Ihor Smilianskyi Found Unfit for Professional Standards by Regulator
Ukraine’s central bank, the National Bank of Ukraine (NBU), has declared that Ihor Smilianskyi, the CEO of the state postal service Ukrposhta, does not meet the required professional standards and has ordered the company to replace him. The decision was made by the NBU’s Committee on Supervision and Regulation of Banking Activities and Payment Infrastructure Oversight. Because Ukrposhta holds an NBU license to provide financial payment services, the regulator had the authority to review the executive’s qualifications.
The investigation was launched following supervisory actions covering Ukrposhta’s operations from 2023 to 2026. Previously, the NBU had imposed fines on the company for violations related to payment services, financial monitoring, and deficiencies in risk management and internal controls. The NBU’s Qualification Commission interviewed Smilianskyi and reviewed collected evidence, concluding that 'the leader lacks sufficient knowledge of legal requirements, understanding, and experience in properly applying the norms necessary for managing the company, financial monitoring, and risk control.'
Ukrposhta’s Obligations After the NBU Decision
As a result, the company’s governing body must suspend Smilianskyi from his duties within five business days. Ukrposhta is then required to appoint a new CEO who meets the regulatory standards within two months.
- In February 2024, the company was already fined over 17 million hryvnias for financial monitoring violations.
- In 2026, three additional fines were issued: 255,000 hryvnias, 1.7 million hryvnias, and nearly 2.5 million hryvnias for violations in the payment market and shortcomings in corporate governance.
This development underscores the importance of adhering to regulatory requirements in Ukraine’s financial sector, especially as Ukrposhta actively expands its payment services. The suspension of Ihor Smilianskyi may serve as a warning to other enterprises about the need to improve management practices and legal compliance to avoid sanctions from the National Bank. Appointing a new leader who fully meets all qualifications is critical to restoring trust in Ukrposhta and ensuring stability in its operations.
This decision by the NBU has sparked significant backlash, with Smilianskyi himself responding to the criticism from the central bank. His remarks highlight the ongoing tensions between Ukrposhta and the NBU, as he accuses the regulator of undermining the company's operations. To understand this conflict more deeply, read about how the postal chief has reacted to the central bank's actions.