Ukraine is approaching the European SEPA payment system: the Rada supported the draft law

The Verkhovna Rada of Ukraine supported in the first reading the bill necessary for the country’s accession to the Single Euro Payments Area (SEPA). In the future, this will allow Ukrainians to make international transfers in euros faster and with lower costs.

On November 10, the people’s deputies supported the bill No. 14327-d as a basis. 249 parliamentarians voted for the relevant decision.

What will change for Ukrainians

Ukraine’s accession to SEPA should simplify international payments in euros and bring the Ukrainian financial system closer to European standards.

It is expected that after the implementation of the necessary changes, Ukrainians will receive the following benefits:

Faster international transfers. Payments in euros between Ukraine and SEPA member countries will become simpler.
Reduction in transfer costs. Unification of payment procedures may contribute to reducing commissions.
Unified payment rules. Financial transactions will be carried out in accordance with common European standards.
More convenient settlements with Europe. This will create additional opportunities for citizens and businesses making cross-border payments.

At the same time, specific tariffs and transfer conditions will depend on banks and payment institutions.

Control over financial institutions will be strengthened

The draft law also provides for strengthening the requirements for transparency and integrity of owners of financial institutions.

Such changes are part of the approximation of Ukrainian legislation to the requirements of the European Union.

When will Ukraine join SEPA

Work on Ukraine’s accession to the Single Euro Payments Area has been ongoing for several years.

In particular, in July 2022, the National Bank of Ukraine began relevant negotiations, and in April 2025, the Cabinet of Ministers approved a draft law on fulfilling EU requirements for joining SEPA.

Currently, draft law No. 14327-d has been adopted only as a basis. In order to enter into force, it must undergo further legislative procedure.

Ukraine’s accession to SEPA will also require the fulfillment of relevant requirements and the completion of the accession procedure.

Thus, the simplification of transfers in euros remains a prospect for now, and not a change that has already begun to take effect for Ukrainian bank customers.