Ihor Smilianskyi Ruled Unfit for Role as Ukrposhta CEO by Ukraine's Central Bank

Smilianskyi Declared Professionally Unqualified

According to Главком: Ukraine's National Bank (NBU) has determined that Ihor Smilianskyi, the CEO of state-owned postal operator Ukrposhta, does not meet the required professional standards for his position. The decision was made by the NBU's Committee on Banking Supervision and Regulation after reviewing identified violations within Ukrposhta's operations and conducting an interview with the executive. Officials noted that Smilianskyi failed to demonstrate sufficient knowledge of relevant legislation and regulatory frameworks.

Violations and Consequences

The infractions flagged by the central bank span several critical areas, including:

• corporate governance
• internal controls
• financial monitoring
• risk management

Under the ruling, Ukrposhta's governing body must suspend Smilianskyi from his post within five working days. The company has also been given two months to appoint a new leader.

It is worth noting that between 2023 and 2026, Ukrposhta faced repeated enforcement actions for breaches related to payment services, financial monitoring, and deficiencies in its risk management and internal control systems. In March 2026, the NBU declared the company's corporate governance and internal control frameworks inadequate, further underscoring a long-running dispute between Ukrposhta's management and the central bank.

The conflict has been unfolding for several months, with Smilianskyi openly criticizing the stance of NBU Governor Andriy Pyshnyi. In late March, the NBU raised doubts about Smilianskyi's professional competence after Ukrposhta announced plans to appeal a fine. A central point of contention between the two sides has been the proposed creation of a financial inclusion bank based on assets transferred to Ukrposhta's management.

Smilianskyi has rejected the NBU's assessments of the company's corporate governance, development strategy, and management systems, insisting that Ukrposhta continues to pursue modernization, logistics automation, and the expansion of new business lines. This situation has raised concerns among the company's employees and customers, as a leadership change could affect Ukrposhta's stability and future growth.

The removal of Ihor Smilianskyi as Ukrposhta's CEO highlights persistent governance issues within the company and its strained relationship with the National Bank. The case underscores the importance of adhering to regulatory requirements in corporate governance and financial monitoring-critical factors for ensuring the stability of financial institutions. How events unfold next could significantly impact Ukrposhta's reputation and the trust clients and partners place in its services.

The recent ruling against Ihor Smilianskyi highlights ongoing concerns about governance in Ukraine's financial sector. This situation parallels warnings from the National Bank of Ukraine regarding the risks associated with dismantling supervisory boards in financial institutions. For a deeper understanding of how these governance issues could impact the stability of banks, read more about the risks posed by removing oversight.