The CO2 Border Adjustment Mechanism (CBAM) introduced new obligations for importers of goods into the European Union. From 1 October 2023, a transitional period began during which entrepreneurs must submit quarterly reports on emissions related to imported products. Proper CBAM reporting requires close cooperation with suppliers, and failure to comply may result in financial sanctions or import suspension. The European Commission extended the deadline for the CBAM reporting obligation due to technical problems during the transition period, and no sanctions have been imposed on importers who encountered issues with timely submission.
Source Crowe
