Overview of the Sens Bank Situation
The National Bank of Ukraine (NBU) has responded to inquiries from the Verkhovna Rada’s Temporary Investigative Commission concerning ongoing supervision and inspections at Sens Bank. The focus is on regulatory oversight measures, investigations involving senior officials, the status of legal proceedings, and the division of authority between the regulator and the bank’s owner.
In May 2026, the NBU launched an investigation into whether Mykola Hladyshenko, Chairman of Sens Bank’s Supervisory Board, met independence criteria. Hladyshenko voluntarily stepped aside during the review process. Law enforcement bodies, including the National Anti-Corruption Bureau (NABU) and the Specialized Anti-Corruption Prosecutor's Office (SAPO), did not share pre-trial investigation materials with the NBU citing investigative confidentiality. Following new disclosures related to the "Forest Gump" operation, the NBU determined that Hladyshenko failed to meet independence requirements and demanded his removal. According to legislation, the power to suspend bank executives rests with the owner—the state, represented by the Cabinet of Ministers of Ukraine.
Administrative Actions and Ongoing Reviews
Simultaneously, in May 2026, the NBU initiated an administrative review of Oleksii Stupak, Chairman of Sens Bank’s Management Board, to evaluate his professional qualifications. Stupak is scheduled for an interview before the NBU’s Qualification Commission on August 26, 2026. Between 2023 and 2025, the NBU uncovered indications of a covert management structure within Alfa-Bank prior to its nationalization, suggesting possible involvement of Stupak in secret decision-making.
Additionally, the absence of state representatives on Sens Bank’s Supervisory Board complicates personnel decisions. The NBU has opened an administrative proceeding to assess the collective suitability of the bank’s supervisory board and is conducting unscheduled inspections focused on potential interference with automated systems and compliance with financial monitoring regulations. For example, a 150 million UAH collateral linked to former Energy Minister Herman Halushchenko passed through the bank’s financial monitoring system and will be subject to further NBU scrutiny.
It is important to highlight that the NBU does not have direct access to banks’ automated systems and cannot influence their operations or approve transactions. The responsibility to monitor financial activity and halt suspicious transactions lies with the banks themselves. Furthermore, the NBU lacks authority to directly remove bank employees, including L. Snihur, head of Sens Bank’s Financial and Currency Monitoring Department. Under the law enacted on February 22, 2024, when the supervisory board is incomplete, the Cabinet of Ministers, as shareholder, exercises its powers.
As the NBU emphasizes, "Responding to public information is not the same as removing someone from their position."
The NBU supports the government’s initiative to suspend Oleksii Stupak from his role as head of Sens Bank’s management board. The regulator acts only on verified facts rather than assumptions and makes decisions within its legal mandate. The NBU stresses that it "does not have the authority to directly dismiss any bank employee," and insists that all interventions must be legally justified and able to withstand judicial scrutiny.
The developments surrounding Sens Bank highlight the critical role of supervisory oversight and transparency within Ukraine’s banking sector. The NBU’s actions in addressing identified violations are part of its broader strategy to safeguard financial system stability and protect depositors’ interests. At the same time, the issue of leadership changes in banks remains pivotal, as public trust in financial institutions depends heavily on effective governance and accountability.
As the National Bank of Ukraine continues its scrutiny of Sens Bank's leadership, the government's recent push to accelerate the sale of the institution highlights the urgency of compliance checks. This ongoing situation is further complicated by the revelations surrounding the bank's management structure. For a deeper understanding of the implications of these developments, see how the government is working to expedite the sale of Sens Bank amid new NBU oversight.