Updated

On Wednesday, 20 November, a bilateral meeting between Ukraine and the European Commission started in Brussels, Belgium, within the framework of the screening meeting dedicated to the negotiating Chapter 4 – Free Movement of Capital, which is part of the second cluster “Internal Market”.

In her speech, the Chief Negotiator, Deputy Prime Minister for European and Euro-Atlantic Integration and Minister of Justice of Ukraine Olha Stefanishyna noted that free movement of capital was essential to promote economic growth, attract investment and ensure the financial stability of the country. Ukraine is determined to bring its national legislation in line with EU law in this area, as well as to implement it in a timely and effective manner.

“In the almost 10 years since the signing of the EU-Ukraine Association Agreement, this commitment remains unchanged. And this commitment is also consistent with Ukraine’s goal of joining SEPA. In this regard, let me confirm that Ukraine adopts the EU acquis on free movement of capital. Even in the context of a full-scale war, we are making significant efforts to implement EU law and lift war-related restrictions, striving for accelerated integration with the EU in this area and accession to SEPA,” Olha Stefanishyna said.

She expressed hope that the fruitful work of the delegations within the framework of the second cluster screening would facilitate its opening in 2025.

Deputy Governor of the National Bank of Ukraine Sergiy Nikolaychuk thanked the European partners for supporting Ukraine on its way to joining the EU internal market and noted the high level of preparation of the Ukrainian delegation.

Chapter 4 – Free Movement of Capital, covers such issues as rules and restrictions on capital movements within the EU, between Member States and third countries, regulation of cross-border payments and execution of payment orders in respect of securities. The Ukrainian delegation will also present anti-corruption measures aimed at preventing and combating money laundering.

Representatives of the National Bank of Ukraine, the Ministry of Economy, the Ministry of Finance, and the Government Office for Coordination of European and Euro-Atlantic Integration, including First Deputy Minister of Economy Oleksii Sobolev, Deputy Governors of the National Bank of Ukraine Yuriy Heletiy and Oleksii Shaban, Member of the National Securities and Stock Market Commission Maksym Libanov, Director of the Department for Coordination and Monitoring of the Ministry of Finance Yuriy Konyushenko, and others, are participating in the event both offline and online.

Background

The Single Euro Payments Area (SEPA) is a payment area within which customers can make non-cash payments in euros via credit transfer and direct debit anywhere in the European Union, as well as to a number of non-EU countries, quickly, securely and efficiently. The SEPA region comprises 36 European countries, including a number of countries that are not part of the euro area or the European Union.