The nationalization of Sens Bank was initiated due to concerns over financial stability and the inability of sanctioned shareholders to maintain the institution’s capital levels. This decision was confirmed by the National Bank of Ukraine (NBU) following a meeting of the temporary investigative commission of the Verkhovna Rada on May 5, 2026.
During the discussions, the focus was on the operations of Sens Bank and references to the so-called “Mindyich tapes.” The NBU reiterated that the nationalization was necessary to safeguard depositors and the broader financial system after sanctions were imposed on the bank’s shareholders, which restricted their capacity to sustain required capital levels.
From March 2022 to July 2023, the bank’s capital decreased by 50%, contrasting with a 29% increase in capital among other systemically important banks. The NBU emphasized that the circumstances raised during the commission’s discussions do not undermine the rationale for the nationalization.
Post-nationalization, the NBU has intensified its oversight of Sens Bank, conducting inspections and remote analyses concerning lending practices, compliance, and financial monitoring. Between 2023 and 2026, the regulator issued 13 requests to law enforcement agencies and four to the financial monitoring service.
Investigations revealed indications of a concealed management structure prior to nationalization, prompting further inquiries and forensic examinations. The NBU clarified its role in appointing members to the supervisory board, stating that while it does not participate in candidate selection, it assesses their compliance with requirements after appointments.
Currently, an additional evaluation of certain board members’ independence is underway. The NBU dismissed allegations of inaction, asserting that its supervisory functions are systematically implemented. From 2022 to 2026, hundreds of inspections of banks and non-bank institutions were conducted, resulting in fines exceeding 1.6 billion UAH.
Specific checks and penalties were also applied to Sens Bank, alongside mandatory recommendations for strengthening its financial monitoring system. The NBU noted that it does not influence banks’ tariff policies, which fall under the purview of their management bodies. Furthermore, the bank’s profits for 2023-2024 have been retained and directed towards capital, with a significant portion of 2025 profits allocated to cover past losses.
In conclusion, the NBU asserted that all decisions are made in accordance with legislation and transparent procedures. The regulator expressed concern regarding certain statements made during the commission’s meeting, emphasizing the need to rely solely on verified facts.
Background on Sens Bank indicates that MP Yaroslav Zheleznyak has raised concerns about the bank being influenced by individuals connected to entrepreneur Timur Mindyich and former presidential office head Andriy Yermak. Zheleznyak claims that analyses of data and published materials suggest that the bank may have remained under the control of these influential groups since its nationalization, with competition for influence within the structure.
He advocates for the immediate removal of the bank’s leadership.
The nationalization of Sens Bank was driven by financial instability and the inability of sanctioned shareholders to maintain capital. The National Bank of Ukraine has since increased oversight and conducted investigations into the bank's management and operations.