In brief

• Ukraine's parliament approved in first reading bill No. 14327-d, which prepares the country to join the euro payments area SEPA.
• Membership would make euro transfers to 41 SEPA countries cheaper and faster, though a second reading and anti-money laundering alignment are still required.
• Finance Minister Serhiy Marchenko estimates savings of 100 to 200 million euros a year and says the bill must pass by the end of 2026.

Parliament votes in first reading

The Verkhovna Rada has approved in first reading draft law No. 14327-d, which prepares Ukraine for membership in the Single Euro Payments Area (SEPA). Deputies voting for the bill numbered 249 (Мінфін пояснив, чому закон про реєстр банківських рахунків треба ухвалити до кінця 2026 року – Українська правда) (Перекази в євро можуть подешевшати: що змінить система SEPA, за яку проголосували у Раді – TSN) (ВР підтримала у першому читанні приєднання України до Єдиної зони платежів у євро – Espreso) (Рада зробила перший законодавчий крок до приєднання України до SEPA – Українська правда). A second bill, No. 15503, was also considered, with 258 votes cast for it. The text is being prepared for a second reading and must bring Ukrainian law into line with EU law and the criteria of the European Payments Council.

What SEPA would change

SEPA covers 41 countries, including EU members and several non-EU states such as Moldova, the United Kingdom and Switzerland. Ukraine is not yet part of it. Membership would allow euro transfers between participating countries to run almost as quickly and predictably as domestic payments, with fewer extra fees. Under the standard SEPA credit transfer scheme, the full amount is sent without deductions in transit, although each customer may still pay a fee to their own bank.

Finance Minister Serhiy Marchenko has said the savings could reach 100 to 200 million euros a year. He described current transfers as costly and slow, citing fixed fees of 20 euros or 1.5% of the sum per operation.

Anti-money laundering condition

A key requirement is harmonising Ukraine's anti-money laundering and terrorist financing rules with EU legislation (Рада підтримала приєднання до єдиної зони платежів у євро: що зміниться для українців – UNIAN). Marchenko said the Rada must pass the bill in full before the end of 2026, before new EU rules take effect, or Ukraine would lose the chance to adapt under the current framework. The bill also strengthens checks on the transparency and integrity of the owners of financial institutions.

Next steps

After the second reading, banks and payment institutions must still formally join the relevant schemes, and only then will ordinary clients be able to use the service. Officials link the reform to EU accession talks: Prime Minister Serhiy Koretskyi said the European Commission confirmed that Ukraine has met the conditions to open the remaining negotiating clusters.