Ukraine risks losing $1,4 billion due to SEPA accession delay: what’s happening in the Rada

Cheaper transfers and billions in aid: why the parliament has not yet passed the SEPA bill

The Verkhovna Rada has still not passed bill No. 14327-d, necessary for Ukraine’s accession to the euro single payments area SEPA. Fulfillment of this condition determines international financing, and after integration Ukrainians and businesses will be able to save on international transfers. At the same time, parliamentary debates have arisen regarding financial monitoring and the future register of bank accounts, reports

Bill No. 14327-d provides changes to Ukrainian law to align with EU norms and criteria of the European Payments Council. The document was registered on 6 April 2026 of the year. According to the bill’s official card on the Verkhovna Rada website, it awaits consideration.

As noted by RBC-Ukraine, delaying the adoption of the document could affect receipt of about 1,4 billion dollars of international financing. It concerns funds within the Ukraine Facility program from the European Union and the World Bank’s DPL-2 program.

Economist Bogdan Slutsky of the Center for Economic Strategy estimates potential EU financing at almost 400 million dollars, and from the World Bank – about 1 billion dollars. Meanwhile, MP from “Servant of the People” Olga Vasylevska-Smaglyuk calls the sum in jeopardy for the DPL-2 program at 800 million dollars.

According to the deputy, Ukraine did not meet the corresponding condition within the previous DPL-1 program, but the World Bank agreed to move it to the next stage. Now, as Vasylevska-Smaglyuk asserts, failure to meet the requirement could mean a loss of financing.

What joining SEPA will change

SEPA is a single euro payments area that enables cross‑border transfers under standardized rules. For Ukrainians, joining SEPA will mean potentially lower transfer costs to European countries, and for business—reduced costs of settlements with foreign partners.

According to the Finance Ministry as cited by RBC-Ukraine, Ukraine could save on commissions 70–100 million euros per year. Other estimates reach 200 million euros.

Currently a transfer of 500 euros from Ukraine to a bank account in Poland may cost 15–50 euros. After SEPA integration, commissions, depending on the bank’s conditions and the operation type, could drop significantly.

Beneficiaries of the changes will also be Ukrainians abroad who help relatives or pay for education. For exporters, cheaper settlements mean lower transactional costs and better terms for operating in the European market.

According to Vasilevska-Smaglyuk, 57 from 59 Ukrainian commercial banks are already technically ready to join. At the same time, the National Bank notes that most institutions may need another 6–12 months for technical onboarding after Ukraine joins SEPA. A separate period is required for an application review by the European Payment Council.

Why the bill is stalling

One reason for parliamentary disputes were provisions on financial monitoring. According to Vasilevska-Smaglyuk, some MPs insist on personnel changes in the State Financial Monitoring Service or tie support for the document to questions about the leadership of the National Bank.

In particular, members of the Holos faction, per RBC-Ukraine, are demanding a competition with the participation of international experts for the head of the State Financial Monitoring Service. Vasilevska-Smaglyuk considers such requirements inappropriate within the SEPA accession bill, as personnel procedures should be regulated by separate documents.

As a compromise, she says, the bill includes provisions for an international audit of the State Financial Monitoring Service. However, disputes over the reform persist.

The deputy also links part of the resistance to lawmakers’ concerns about financial monitoring rules and the status of politically exposed persons (PEP). At the same time, such explanations reflect her position and are not independently corroborated motives of all MPs who do not support the document.

Does the register threaten banking secrecy

Another contentious element of the bill is the creation of a single register of bank accounts and safes. Critics fear that it could broaden government access to citizens’ financial information.

Vasilevska-Smaglyuk rejects these concerns. As she explains, the register will contain basic information about the account holder, the bank, and the existence of an account or safe, but not information about balances or money movements.

The register will be administered by the Ministry of Finance, and access to the data will be provided to authorised state bodies in defined legal cases. The National Bank also stresses that information will retain banking secrecy.

At the same time, the practical functioning of the system will depend on the adopted norms, the access rules to information, and the technical readiness of responsible institutions.

Why it’s important not to delay the reform

According to Bogdan Slutsky, launching SEPA in 2028 year is already an optimistic scenario. After the bill is passed, Ukraine must submit and process the application, and banks must complete integration into the payment system.

An additional factor is the approach of 10 July 2027 year, when the core requirements of the new EU Regulation 2024/1624 on anti‑money laundering will start to apply. According to participants in the discussion, later accession may require more complex legal adaptation.

Thus, the delay in considering the bill creates risks both for Europe‑level financial integration of Ukraine and for obtaining international aid. At the same time, final SEPA accession timelines will depend not only on parliamentary votes but also on subsequent procedures and the readiness of financial institutions.

As a reminder, the Verkhovna Rada did not hold plenary sessions for 26 days—from 17 September to 13 October. MP Yaroslav Zelenskyk criticized the decision amid the difficult state of public finances and the need to pass laws related to Ukraine’s international financing.