Zheleznyak named the reason why Ukraine has not yet joined the SEPA payment system

Ukraine could reduce the cost of euro transfers by almost 18 times after joining the Single Euro Payments Area (SEPA). However, the relevant draft law has stalled in the Verkhovna Rada due to disputes over financial monitoring and law enforcement access to citizens' data. Yaroslav Zheleznyak described this on the YouTube channel 'Iron MP'.

According to the deputy, transferring 1000 euros from Ukraine to Europe currently costs around 20 euros. In Moldova, a similar operation after joining SEPA costs approximately 1.11 euros.

How much Ukraine loses by not joining SEPA by 2026

SEPA allows for euro transfers between participating countries quickly and with minimal fees. The system is used by citizens and companies in over 40 European countries.

According to Zheleznyak’s data, after Moldova's accession, the average fee for transfers decreased by almost 18 times. In nine months, 11.6 million euros remained in the Moldovan economy, which was previously spent on banking payments. The number of cross-border transactions in euros increased by 77%.

Ukrainians and businesses are estimated to spend between 70 to 200 million euros annually on such fees. Monthly losses amount to approximately 6-17 million euros.

Joining SEPA should bring:

• cheaper transfers between Ukraine and Europe;
• faster settlements for citizens and companies;
• savings for labor migrants and their families;
• simplification of trade with EU countries;
• bringing Ukraine's financial system closer to European rules.

The Ministry of Finance states that the adoption of necessary legislative changes is a prerequisite for Ukraine to apply for membership in SEPA.

Why the SEPA draft law stalled in the Verkhovna Rada in the summer of 2026

The main dispute arose over strengthening financial monitoring and creating a register of bank accounts and safes. Zheleznyak believes that broad access for law enforcement to this information creates risks of data leaks and pressure on businesses.

The deputy also cited the example of his colleague Olga Vasylevska-Smahlyuk. According to him, PrivatBank blocked her transfer of 100 UAH to her daughter due to a partial match of the deputy's name with the data of another politically significant person.

Zheleznyak is a co-author of an alternative project. He proposes to postpone the creation of the register of accounts and safes until Ukraine joins the EU and to hold a transparent competition and reset the State Financial Monitoring before expanding the powers of financial intelligence.

The parliamentarian claims that a compromise on the draft law was possible, but it was blocked due to disagreement with resetting the State Financial Monitoring. According to Zheleznyak, President Volodymyr Zelensky allegedly opposed this. There is no official confirmation of this statement.

The draft law No. 14327-d on Ukraine's accession to SEPA was registered on April 6, 2026. The relevant committee recommended that the Verkhovna Rada adopt the document as a basis, but the parliament has not yet adopted it.