Honorary consulates are institutions that represent the interests of the state abroad and contribute to the protection of its citizens and the development of trade, economic, and cultural relations. Unlike regular consular offices, honorary consulates usually have limited authority to issue official documents.
Sources: Embassy of Ukraine in the Republic of Estonia, official website of the city of Narva, October 15, 2026.

 

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Ukraine Connected 1.9 GW of New Power Capacity in 9 Months

In Ukraine, 1.9 GW of new power capacity was connected in the first nine months of 2026, which accounts for more than 80% of the annual target, according to Viktor Mikita, deputy head of the Office of the President of Ukraine.
“At this point, we have reached 1.9 GW of connected capacity. This is more than 80% of the annual target,” Mykyta wrote on his Telegram channel following a meeting with the heads of regional military administrations.
According to him, the meeting focused primarily on local efforts to increase connected capacity and strengthen the regions’ energy resilience. Local communities are working to develop a decentralized power generation system with the participation of businesses and investors.
Specifically, during the period in question, more than 620 MW of wind power capacity, more than 520 MW of cogeneration capacity, as well as more than 460 MW of solar power capacity and more than 270 MW of solar power capacity from private households were connected to the grid.
“People continue to install off-grid power systems for their homes, and this trend remains strong. We thank the heads of regional state administrations, local communities, businesses, and others for their work in each individual region, which is so important for the country,” the deputy head of the Presidential Office said on Friday.

 

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U.S. Will Continue to Ease Sanctions Against Russia — Zelenskyy

The U.S. will continue to take steps to ease sanctions against Russia, according to Ukrainian President Volodymyr Zelenskyy.

“Unfortunately, the lifting of sanctions will continue. I believe that the diesel deal is the first step. Unfortunately, it seems to me that this will not stop Putin; on the contrary, he feels joy and happiness from having such support. And yet we very much hope—I personally hope—that the President of the United States will do everything possible to ensure that Putin stops the killings, stops the attacks on our energy sector, and ends this war,” Zelenskyy said, responding to questions from journalists on Saturday.

He emphasized that “this cannot be achieved by limiting Ukraine’s countermeasures against Russia, which is killing our people, and certainly not by lifting sanctions.”

The president noted that the Ukrainian side had not received any warnings that the sanctions would be suspended or about the “diesel deal,” and “in the same way, we learned from the media about the possibility of an energy truce.”

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Ukraine will switch to standard time on October 25 despite law passed by Verkhovna Rada to abolish it

On the night of October 24–25, 2026, Ukraine will switch to standard time by setting clocks back one hour. At 4:00 a.m. Kyiv time, the clocks must be set back to 3:00 a.m., in accordance with the current Cabinet of Ministers Resolution No. 509 of May 13, 1996.
Thus, Sunday, October 25, will last 25 hours, and Ukraine will switch from daylight saving time (UTC+3) to standard time (UTC+2).
Most modern smartphones, computers, and other electronic devices will adjust the time automatically, provided the time zone is set correctly. Mechanical watches and some electronic devices will need to be adjusted manually.
A distinctive feature of this year’s transition is the uncertainty surrounding the abolition of the seasonal time change. Back on July 16, 2024, the Verkhovna Rada adopted Bill No. 4201 “On the Calculation of Time in Ukraine,” which provides for the elimination of the annual switch to daylight saving time and the adoption of a permanent Kyiv time of UTC+2.
The bill was supported by 261 members of parliament. On August 21, 2024, it was sent to Ukrainian President Volodymyr Zelenskyy for his signature. However, as of October 2026, the law has not been signed and has not entered into force.
Therefore, a government resolution remains in effect in Ukraine, under which clocks are adjusted twice a year: one hour forward on the last Sunday in March and one hour back on the last Sunday in October.
Along with Ukraine, most European countries—including Poland, Germany, the Czech Republic, Hungary, Serbia, and Montenegro—will switch to standard time on October 25.
At the same time, the time difference between Ukraine and Central European countries will remain unchanged. Specifically, Kyiv will be one hour ahead of Warsaw, Belgrade, and Budapest.
The switch to standard time means that it will get light earlier in the morning according to the clock, but it will get dark about an hour earlier in the evening.
Under current rules, Ukraine’s next switch to daylight saving time is scheduled for March 28, 2027, unless the law is amended before then.

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In August, Ukrainians ranked second among foreign buyers of residential property in Turkey

According to data from the Turkish Statistical Institute (TÜİK) published on September 17, in August 2026, Ukrainian citizens purchased 147 residential properties in Turkey and ranked second among foreign buyers, trailing only Russian citizens.
In August, Russians purchased 343 properties, Ukrainians 147, and Iranian citizens 140. Thus, Ukrainians accounted for about 7.6% of all residential property sales to foreigners in Turkey that month. Russians accounted for about 17.7% of foreign purchases.
Compared to July, activity among Ukrainian buyers increased slightly. In July, Ukrainian citizens purchased 145 properties and ranked third behind Russians and Iranians. Thus, the number of transactions involving Ukrainians in August increased by approximately 1.4%, while the number of purchases by Russians decreased from 394 to 343 properties, or by nearly 13%.
In total, 1,938 residential properties were sold to foreigners in August, which is virtually on par with last year’s level—an increase of just 0.1%. Compared to July, when foreigners purchased 2,120 properties, the number of transactions fell by approximately 8.6%. Foreign buyers accounted for 1.5% of total housing sales in Turkey in August.
Meanwhile, Turkey’s domestic market contracted much more rapidly. In August, 127,410 residential properties were sold in the country—14.7% fewer than a year earlier. Sales of new homes fell by 4.5% to 44,378 units, while sales of existing homes dropped by 19.4% to 83,032 units.
On the other hand, the mortgage lending segment showed growth. The number of mortgage transactions increased by 7.2% to 22,131, accounting for 17.4% of total housing sales. From January through August, the volume of mortgage-backed sales rose by 27.6% to 188,813 units.
In the first eight months of 2026, 950,529 residential properties were sold in Turkey—6.8% fewer than during the same period last year. Foreign buyers purchased 13,141 properties during this period, which is 6.3% less than in January–August 2025. Thus, foreign demand is generally declining at roughly the same rate as the Turkish market.
The concentration of Ukrainian demand in Antalya is particularly noticeable. In August, foreigners purchased 599 residential properties there, with Ukrainian citizens buying 114 apartments and houses. This means that Antalya accounted for about 78% of all August purchases by Ukrainians in Turkey.
Russians purchased 226 properties in Antalya, while Germans purchased 56. In terms of the total number of foreign transactions, Istanbul took first place (763 properties), followed by Antalya (599), Mersin (143), Ankara (92), Trabzon (47), and Yalova (45).
Ukrainians have remained among the largest foreign buyers of Turkish real estate for several years now. By the end of 2025, Ukrainian citizens had purchased 1,541 residential properties in Turkey, ranking third behind Russians—with 3,649 transactions—and Iranians—with 1,878. In 2024, Ukrainians purchased 1,631 properties.
At the same time, the decline in the number of transactions is occurring against the backdrop of continued nominal price growth. As previously reported by Open4Business, in July 2026, the average price per square meter of housing in Turkey reached approximately 41,700 Turkish lira, or about $871, while the average price per property was approximately 5.21 million lira, or $109,000. However, taking high inflation into account, housing prices fell by approximately 6.6% in real terms over the year.
According to data from the Ukrainian international real estate agency Homium, the average budget of a Ukrainian real estate buyer in Turkey in 2025–2026 is approximately $100,000–$200,000. The company operates, in particular, in the markets of Alanya, Antalya, Istanbul, Bodrum, Fethiye, Mersin, and other regions of Turkey. Prices for the most affordable properties in some regions start at approximately $45,000–$65,000, while real estate in Istanbul, Bodrum, and other prestigious locations is significantly more expensive.
“August statistics show that Ukrainian demand for real estate in Turkey remains stable despite the general cooling of the market. Buyers have become more rational and are evaluating property prices, rental potential, maintenance costs, and liquidity much more carefully. For Ukrainian clients, Turkey remains, first and foremost, an accessible market thanks to its geographical proximity, a wide selection of properties, and a well-established infrastructure for foreign owners. At the same time, demand is mainly concentrated in Antalya and along the Mediterranean coast,” noted Artur Brazilevsky, CEO of Homium.
It is telling that, despite a nearly 15% drop in the total number of transactions in the Turkish market, sales to foreigners in August remained virtually at last year’s level. This may indicate a stabilization of foreign demand following a prolonged downturn; however, data for the period from January through August do not yet point to a full recovery.

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Agricultural company in Kyiv region has mastered cultivation of drought-tolerant teff for food industry and livestock farming

Kolos Agricultural Firm LLC, based in the Kyiv region, is successfully growing teff—a grain crop that is not widely cultivated in Ukraine—which is known for its drought resistance and can be used in the food industry, livestock farming, and for improving soil health. The farm is also working to register this crop in Ukraine.
As reported by the agricultural publication SEEDS on October 16, 2026, citing the company’s experience, teff holds promise for the Ukrainian agricultural sector amid climate change, rising temperatures, and water shortages.

According to Leonid Tsentilko, the owner and director of the agricultural firm, teff is a cereal crop with a well-developed fibrous root system that helps the plant withstand arid conditions.
“Teff is a cereal crop that is interesting because it has a powerful fibrous root system rich in living microorganisms and is capable of surviving even under arid conditions,” Tsentilo noted during a training and practical field seminar organized as part of the FarmForce project.

According to him, the unique characteristics of the root system allow the crop to continue growing even with insufficient rainfall. Additionally, teff can be used in mixtures with other green manure crops to improve soil structure and biological activity.
One of teff’s distinctive features is its extremely small seeds. At the same time, as the farm manager noted, this does not pose any critical technical limitations for harvesting, since the crop can be threshed using a standard combine harvester.

The agricultural enterprise has also experimented with processing the harvested grain. Specifically, it was ground in a stone mill to produce flour suitable for baking whole-grain bread.

Teff (Eragrostis tef) originates from Ethiopia, where it is one of the traditional food crops. Its grains are used to produce flour for baking bread, including the traditional Ethiopian injera. The crop is naturally gluten-free, making it a promising raw material for the production of specialized food products.

According to the Food and Agriculture Organization of the United Nations (FAO), teff is also grown as a forage crop. Thanks to its rapid growth and relative drought tolerance, it is used for hay production and to provide a forage base for livestock, particularly in South Africa, Australia, and the United States.

For Ukrainian farmers, teff may be of interest as a dual-purpose crop, allowing them to harvest grain for food processing and green forage for livestock. At the same time, its use as a green manure crop opens up additional opportunities for incorporating the crop into conservation tillage systems.

This approach may become particularly relevant for farms seeking alternatives to traditional crops due to increasing droughts, uneven rainfall distribution, and the need to diversify production.

At the same time, the prospects for industrial teff cultivation in Ukraine will depend on the availability of seeds, agricultural technologies, yields in various natural and climatic zones, and the development of stable demand from processing enterprises. Data on the area under cultivation, yield, and production costs for teff at the “Kolos” agricultural firm have not yet been made public.

“Kolos” Agricultural Firm LLC is an agricultural enterprise in the Kyiv region engaged in crop production, livestock farming, and the development of agricultural technologies. The company’s director and owner is Leonid Tsentylo. The company is experimenting with the cultivation of alternative crops and the use of technologies to restore soil fertility.

Sources: SEEDS, October 16, 2026; AgroPortal, originally published on October 10, 2026.

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