Rada announces conditions for Ukraine's accession to SEPA
The adoption of the law on Ukraine's accession to the Single European Payments Area (SEPA) with the provision that it will come into force after Ukraine's accession to the European Union was announced at a meeting of the Coalition Council.
This was announced by MP Olha Vasylevska-Smahliuk (Servant of the People) during Cashless Day 2025: European Integration Track, Ukrainian News Agency reports.
"Danylo Hetmantsev proposed at a meeting of the Coalition Council to adopt the law on SEPA with the provision that it will come into force at the time of Ukraine's accession to the European Union," she said.
The drafting of the SEPA bill was prepared for about six months with the participation of the Ministry of Finance, the National Bank of Ukraine, market participants and specialized associations and received a positive opinion from experts from the Council of Europe.
However, as the MP noted, the document was withdrawn after the change of government.
SEPA (Single Euro Payments Area) is a European payment standard that allows fast, secure and low-cost cashless transfers in euros between banks in 36 European countries as if it were a domestic payment within the same country, without hidden fees or delays, using a single set of rules and format (including IBAN).
The system includes EU countries and several others, simplifying transactions between them and making international transfers in euros as easy as domestic ones.
Main disadvantages:
- Limited coverage area: The system only works in the European Economic Area (EEA) and a few other European countries, which limits its use outside this region.
- Currency restrictions: Transfers are made exclusively in euros, which may require additional conversion if your main currency is different and may result in losses.
- Error fees: If you mistakenly enter incorrect details (IBAN), the bank may charge a penalty for the failed transfer, which leads to additional costs and delays.
- Potential limits: While the general limit for SEPA Instant is EUR 100,000, your bank may set its own lower limits for security, which limits large transfers.
- Not all banks support: Although it is rare, some banks in Europe may still not fully support SEPA payments or charge additional fees.
As Ukrainian News Agency earlier reported, Ukraine has committed to extending the statute of limitations in corruption cases in 2026 and abolishing the automatic closure of criminal cases due to the expiration of pre-trial investigation periods in order to join the European Union.