In brief: Ukraine’s parliament passed a bill on joining the Single Euro Payment Area (SEPA) in its first reading on Nov. 10. The Finance Ministry says membership will speed up payments and save the Ukrainian economy €70-100 million in banking fees. The bill also raises the financial monitoring threshold and is a condition for EU and World Bank support.
Ukraine’s parliament on Tuesday, Nov. 10, took the first step toward joining the Single Euro Payments Area (SEPA), passing a bill in its first reading that brings national financial legislation in line with EU requirements.
Lawmakers approved the revised bill, which the parliament says aligns Ukrainian law with EU acts and the criteria set by the European Payments Council. It described the measure as a key legislative step required for EU accession.
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The bill requires a second reading and later the president’s signature to become law.
SEPA is a shared payment space used by more than 500 million people and businesses in over 41 European countries. This is not to be confused with the Eurozone, a group of EU countries that officially use the euro as their single currency.
According to the ministry’s press release, joining SEPA will make euro transfers faster and free of intermediaries. Fees will range from zero to five euros, and funds will arrive almost instantly. Ukrainian entrepreneurs will also gain full access to the European payments market.
The ministry estimates that Ukraine could retain between €70 million ($78 million) and €100 million ($112 million) annually that is currently spent on bank commissions. It also expects SEPA transfers to add up to 0.3% of Gross Domestic Product (GDP) at purchasing power parity in the first year after launch.
The legislation also introduces changes to Ukraine’s financial monitoring framework.
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It will raise the threshold for transactions subject to mandatory financial monitoring from Hr.400,000 to the equivalent of more than €10,000 ($11,200), or roughly Hr.550,000. The current Hr.55,000 threshold for gambling operations remains unchanged.
A planned registry of bank accounts and deposit boxes will hold only basic information, excluding balances, account activity, and safe contents, which the ministry says protects banking secrecy.
The bill is part of Ukraine’s broader efforts to align its financial regulations with EU and Financial Action Task Force (FATF) standards. The Finance Ministry has also described the reform as critical for securing international financial support, including from the EU and the World Bank.
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