The Verkhovna Rada supported Ukraine's accession to the euro payment area

On November 10, the Verkhovna Rada approved in principle two bills necessary for Ukraine’s accession to the Single Euro Payments Area (SEPA). 

This is expected to simplify international money transfers, reduce processing times, and lower bank fees.

The first bill, No. 14327-d, was approved by 249 members of parliament, while the second, No. 15503, was supported by 258 lawmakers.

After joining SEPA, euro transfers between Ukraine and European countries will be faster, involve fewer intermediaries, and follow uniform rules. According to estimates by the Ministry of Finance, the fee for such transactions could range from 0 to 5 euros. It is expected that Ukraine will be able to save 70–100 million euros annually, which is currently spent on bank fees.

In addition, the draft laws provide for changes in the area of financial monitoring. Specifically, the threshold for mandatory monitoring is planned to be raised from 400,000 to 550,000 hryvnias. For gambling, it will remain at 55,000 hryvnias.

The bills also call for the creation of a registry of bank accounts and personal safe deposit boxes held by individuals. The registry will record information about the account holder and the financial institution, but will not include account balances or transaction history. Only authorities authorized by law will have access to the registry in specific cases.

Certain provisions concern the verification of ultimate beneficial owners of financial institutions, as well as the introduction of mechanisms to protect whistleblowers of financial crimes.

Joining SEPA should simplify settlements between Ukrainian businesses and their European partners, reduce the cost of international payments, and make money transfers more accessible to citizens.

However, on November 10, parliament only approved the draft laws in principle. Further legislative proceedings are required for the final adoption of the documents.

The European Central Bank has called for raising public awareness about the Single Euro Payments Area (SEPA), as households in Southeast Europe continue to use expensive money transfer services.

The Verkhovna Rada is preparing to consider government bill No. 14327, which is intended to formally bring Ukraine closer to the Single Euro Payments Area (SEPA). At the same time, it provides for a significant expansion of financial oversight.

Earlier, the Cabinet of Ministers submitted a bill to the Verkhovna Rada that is necessary for Ukraine’s accession to the Single Euro Payments Area (SEPA). The document is part of the European integration process, according to the Ministry of Finance.