--- title: "Expert: Initiative to dismiss NBU head amid investigation poses risk to regulator's independence" description: "Expert Zagorodny stated that the initiative to dismiss NBU head Pyshny amid investigation creates a risk for the regulator's independence and Ukraine's financial stability." date: 2026-11-06T18:01:05.962Z lang: en url: https://xab.info/en/posts/expert-risk-nbu-independence-pyshny tags: [national-bank-of-ukraine, andriy-pyshny, nabu, regulator-independence, ukraine] author: "Andrey Kosynko" publisher: "XAB.info" --- # Expert: Initiative to dismiss NBU head amid investigation poses risk to regulator's independence ![Facade of the National Bank of Ukraine building with a street clock on a historic building in Kyiv](https://xab.info/media/2026/11/06/ekspertrisk-nezavisimosti-nbu-pyshny/ekspertrisk-nezavisimosti-nbu-pyshny-1.webp) ## Key Points - Expert Zagorodny believes the initiative to dismiss the NBU head uses investigation as a tool of political pressure. - According to the expert, this threatens the National Bank's independence and Ukraine's financial stability during the war. - Andriy Pyshny stated he is not resigning and that NABU searches did not concern his work at the NBU. - The EU Ambassador noted that NBU independence is a key element of sovereignty. A discussion has reignited around the National Bank of Ukraine regarding a possible change in the regulator's leadership. Expert Zagorodny, in a Facebook post cited by RBC-Ukraine, stated that certain members of parliament, public figures, and journalists are using public attention toward investigative actions to promote the initiative for the resignation of NBU Governor Andriy Pyshny. According to him, such a "scheme of political pressure is already well-practiced and looks extremely dangerous." ### Risk to regulator's independence Zagorodny believes such initiatives could negatively affect the independence of the National Bank and the country's financial stability, especially during wartime. The expert emphasizes that the mere fact of investigative actions being conducted should not be sufficient grounds for personnel decisions before guilt is established in accordance with the law. In his view, mixing law enforcement procedures with political assessments threatens the institutional guarantees upon which trust in the national regulator rests. ### Context: Pyshny's statements Andriy Pyshny himself previously stated that he was not resigning and complained about political pressure. In another comment, he noted that NABU searches were not related to his work at the NBU, emphasizing that, in his words, they were "looking for evidence in another case." These statements form the second side of the public debate: the regulator's head interprets the events as an attempt to influence an independent financial institution, rather than as a justified personnel measure. ### "Tool for political redistribution" Commenting on the situation, Zagorodny expressed concern over the possible use of law enforcement processes in political fighting. "The story with Pyshny is another alarming signal that NABU has turned into a tool for the political redistribution of power," the expert declared. He also mentioned criminal proceedings against the director of NABU that were previously closed and noted that the circumstances of those decisions, in his opinion, raise questions. In his logic, this is not an isolated episode but a systemic trend he links to a risk for institutions. ### International reaction The EU Ambassador previously responded to claims of pressure on Pyshny, noting that "the independence of the NBU is a key element of sovereignty." This position underscores that the issue is perceived not only as an internal personnel or law enforcement topic but as a factor affecting the trust of international partners in the Ukrainian financial system. Under conditions where the regulator conducts policy during wartime, any signals of politicizing its work are seen as a potential risk to macroeconomic stability. Currently, the public debate boils down to a clash of two assessments: on one side, investigative actions and calls for the resignation of the NBU governor; on the other, the regulator's own statements about the political nature of the pressure and the stance of international partners regarding the importance of NBU independence. Zagorodny's expert assessment indicates that, in his opinion, the key risk is not a specific personnel decision, but the precedent of using law enforcement mechanisms as a tool of political influence on a financial regulator. ## Fact-Check & Sources - [Эксперт объяснил, чем ситуация вокруг Пышного угрожает независимости НБУ](https://www.rbc.ua/ukr/news/nabu-peretvoryuyut-instrument-vplivu-ekspert-1793975173.html) - Primary source: recap of Zagorodny's Facebook post featuring quotes on a "well-practiced scheme of political pressure," risks to NBU independence, and the assessment of NABU as a "tool for political redistribution"; contains links to Pyshny's statements and EU Ambassador's reaction. ## FAQ ### Who assessed the risk to NBU independence? Expert Zagorodny in a Facebook post, as cited by RBC-Ukraine. ### What did Andriy Pyshny state? He stated he is not resigning and that NABU searches were not related to his work at the NBU. ### How did the EU react? The EU Ambassador noted that the NBU's independence is a key element of sovereignty.