Ukrposhta Hit with Fine
On May 18, 2026, the National Bank of Ukraine (NBU), through its Committee on Banking Supervision and Regulation, imposed a fine of 1.7 million hryvnias on the state postal service Ukrposhta for breaching payment market regulations. The penalty stems from findings during off-site monitoring and an inspection conducted as of November 1, 2025. Ukrposhta has five business days from receiving the decision to pay the fine into the state budget. This action highlights the NBU's ongoing scrutiny of non-bank financial players in Ukraine's evolving payments landscape.
CEO's Response
Ihor Smilianskyi, Ukrposhta's CEO, linked the sanctions to the creation of the planned "Ukrposhta Bank" and announced plans to challenge the NBU's decision in court. He criticized the regulator, stating:
"Can you imagine any country where a regulator publicly questions the competence of an institution's leader based solely on its own opinion, rather than on the outcome of legal and judicial proceedings?"
Smilianskyi added that he has a "strong impression" that certain individuals "skipped lectures on the presumption of innocence."
This is not Ukrposhta's first fine from the central bank. On March 17, 2026, the NBU levied a 255,000 hryvnia penalty, which Ukrposhta paid. The company now intends to contest the new fine in court. The dispute has escalated into a public clash between Smilianskyi and the regulator, signaling tense relations between the state-owned enterprise and Ukraine's financial watchdog.
The fine underscores the regulatory challenges Ukrposhta faces as it navigates stricter oversight. The ongoing conflict between its CEO and the NBU may reflect deeper tensions between state institutions and commercial entities providing financial services. This case could erode user trust in Ukrposhta's payment systems and tarnish the company's market reputation. How the court challenge unfolds may also influence Ukraine's broader financial policy direction.
The ongoing regulatory scrutiny faced by Ukrposhta is not an isolated incident, as the Ukrainian Tax Authority is also intensifying its oversight on financial transactions. Recent court rulings from 2025 have paved the way for the taxation of P2P transfers, raising concerns among users about compliance and potential penalties. For more insights into how these developments may affect the financial landscape, read about the taxation of peer-to-peer transactions.