The NBU explained what lies ahead for Ukrposhta after it failed to fire Smiliansky
The National Bank of Ukraine has responded to the failure to comply with its order to dismiss Ukrposhta CEO Igor Smelyansky by preparing a series of new measures to enforce regulatory requirements.
Although the five-day deadline for removing the CEO from office expired on June 30, the company’s head continues to perform his duties, forcing the regulator to reconsider its strategy for addressing the situation.
The National Bank has officially stated that it does not consider this turn of events unexpected, as it was prepared for such resistance from the company’s management.
According to an anonymous high-ranking source at the NBU, the regulator is currently engaged in active dialogue with the government and the Ministry of Community and Territorial Development, which is a shareholder of Ukrposhta.
“The lack of a decision regarding Smelyanskiy’s resignation did not come as a surprise to us. We understood that such a decision might be made. At the same time, we are currently in dialogue with the government and the ministry and are discussing possible options for our next steps with them,” said the source at the NBU.
Among the potential measures being considered by the regulator, the top priority is issuing a second order, this time directed specifically at the relevant ministry.
If this step also fails to yield results, the next step could be the suspension or complete revocation of Ukrposhta’s payment license, which would have extremely negative consequences for the national postal operator’s operations.
The regulator also hints at upcoming legislative initiatives designed to prevent such disregard for the supervisory authority’s requirements in the future.
Representatives of the NBU attribute the government’s lack of response to the previous order to “the loyalty that Smiliansky enjoys among representatives of the Cabinet of Ministers.”
The conflict began on June 23, when the NBU ordered Ukrposhta to dismiss Igor Smiliansky for failing to meet professional competence requirements.
After conducting interviews and analyzing documentation, the regulator’s commission concluded that the CEO lacked the necessary level of knowledge of legislation and regulatory requirements needed to manage a company that provides payment services.
This harsh decision was prompted by the results of the NBU’s supervisory activities for the 2023–2026 period, during which Ukrposhta was repeatedly subject to fines and written warnings.
The regulator identified systematic violations in the area of financial monitoring, shortcomings in risk management, and problems with internal controls.
“The National Bank has initiated a procedure to assess whether Ukrposhta’s CEO, Mr. Smiliansky, meets the requirements for professional competence based on the results of the NBU’s supervisory activities regarding the company’s operations from 2023 to 2026. During this period, the regulator imposed enforcement measures on Ukrposhta on several occasions (written warnings and fines) due to violations in the areas of payment services and financial monitoring, as well as deficiencies in the risk management and internal control systems,” the NBU emphasized.
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