Kyrylo Shevchenko

Kyrylo Shevchenko
Born	(1972-10-25) October 25, 1972 Ukraine
Occupation(s)	Financial expert, banker
Years active	1995–2022
Known for	Head of the National Bank of Ukraine (2020–2022), Chairman of Ukrgasbank (2014–2020)

Kyrylo Yevhenovych Shevchenko (; born 25 October 1972) is a Ukrainian financial expert who held the position of Head of the National Bank of Ukraine from July 2020 until his resignation in October 2022, when he left Ukraine amid claims of political pressure. Before this appointment, Shevchenko was chairman of the board at the state-run Ukrgasbank from 2014 through 2020.

Education and professional background

Between September 1987 and August 1989, Shevchenko was employed as a repair technician at the Illich mine located in Kadiivka, Luhansk Oblast.

He earned his economics degree in 1994 from Kharkiv State Economic University.

Starting in March 1995 until September that year, he worked as a senior economist at Aval Bank. From October 1995 through December 2006, he progressed through various roles at Finance and Credit bank, ultimately attaining the position of first deputy chairman of the Board.

From December 2006 to May 2009, Shevchenko led the State Mortgage Institution. Subsequently, between May and September 2009, he served as an advisor to then Prime Minister Yulia Tymoshenko.

In 2010, together with business associate Vadym Kopylov, he acquired Terra Bank, which was later liquidated. He acted as CEO of Terra Bank from April 2010 to April 2011 and then chaired its Supervisory Board until its sale in April 2012 to parties associated with Ruslan Tsyplakov.

Ukrgasbank

Shevchenko held the role of first deputy chairman on Ukrgasbank’s management board from September 2009 to April 2010. Later, between May 2012 and August 2014, he provided advisory services to the chairman of the state-owned Oschadbank.

He assumed the position of acting chairman at Ukrgasbank from October 2014 until May 2015, after which he was appointed chairman of the board, serving until July 2020.

Under his guidance in 2017, Ukrgasbank introduced Ukraine’s inaugural eco-friendly payment card crafted entirely from biological raw materials and manufactured by German firm Giesecke & Devrient. Additionally, the bank earned accolades from the IFC as Eastern Europe’s leading institution for trade finance programs.

National Bank of Ukraine

On July 16, 2020, Kyrylo Shevchenko was confirmed by the Verkhovna Rada as Chairman of the National Bank of Ukraine (NBU). Soon after his appointment, he designated Olexandr Prysyazhniyk as Head of the NBU’s Executive Office and appointed former deputy finance minister Yuriy Heletiy as deputy head on July 22.

Amid the Covid-19 pandemic in 2020, the NBU adopted unconventional monetary measures to bolster banks and credit availability, gradually withdrawing these tools throughout 2021 as economic conditions improved. Throughout Shevchenko’s leadership, monetary policy prioritized inflation control alongside fostering economic expansion.

On January 25, 2021, the NBU facilitated a €30 million loan agreement involving the Ministry of Finance, International Finance Corporation (IFC), and JSC Ukrgasbank; this arrangement included provisions for converting loan funds into bank capital. Starting April 1, 2021, it implemented the NSFR prudential standard aimed at encouraging banks to secure stable long-term financing. The NBU also initiated partnerships with IFC to promote green financing initiatives.

In 2021, a new institutional strategy extending through 2025 was adopted by the NBU emphasizing economic development and digital transformation. Thanks to its monetary policies, Ukraine reversed inflationary trends late that year — reducing inflation from an eleven percent peak in September to ten percent by December. Foreign currency reserves reached historic highs in August 2021 and closed out the year at $31 billion following $2.4 billion in net currency interventions. The NBU also recorded a record profit of ₴77.5 billion for that year.

During Shevchenko’s term, cooperation with the IMF resumed after a lengthy pause, with the NBU maintaining autonomy in policymaking — a critical factor for sustaining support from international lenders. In January 2022, facing threats of Russian military action, foreign exchange interventions were utilized to stabilize the hryvnia exchange rate.

Following Russia's full-scale invasion beginning February 24, 2022, Shevchenko ensured continuous operation of Ukraine’s financial system. The NBU fixed the dollar exchange rate and imposed restrictions on currency transactions and cash withdrawals to curb capital flight. It maintained key policy rates and exchange rates while supporting banking operations including ATM functionality. Coordination with other central banks facilitated cash exchange for refugees. Banking regulations were eased; discount rates increased from ten to twenty-five percent; international reserves remained above $25 billion; and inflation stayed below levels seen in some Eastern European countries.

Shevchenko also led successful negotiations with the IMF securing two tranches under the Rapid Financing Instrument to support Ukraine’s budget deficit. According to MP Yaroslav Zheleznyak, under his leadership the NBU was among Ukraine’s most prepared government bodies confronting wartime challenges.

Resignation and Allegations of Political Pressure

On 4 October 2022, Shevchenko stepped down, attributing his departure to "health-related reasons" in a statement on Facebook. Parliament officially removed him from office two days afterward. Analyst Maksym Oryshchak linked his resignation to deteriorating relations with Ukraine’s ruling class, which likely affected both his health and professional performance amid ongoing crises such as the pandemic and the conflict. Shevchenko mentioned enduring "two years of political pressure," which escalated prior to his exit, involving demands for decisions he considered detrimental to financial stability and the autonomy of the National Bank of Ukraine.

Reported tensions with the President’s Office arose from Shevchenko’s autonomous governance style, disputes with NBU first deputy Kateryna Rozhkova, and dissatisfaction regarding Ukraine receiving only a single IMF tranche under the Stand-By Arrangement. On 6 October 2022, the Specialized Anti-corruption Prosecutor's Office charged Shevchenko and others with unlawful activities during his tenure at Ukrgasbank. Later that month, Shevchenko left Ukraine and was placed on the national anti-corruption agency’s wanted list.

Numerous Ukrainian journalists and political figures interpret these charges as politically driven. A source from Forbes indicated that the extended NABU investigation into Ukrgasbank functions as a tool against Shevchenko. Editor Yulia Samaeva characterized the criminal case as an attempt to pressure Shevchenko due to his refusal to comply with government directives concerning hryvnia issuance, reductions in discount rates, and other regulatory matters. Financial analyst Oleksii Kushch criticized the case for lacking substantial evidence and viable judicial prospects.

On 25 October, Shevchenko revealed he was residing in an EU country, seeking consular assistance for questioning and advocating for transparency in NABU’s investigative procedures. By December 2022, NABU requested prolongation of the Ukrgasbank inquiry citing insufficient proof; Shevchenko asserted that the case was unraveling.

Journalist Serhiy Lyamets described the investigation as "political persecution," linked to Shevchenko’s opposition to financing budget deficits through currency issuance and resistance to personnel appointments imposed by the President’s Office. Forbes-Ukraine editor Serhiy Shevchuk connected Shevchenko’s resignation with ongoing presidential pressure that raised concerns among international stakeholders about threats to the National Bank’s independence.

Private life

Shevchenko is married and has one daughter.

External links

• Biography on the National Bank of Ukraine website