At the summit, held to strengthen Ukraine’s economic integration with the European Union (EU), participants addressed reconstruction and investment priorities. The event brought together senior officials from the European Commission and the Ukrainian government, representatives of international financial institutions, and more than 140 speakers. It was organized by the European Commission, the governments of Ukraine and Poland, and European Business Summits.
Yuriy Ryzhenkov spoke on the panel titled “Industrial Ramstein: Saving Ukraine’s Industry, Building Resilience, and Equipping It for EU Integration,” held within the Ukraine EU Industrial Dialogue. The session also featured representatives from the European Commission, the Ukrainian government, and various institutions.
Ryzhenkov noted that Metinvest Group has been working with the EU for nearly 20 years, with the EU market accounting for approximately 50 percent of its production.
He emphasized that the company has substantial experience operating in the EU market and complying with its regulatory framework, adding that restrictions, particularly on processed steel products, had previously posed significant challenges. He recalled that the EU lifted these restrictions for Ukraine in 2022, effectively making the country part of the EU single market. He also highlighted that Ukraine is treated as a special case under European Commission regulations and continues to receive support from Europe.
Ryzhenkov stressed that the Carbon Border Adjustment Mechanism, CBAM, represents a major challenge for the sector. While preparations had begun early, he noted that the ongoing war has made large scale investments difficult.
“CBAM poses a significant challenge for us. We were aware of this and started preparations early. In 2021, we announced two decarbonization projects in Ukraine. However, the ongoing war has made large scale investments impossible and weakened our position compared to European competitors. Combined with the global energy crisis, logistical disruptions, and the difficult business environment in Ukraine, CBAM conditions have become even more challenging. Today, this is one of the most urgent issues in EU Ukraine relations,” he said.
Among the proposed solutions, Ryzhenkov suggested postponing CBAM related payments or allocating revenues generated by the mechanism to support the modernization and decarbonization of Ukraine’s industry.
“We are not asking for special treatment, we are asking for time to put our internal processes in order,” he added, noting that work on medium term solutions is ongoing.
Ryzhenkov also stated that Ukraine aims to achieve full EU membership in the coming years, with its steel and mining sectors set to integrate into European industry and contribute to Europe’s decarbonization efforts.
He concluded by emphasizing the importance of the EU and Ukraine viewing each other as partners, adding that the company remains open to cooperation with Europe on new projects.
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