Financial Penalty Imposed on Ukrposhta
The National Bank of Ukraine (NBU) has levied a fine of 2,544,900 hryvnias (approximately $62,000) against the state-owned postal operator, Ukrposhta, for violations related to payment services and consumer protection laws. This penalty follows a scheduled inspection conducted by the NBU's Supervision Department from November 2025 through January 2026, which uncovered breaches in regulations governing the payment market and consumer rights.
Reasons for the Fine and Required Actions
The fine was issued for non-compliance with several regulatory frameworks, including:
- Ukraine's Law on Payment Services
- Instructions on organizing cash operations at banks and executing payment transactions by service providers
- Rules on the storage, protection, use, and disclosure of payment service provider secrets
- Regulations on the issuance and acquisition of payment instruments
Under the NBU's directive, Ukrposhta must pay the penalty within 14 calendar days of receiving the decision from the Supervision Committee.
Additionally, the central bank has ordered Ukrposhta to rectify all identified violations by September 30 of the current year. Ihor Smiliansky, the company's CEO, has been deemed professionally unfit for his position. The company's governing body is required to suspend him from his duties within five business days and appoint a new head within two months.
The NBU stated: 'As a result of the scheduled inspection of Ukrposhta, conducted by the National Bank of Ukraine's Supervision Department from November 2025 to January 2026, violations were found in the requirements of legislation regulating activities in the payment market and consumer protection laws during the provision of payment services.'
Ihor Smiliansky described the situation as 'remaining difficult.'
This enforcement action serves as a critical warning to financial institutions in Ukraine about the importance of adhering to payment service regulations. Non-compliance can lead not only to financial penalties but also to severe repercussions for company leadership. As a major player in the payment market, Ukrposhta must take urgent corrective measures to protect its reputation and financial stability from further harm.
The recent actions by the National Bank of Ukraine have raised significant concerns regarding the leadership at Ukrposhta. Following the imposition of a substantial fine and the decision to declare CEO Ihor Smiliansky unfit for his role, the central bank is demanding immediate changes in the company's management. For more insights into the NBU's expectations and the implications for Ukrposhta, read more about the call for the CEO's dismissal.