Key facts
- Over 2,000 shell companies allegedly funneled $4.7 billion out of Ukraine.
- The scheme operated between 2024 and the first quarter of 2026.
- The majority of dubious operations involved exports.
- Hundreds of companies were re-registered under the same individuals.
- Seven individuals allegedly controlled over 7,000 business entities.
- Materials have been transferred to the Prosecutor General's Office for investigation.
Ukrainian tax authorities have uncovered a suspected large-scale fraud scheme involving over 2,300 shell companies that allegedly funneled approximately $4.7 billion (198 billion hryvnia) out of the country through fictitious foreign trade operations between 2024 and the first quarter of 2026. The scheme predominantly involved dubious export operations, with 1,243 companies shipping goods worth over 176 billion hryvnia, while 555 companies handled imports totaling over 18 billion hryvnia. Officials noted that hundreds of companies were re-registered under the same individuals, with seven individuals allegedly managing or founding over 500 companies each, controlling a total of more than 7,000 business entities. Many of the suspected companies shared common registration details, IP addresses, and computer networks, indicating atypical business practices. Analytical conclusions for 557 business entities showing violations and signs of money laundering have been prepared and transferred to the Prosecutor General's Office for further investigation. While specific goods were not disclosed, Ukraine's significant agricultural exports, known to be affected by 'black grain' schemes, are a potential area of involvement. The EU's suspension of tariffs on Ukrainian agricultural goods in 2022, later reimposed, is also mentioned as a factor influencing trade dynamics. The report highlights Ukraine's ongoing struggle with financial oversight and corruption, exacerbated by the conflict with Moscow, referencing a previous $100 million kickback scheme at the state nuclear company Energoatom.