Zelenskyy dismisses head of Ukraine’s securities market regulator
Руслан Магомедов

President Volodymyr Zelenskyy has dismissed Ruslan Magomedov as chairman of Ukraine’s National Securities and Stock Market Commission (NSSMC).

The decision was formalised in Presidential Decree No. 1018/2025 dated December 31. The decree does not specify the reasons for Magomedov’s dismissal.

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In July 2025, Ekonomichna Pravda reported that the International Monetary Fund had raised concerns about the work of the NSSMC.

According to the publication, the main point of contention was the commission’s alleged reluctance to promptly shut down schemes that enabled the circumvention of currency restrictions imposed by the National Bank of Ukraine (NBU). The NBU reportedly raised the issue with the NSSMC on multiple occasions, but the regulator responded slowly and took decisive action only in recent months, reportedly under IMF pressure.

A second issue cited in media reports concerns a potential conflict of interest, as Magomedov is in a personal relationship with an employee of the ICU investment group.

  • Magomedov was appointed chairman of the NSSMC by President Zelenskyy in February 2021, following a nomination by the Professional Association of Capital Markets and Derivatives Participants. Prior to his appointment, he served as a freelance adviser to Andriy Yermak, head of the Office of the President.
  • Under Ukrainian law, the chairman and members of the National Securities and Stock Market Commission are appointed and dismissed by the president and serve six-year terms.