Ukraine is preparing to join the SEPA euro payment zone: what it will give

The government of Ukraine has approved a package of draft laws for joining the single euro payments area SEPA. This will allow for quick transfers in euros between Ukraine and 36 European countries without additional fees, the Ministry of Finance reported, writes UNN.

Details”The government has approved a package of draft laws regarding Ukraine’s fulfillment of EU requirements for joining the SEPA banking euro payments system,” the statement said.

The purpose of the draft laws is to bring Ukrainian legislation in the field of preventing and combating money laundering and terrorist financing into compliance with EU law. This is a mandatory condition for ensuring the submission of an official application for Ukraine’s accession to SEPA (Single Euro Payments Area).

Ukraine’s accession to SEPA will allow citizens and businesses to make transfers in euros between 36 European participating countries extremely quickly, without additional fees and according to clearly established rules

After adoption by the Verkhovna Rada and further signing of the agreement – as noted in the Ministry of Finance, “financial borders with the EU will be erased”. 

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