Clarification from Ukraine's Central Bank
The National Bank of Ukraine (NBU) has issued a detailed explanation regarding its decision that Ukrposhta CEO Ihor Smilianskyi does not meet professional fitness requirements. The administrative proceedings were launched in November 2025, based on supervisory actions conducted on the state postal operator between 2023 and 2026. The ruling against Smilianskyi was unanimous, passed by two separate NBU collegial bodies: the Qualification Commission and the Committee on Banking Supervision and Regulation.
Financial Performance and Governance Issues
Ukrposhta has not submitted any documents to obtain a banking license, highlighting the context around the company's financial service ambitions. The concept of establishing a financial inclusion bank—a topic of public discussion—originated from members of the Ukrainian parliament. The NBU also secured commitments regarding this financial inclusion bank in a Memorandum with the International Monetary Fund.
- In 2025, the company recorded an operational loss exceeding 400 million Ukrainian hryvnias.
- Ukrposhta also posted a loss in the first quarter of 2026.
- It remains the only state-owned critical infrastructure operator without a functioning supervisory board.
In March 2026, the regulator raised concerns about the CEO's competence. The NBU ordered Ukrposhta to remove Smilianskyi from his leadership role within five business days and to appoint a new director within two months. The central bank further stated that
“allegations of personal motives or an attempt to block the creation of a financial inclusion bank are unfounded”- National Bank of Ukraine.
This situation highlights not only Ukrposhta's internal struggles but also broader challenges facing Ukraine's financial system. The removal of the CEO and the need to appoint new leadership signal serious governance problems at the company, potentially hindering its ability to launch new initiatives like the financial inclusion bank. It is critical for Ukrposhta to take steps to restore trust with both the regulator and the public to ensure the stability and growth of its financial services.
The recent developments at Ukrposhta raise significant questions about the company's leadership and its future direction. In light of the National Bank's directive regarding Ihor Smilianskyi, it is crucial to examine the broader implications of these governance issues. For a deeper understanding of the circumstances surrounding the CEO's suspension and the financial penalties involved, see our detailed coverage on the National Bank's demand for leadership changes at Ukrposhta.