National Bank warns public about ongoing pressure from Kolomoisky

The National Bank of Ukraine (NBU) issued a statement
on Nov. 27 to warn the public about the ongoing pressure being placed on its management
and employees by the scandalous billionaire Ihor Kolomoisky. The oligarch, who
“owes the state USD 5.5 billion,” has organized a campaign of information
attacks in the mass media, as well as paid protests at the reguator’s
headquarters in central Kyiv, the NBU asserts.

The NBU board sees the main goals of such pressure as
discrediting the institution, changing its leadership, and undermining
Ukraine’s cooperation with the IMF – all to avoid responsibility for Privatbank
– the statement said. “Exerting pressure on the central bank is unacceptable in
a legal and civilized state,” the NBU said, asking media and the expert
community to support the regulator “through non-biased coverage of events.”

Alexander Paraschiy: As our
response to the NBU’s request, we agree that Kolomoisky is pressuring the NBU,
and that such pressure on an independent regulator brings little positives to
rule of law, Ukraine’s investment case and the prospects of cooperation with
the IMF. At the same time, we disagree that such pressure will discredit the
NBU board, some of whose members have already discredited themselves well
before.

Mass media loyal to Kolomoisky have been spreading
dirt about NBU top management for more than four years, and nothing has changed
in that regard recently. “Protest meetings” whose participants are solely
motivated by hourly wages are rarely effective, and the meetings are not new
for the NBU. So, the NBU’s goal with its Nov. 27 statement looks like an
attempt to draw the attention of influential officials, both in Ukraine and the
West, amid some behind-the-scenes political dynamics.

Also, we see no direct link between the apparent
desire of Kolomoisky to avoid responsibility related to the Privatbank
nationalization and his current pressure campaign on the central bank. It’s
Ukraine’s cabinet and finance ministry, law enforcement bodies, as well as
Privatbank’s top management who should work hard to recover state losses from
the former owners of Privatbank.