The NBU is demanding that Igor Smiliansky be dismissed from his post as Chief Executive of Ukrposhta

The National Bank of Ukraine (NBU) has ordered the Ministry of Development to dismiss Ihor Smiliansky from his post as Chief Executive of JSC «Ukrposhta» on the grounds that he does not meet the professional requirements.

The NBU is calling for the dismissal of the head of Ukrposhta

The National Bank of Ukraine (NBU) has decided to suspend Ihor Smilianskyi from his post as Chief Executive Officer of JSC «Ukrposhta». The regulator found that he did not meet the professional suitability requirements for a director of a financial payment services provider. The NBU instructed the JSC’s authorised body – the Ministry of Development – to suspend Smiliansky from his post for five working days and appoint a new head within two months.

The procedure to assess the professional suitability of the head of «Ukrposhta» began following supervisory measures concerning the company’s activities in 2023–2026. The NBU noted that during this period, «Ukrposhta» had repeatedly been subject to enforcement measures in the form of written warnings and fines due to breaches of requirements in the areas of payment services and financial monitoring, as well as shortcomings in its risk management and internal control systems.

The NBU Qualifications Committee has concluded that Igor Smelyansky has not demonstrated a sufficient level of knowledge of the legislation or the practical experience required to apply it correctly in order to ensure corporate governance, internal control, financial monitoring and risk management within the company. The NBU considers that the new head must meet the established requirements regarding professional competence.

Context of the situation

The NBU has the legal right to demand the removal of the head of JSC «Ukrposhta» from office, acting in its capacity as a financial market regulator rather than as a direct employer. «Ukrposhta» is not only a postal operator but also a major provider of financial payment services, including pension payments and money transfers, for which the company holds a licence from the NBU. Under the Law «On Payment Services», the NBU is obliged to monitor risks and assess the professional suitability of the heads of all licensed financial institutions.

In March this year, Ukrposhta paid a fine of 255,000 UAH, stating its intention to challenge it in court. The company considers the demands NBU as unlawful and exceeding the regulator’s remit. The NBU, for its part, points to the company’s lack of adequate corporate governance, internal control and risk management systems, emphasising the need to establish a fully functional supervisory board. The Ministry of Economy has already announced the selection of five independent members for Ukrposhta’s supervisory board.

«Ukrposhta» – the national postal operator, with over 4,600 fixed and 1,900 mobile branches, employing around 25,000 staff. In January–March 2026, the company recorded a net loss of 204.8 million UAH, which is 1.1 million UAH more than in the same period last year, and 136 million UAH (40%) less than planned. The company attributes these results to the impact of Russian aggression, the loss of markets and assets, stagnation in domestic demand, delays in the roll-out of new services, and the shift of some pensioners to banking services.