Ukraine plans to implement European financial rules. The Cabinet of Ministers plans to submit an application for the country’s accession to the Single Euro Payments Area (SEPA) by the end of 2027. This is stated in the draft program of activities of the government of Serhiy Koretsky for 2026-2027, which the Prime Minister submitted to parliament on August 17. The Ministry of Finance has been entrusted with the key responsibility for implementing this point of the plan.
EU requirements and tasks for the Ministry of Finance
Joining the euro payments area is part of ensuring the implementation of an effective financial policy of the Koretsky government. The submission of an official application will be preceded by the fulfillment of a number of strict legislative and regulatory requirements of the European Union. This means that the Ministry of Finance must bring Ukrainian legislation into full compliance with EU directives and international standards of the International Group on Combating Money Laundering (FATF). The main emphasis is on strengthening measures to combat money laundering and the fight against terrorist financing.
The basic package of legislative changes necessary to synchronize Ukrainian financial regulations with European ones has already been developed and submitted to the Verkhovna Rada. The adoption of these draft laws by the people’s deputies will be a decisive step that will allow Ukraine to fulfill the EU conditions on time and apply for SEPA membership in 2027.
What will joining SEPA give Ukraine
The Single Euro Payments Area allows for cashless payments in euros between participating countries according to uniform transparent rules, standards and without additional barriers. For Ukraine, integration into this system will be another step towards deeper entry into the European financial space. The entry into force of SEPA rules will allow:
to speed up and simplify cross-border money transfers for Ukrainian citizens;
significantly reduce commission costs and simplify payment logistics for domestic businesses when making payments with European partners.
