On 9 November 2026, the National Bank of Ukraine deemed the business reputation of five financial companies and three of their majority shareholders to be less than impeccable, due to identified links with Russia and the provision of inaccurate information to the regulator. The companies include the well-known online lending service Miloan, «Krediplus» and the pawnbroking operator «Blago». The NBU’s decision was reported by the Interfax-Ukraine news agency on 10 November. The regulator has announced further response measures, but has not yet announced any licence revocations.
- The NBU has found that the reputation of five financial companies and three of their owners is not beyond reproach.
- The decision concerns Miloan, «Krediplus», «Finmar», «BLG Microfinance» and «Doncredit».
- The reason for this was the confirmed Russian citizenship of a representative of the Swiss company Bredley CH AG.
- The regulator also established that inaccurate information had been provided.
- The NBU is preparing further measures, but has not announced any licence revocations.
Which financial companies are affected by the NBU’s decision?
The National Bank has published a list of five institutions whose business reputation it has deemed to be less than impeccable:
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BLG Microfinance Ltd.
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CreditPlus Financial Company Ltd.
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Miloan Ltd. (Miloan).
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Finmar FC Ltd.
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PT «Donkredit» is the operator of the «Blago» pawnbroking chain.
A similar decision applies to three owners with a significant shareholding: Rodion Butka, the Swiss company Bredley CH AG and Bereg-Group LLC.
One of the grounds was confirmed Russian citizenship Kateryna Tattersall, who was a member of the board of directors of Bredley CH AG.
According to the NBU, specialised state agencies confirmed this information following a journalistic investigation by the «Schemes» project (Radio Free Europe/Radio Liberty).
What journalists have uncovered about financial companies’ links with Russia
In August 2026, journalists from «Schemes» published an investigation into the links between Rodion Butko’s Ukrainian microcredit and pawnbroking business and Russia.
In particular, they established that Kateryna Tattersall, who was listed in corporate documents as a citizen of Switzerland, also holds a Russian passport.
Journalists verified the information using Russian state-run online services and documents. The relevant details were subsequently confirmed by the competent Ukrainian authorities.
National Bank It also found that five financial companies, Rodion Butko and Bredley CH AG had provided false information regarding Tattersall’s lack of citizenship or tax residency in the Russian Federation.
Bredley CH AG had previously denied that Rodion Butko and his companies control Russian legal entities or derive income from their activities. At the same time, the company did not respond to journalists’ questions regarding Tattersall’s Russian citizenship.
Following the publication of the investigation, Tattersall stepped down from the board of directors of the Swiss company.
What will happen to Miloan, «Creditplus» and other companies?
A finding that a business’s reputation is not beyond reproach may provide grounds for further regulatory action, including consideration of the revocation of licences.
However, this does not mean that financial institutions will automatically cease operations.
The National Bank has stated that it will take further action, but has not yet announced any specific decisions regarding licences.
Miloan is a company that attracts particular attention; it is included in the list of 53 significant financial companies in Ukraine, compiled by the NBU in January 2026.
According to the regulator, in the first half of 2026, Miloan’s revenue from financial services rose by 31.2 per cent to 1.17 billion hryvnias. The company’s net profit increased by 55.6 per cent to 40.1 million hryvnias.
The NBU’s decision does not, in itself, cancel existing loan agreements or exempt customers from fulfilling their financial obligations.
As at 10 November 2026, the National Bank had officially recognised that the business reputation of five financial companies and three of their owners was not beyond reproach. The next stage will involve measures to be taken by the regulator, the nature and timing of which have not yet been determined.
