The volume of imports of transformers, inductors, and chokes into Ukraine in January–May 2026 increased by 89% compared to the same period in 2025—reaching $738.9 million, according to statistics from the State Customs Service.
According to the published data, imports of these products in May rose by 45.8% compared to May of last year but fell by nearly half compared to April of this year, reaching $76.9 million.
Thus, the growth rate of imports has begun to slow compared to the same period last year, and the decline in imports relative to the previous month of 2026 is accelerating; specifically, in April of this year, the decline was 34% compared to March 2026.
As previously reported, in March of this year, the Cabinet of Ministers removed transformers from the list of goods eligible for preferential import under agreements with the EU Secretariat.
At the same time, in May, the European Business Association, in an official letter to First Deputy Prime Minister and Minister of Energy of Ukraine Denys Shmyhal, called for the introduction of a temporary exemption from import duties and VAT for certain types of power transformers.
According to the State Customs Service, China remains the largest supplier of these products to Ukraine. Over the past five months, $665.6 million worth of these goods were imported (90% of total imports of these goods), whereas a year earlier, $321.5 million worth of transformers and chokes were imported from China (82.3%).
In addition, transformers were imported from Turkey (2%) and Germany (1.3%), whereas last year the share of imports from Germany was nearly 5%, and from Turkey—3.7%.
According to the State Customs Service, Ukraine exported transformers, inductors, and chokes worth nearly $16 million in January–May (compared to $10.9 million last year), primarily to Germany, Poland, and Hungary.
As reported with reference to the State Customs Service, in 2025, Ukraine’s imports of transformers, inductors, and chokes increased by 88% compared to 2024, reaching $1.12 billion. Imports from China alone were 2.3 times higher, totaling $957.3 million.
According to Serbian Economist, Serbia has concluded negotiations with Hungary’s MOL regarding a shareholder agreement concerning NIS and will be able to acquire an additional 5% stake in the Serbian oil company, provided that MOL reaches an agreement with Gazprom Neft to buy out the Russian stake and the deal receives approval from the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC).
This was announced by Serbia’s Minister of Mining and Energy, Dubravka Jedović-Handanović.
Serbia currently owns 29.9% of NIS shares. Russia’s Gazprom Neft and Gazprom collectively control about 56.2% of the company. Hungary’s MOL is negotiating the purchase of this stake, but the deal requires approval from OFAC due to sanctions related to Russian participation in NIS.
According to Jedović-Handanović, the purchase of an additional 5% stake will strengthen Serbia’s position in approving and blocking decisions of strategic importance to the country’s economy. This is crucial for Belgrade, as NIS controls Serbia’s key oil infrastructure, including the country’s sole oil refinery in Pančevo.
As part of the agreements, MOL also committed to maintaining operations at the Pančevo refinery at least at the level of average annual capacity over the last four years prior to the imposition of U.S. sanctions.
For Serbia, the deal involving NIS is one of the key energy issues of 2026. Belgrade needs to simultaneously maintain the stability of fuel supplies, reduce sanctions risks, and retain its influence over a company that is of systemic importance to the country’s economy.
https://t.me/relocationrs/3011
Schneider Electric, a global leader in energy technologies, is urging the EU to urgently accelerate the development of energy efficiency and electrification in Europe as a unified, scalable, domestic, and sustainable response to the prolonged volatility of energy prices.
Global energy prices are expected to rise by 24% this year—the largest jump since 2022. Europe is particularly vulnerable to such changes, as energy costs here are typically two to four times higher than in other major regions of the world. Against this backdrop, Schneider Electric is calling on policymakers to stop viewing energy efficiency and electrification as an “add-on” to climate policy and to recognize them as Europe’s only scalable and domestic energy resources. Their accelerated implementation has the potential to generate at least €250 billion annually by 2040, reduce energy demand, decrease dependence on fossil fuels, and boost competitiveness.
Europe remains structurally vulnerable: the EU still relies on imports for nearly 60% of its energy resources, which cost €336.7 billion in 2025. This makes households, industry, and public services vulnerable to instability in global fossil fuel markets and geopolitical upheavals. Schneider Electric emphasizes that measures to improve energy efficiency and electrify end-use consumption can be implemented quickly and with a short payback period, delivering immediate benefits while accelerating the transition to a stronger and more energy-independent system.
Schneider Electric calls on the European Commission and EU member states to focus on five key policy steps:
Calls for support and incentives to help businesses scale proven, fast-return energy efficiency solutions that reduce demand within months.
Industry: Targeted support, particularly for small and medium-sized enterprises, to scale up energy management systems and implement low- or no-cost measures that can deliver savings of up to 30% over time and lay the groundwork for digitalized production.
2) Rapidly and consistently implement existing EU legislation on energy efficiency and buildings
Fully implement the Energy Efficiency Directive (EED) and the Energy Performance of Buildings Directive (EPBD) to ensure a rapid anti-crisis effect. Specifically:
• Rapidly deploy building automation and control systems (BACS) under the EPBD, which can deliver annual savings of 450 TWh in final energy consumption, reduce CO₂ emissions by 64 million tons, and lower energy bills by €36 billion.
• Strengthen energy audit requirements under the EED by making the implementation of their recommendations mandatory—starting with small and medium-sized businesses—using leasing mechanisms and the “energy-as-a-service” financing model.
3) Accelerate electrification through targeted incentives
Despite the growth in electricity production from renewable sources, a significant portion of energy consumption—that is, the demand side—has not yet switched to electricity. As long as people drive gasoline-powered cars and heat their homes with gas, Europe will remain dependent on imported energy sources and price fluctuations.
Faster electrification will enable more effective integration of renewable energy and reduce dependence on price fluctuations for fossil fuels. It also has the potential to break a decade-long period of stagnation in Europe, which currently stands at 21% (10% behind China), where rapid electrification is taking place. Schneider Electric calls for:
• A significant scaling up of heat pump adoption (which are 3–5 times more efficient than gas boilers) with the goal of reaching one million installations annually by 2030. This requires supportive mechanisms that lower initial barriers for consumers, including tools such as social leasing.
• Faster electrification of transportation through targeted measures, including incentives to accelerate the electrification of corporate fleets, which will also foster the development of the used electric vehicle market.
4) Use taxation and funding to shift demand from fossil fuels to clean electricity
Schneider Electric calls on policymakers to make electrification economically attractive by:
• Reducing electricity taxes (including lowering VAT and excise taxes where possible) to narrow the gap between retail prices for electricity and gas.
• Redirecting and simplifying access to public funding to scale up energy efficiency and electrification—specifically funds from the Recovery and Resilience Facility and revenues from the Emissions Trading System (ETS).
• Keep any temporary mechanisms for capping or subsidizing gas prices to a minimum and short-term, as this discourages investment in clean energy resources.
5) Unleash self-generation, flexibility, and smart grids to lower bills
Remove barriers and create incentives for the development of flexibility, energy storage systems, and digitalization, which help reduce peak loads and system costs. Priorities include:
• Ensuring flexibility in buildings and industry through rooftop solar power plants (PV), energy storage systems, and digital control systems, as well as supporting demand response mechanisms.
• Faster and higher-quality deployment of “smart” meters with a focus on functionality, real-time data access, and system interoperability—primarily for large commercial buildings, industry, and EV charging infrastructure.
• More digitized power grids and smarter grid infrastructure planning, including support for grid efficiency technologies, results-oriented KPIs, and tariff models that incentivize peak load reduction and grid-friendly energy consumption.
Laurent Bataille, Executive Vice President of Operations for Europe at Schneider Electric, stated:
“The call for policymakers to prioritize energy efficiency and electrification is just as relevant today as it was four years ago. The solutions haven’t changed. However, during this time, Europe has weathered one energy crisis after another—without making the progress needed to protect itself from price shocks and sky-high costs that leave businesses, households, and industry so vulnerable.
“Complacency is Europe’s greatest energy risk. Plans to subsidize energy costs are merely a temporary solution that does not work in the long term. Europe needs structural changes—ones that will incentivize the adoption of clean technologies so that businesses and households permanently change their approach to energy consumption. We need policies that will foster the creation of an energy system built in Europe and for Europe—one that reduces dependence on volatility, ensures a clean and reliable energy supply, and allows Europe to remain competitive.”
About Schneider Electric
Schneider Electric is a global leader in energy technologies, driving efficiency and sustainability through the electrification, automation, and digitalization of industry, business, and residential spaces. The company’s technologies enable buildings, data centers, factories, infrastructure, and power grids to function as open, interconnected ecosystems, enhancing productivity, resilience, and sustainability.
The company’s portfolio includes smart devices, software-defined architectures, AI-based systems, digital services, and professional consulting services. With 160,000 employees and 1 million partners in over 100 countries, Schneider Electric consistently ranks among the world’s most sustainable companies. Learn more at https://www.se.com/ua/uk/
On May 21, Italian Ambassador to Ukraine Carlo Formosa and Artur Lorkowski, Director of the Energy Community Secretariat, signed an agreement on a new contribution from Italy in the amount of EUR 10 million for repair and reconstruction work in Ukraine’s energy sector.
This was announced by Ukraine’s First Deputy Prime Minister for Energy Denys Shmyhal following a meeting with Lorkovsky and partners on a Telegram channel on Thursday.
“Prior to this, Italy had already contributed EUR13 million to the Energy Support Fund. We are grateful to Italy,” he noted.
According to Shmyhal, the parties paid special attention to mechanisms for attracting additional contributions to Ukraine’s Energy Support Fund as a tool for strengthening energy resilience.
“We also discussed opportunities for international businesses to invest in Ukraine’s energy sector. “The launch of updated auctions for the construction of new power generation capacity in Ukraine is an important signal to the market; we can more broadly attract international investors to the development of new capacity,” he said.
Ukraine is also preparing to present these and other opportunities at the URC conference in Gdańsk in June.
“We agreed to jointly develop mechanisms for mitigating and insuring against military risks for such investments,” the First Deputy Prime Minister added.
As reported, as of the end of April, Ukraine’s foreign partners had announced additional contributions to the Energy Support Fund totaling approximately EUR 100 million.
In total, as of early April, the Energy Support Fund of Ukraine had received grant funds totaling nearly EUR 1.854 billion from 37 foreign sponsors from 26 partner countries and three international organizations.
Serbian entrepreneur Bogoljub Karić said he is ready to join negotiations on the purchase of the Russian stake in Naftna Industrija Srbije (NIS) and offer around EUR 2 billion for it, the Telegram channel “Serbian Economist” reports. His appearance among potential buyers may change the configuration of the struggle for Serbia’s largest oil and gas company.
According to Serbian media, Karić said that a group of local industrialists is ready to submit an offer “that cannot be refused.” According to him, Serbian President Aleksandar Vučić, Russian President Vladimir Putin, as well as the management of the company itself, were informed of the intention to buy out NIS shares. Karić also claims that the Russian side received the corresponding letter of intent.
Vučić, commenting on this initiative, reacted with irony, saying that in Serbia “two people with two billion euros have already been found,” and expressed hope that these funds would be invested in the country’s economy. Reuters previously reported that the little-known Serbian group Senator had submitted an application to OFAC to purchase the Russian stake in NIS for $2.35 billion.
The issue of NIS’s future has intensified amid U.S. sanctions pressure on Russian energy assets. Washington demands the withdrawal of Russian shareholders from the Serbian oil company, and the deadline for completing the deal has been set for May 22. At the same time, any deal will require not only the consent of the current shareholders and the Serbian authorities, but also approval from the U.S. Treasury Department’s Office of Foreign Assets Control — OFAC.
In parallel, Belgrade is holding talks with Hungary’s MOL. Earlier, MOL signed an agreement to purchase the Russian stake in NIS, while the Serbian authorities, for their part, are seeking additional guarantees regarding the operation of the oil refinery in Pančevo — the only refinery in the country. The stability of its operations and the supply of fuel to the domestic market remain key conditions for Belgrade.
At present, Gazprom Neft remains the largest shareholder of NIS, with a stake of about 44.85%, while another 11.30% belongs to a structure linked to the Russian side. The Republic of Serbia owns approximately 29.87% of the shares, and the remaining securities are held by minority shareholders.
Karić’s public entry into the process strengthens the intra-Serbian scenario around NIS. Whereas Hungary’s MOL was previously named as the main contender, the possibility is now being discussed that the Russian stake could pass to Serbian capital. However, such an option remains complicated: it depends on the position of the Russian shareholders, the Serbian government, U.S. sanctions procedures, and the readiness of new investors to ensure not only the price of the deal, but also the stable operation of the country’s entire oil infrastructure.
NIS is Serbia’s largest oil and gas company. It is engaged in the exploration and production of oil and gas, oil refining at the Pančevo refinery, wholesale and retail trade in petroleum products, and also manages a network of filling stations in Serbia and the region.
Bogoljub Karić is a Serbian entrepreneur, one of the country’s best-known businessmen of the 1990s and 2000s. His business interests have historically been connected with the banking sector, construction, telecommunications and industrial projects.
According to Serbian Economist, Serbia may decide on the location and technology for its future nuclear power plant in 2027, said Minister of Mining and Energy Dubravka Jedović-Handanović. According to her, the country has already entered the first phase of developing its nuclear program and has corrected a “historic mistake” by lifting the ban on considering nuclear energy.
The minister stated that an analysis is currently underway to determine where and how a nuclear facility could be integrated into Serbia’s power grid. A preliminary study has already examined possible options for connecting the future nuclear power plant to the grid, and next year the authorities expect to reach a decision on the site and technology.
Serbia views nuclear energy as part of a long-term response to rising electricity consumption, decarbonization, and the need for stable baseload generation. Serbia’s first nuclear power plant could be connected to the grid by 2040, and the country aims to become part of the global “nuclear renaissance.”
Authorities expect to complete the initial stages of preparation for construction by 2032. This involves not only selecting a site and technology but also establishing a regulatory framework, training personnel, forming a national organization to implement the nuclear program, assessing financing, and engaging with public opinion.
For Serbia, nuclear energy is becoming part of a broader discussion about the future structure of its energy mix. The country remains heavily dependent on coal-fired generation, while simultaneously developing solar and wind projects, battery storage, and gas infrastructure. However, for energy-intensive industries, data centers, artificial intelligence, and the future electrification of transportation, the authorities consider it necessary to have a stable source of baseload power.
Serbia’s most likely international partners for its nuclear program could be France, Russia, China, South Korea, the United States, Slovenia, and Hungary. France’s EDF has already presented Serbia with a roadmap for a nuclear program comprising 19 key steps: completion of studies by 2027, selection of technology and preparation of a construction contract by 2032, and commissioning of the nuclear power plant by 2040.
Russia, through Rosatom, has also discussed with Belgrade possible cooperation during the preparatory phase, primarily in the areas of knowledge exchange and support for the development of a nuclear program. However, political and sanctions-related risks make the Russian option more complicated, especially if Serbia aligns itself with European standards for financing and regulation.
China already has a memorandum of cooperation with Serbia in the nuclear sector, covering issues such as radioactive waste, radiation protection, personnel training, and technical support. South Korea’s KHNP has also signed a memorandum of cooperation with Serbia on nuclear energy and hydrogen, making Korea one of the potential technology partners.
The U.S. may be of interest to Serbia primarily through small modular reactors (SMRs) and technological cooperation, as Belgrade has previously spoken of seeking support to obtain approximately 1.2 GW of capacity based on SMR technology. Separately, the option of Serbia participating in the Hungarian Paks NPP by purchasing 5–10% of the capacity or a stake was discussed, which could be a faster way to access nuclear power generation without immediately building its own plant.
https://t.me/relocationrs/2800
