Ukraine should do its best to negotiate a transition period for CBAM – Magomedov

Ukraine should organize itself and make every effort to obtain easier conditions for participation in CBAM. Everyone should be involved in this process: The Cabinet of Ministers, the Verkhovna Rada, and business.

This was stated by Musa Magomedov, MP, Chairman of the Subcommittee on Industrial Policy of the Committee on Economic Development, at the roundtable “How CBAM will weaken Ukraine’s economy” held by GMK Center.

According to him, if Ukraine does not make efforts to adjust the terms of participation in the CBAM, we will face very serious consequences.

“If we do not take the necessary initiative and do not do everything to protect our industry, it may cease to exist in some time, because we are in a unique environment in terms of the level of negative impact – war and decarbonization,” said Musa Magomedov.

The MP promised assistance in this process from the parliamentary committee.

“The members of our committee understand this situation quite seriously, and you can safely count on us and our support. The Economic Committee is ready to make every effort to achieve a transition period for our country, taking into account the current situation,” he concluded.

According to GMK Center’s research “How the European CBAM could weaken Ukraine’s economy”, Ukraine could lose up to $790 million of GDP in 2026 due to the CBAM. In 2030, GDP losses could reach $4.9 billion.