The largest case in the oil industry: HACCU schedules hearing on embezzlement at Ukrnafta
1 April 19:45
The High Anti-Corruption Court of Ukraine has scheduled a preparatory hearing for April 16 in a case in which seven defendants are suspected of embezzling funds of the state-owned Ukrnafta company worth more than UAH 13.3 billion. This was reported by "Komersant Ukrainian" with reference to Slovo i Dilo.
“To schedule a preparatory court hearing in the criminal proceedings on charges of Oleksandr Shal, Petro Zverev, Bohdan Zhuk, Oleksandra Volovodenko, Lyudmyla Kiyanitsa, Natalia Kernitska and Oleksiy Kushch in committing a criminal offense under Part 5 of Article 191 of the Criminal Code of Ukraine for April 16, 2025 at 10:00 a.m. in the premises of the High Anti-Corruption Court,” the decision says.
This is one of the largest cases in the history of the Ukrainian oil and gas sector. The charges relate to the events of 2015, when, according to the investigation, a number of private companies with the participation of officials gained access to Ukrnafta’s resources bypassing the procedures provided for by law.
The scheme: oil without payment, fuel without delivery
According to the case file, between March and August 2015, the companies:
- “Techtrade Group, Inc,
- “Garant-UTN,
- “Galnafta”,
- “Trading House PrykarpattyaNaftotrade,
- “Kotlas
won a number of auctions for the purchase of oil from Ukrnafta totaling UAH 10.7 billion. Despite the Cabinet of Ministers’ resolution prohibiting the transfer of raw materials without full prepayment, the oil was shipped before payment. Subsequently, it was refined at the Kremenchuk refinery and the resulting petroleum products were sold through gas stations across the country.
In addition, in July of the same year, Ukrnafta entered into 52 contracts for the purchase of petroleum products from Kotlas, paying UAH 2.57 billion in advance. None of the deliveries were fulfilled, and the funds, according to the investigation, were transferred outside Ukraine through a network of offshore accounts.
The total damage to the state is estimated at over UAH 13.3 billion (about $340 million at current exchange rates).
The defendants and possible punishment
The charges are brought against seven defendants whose actions are classified under Article 191, Part 5 of the Criminal Code of Ukraine – misappropriation of property on a large scale through abuse of office. This article provides for 7 to 12 years in prison and confiscation of property.
The investigation is now complete and the indictment has been submitted to the High Anti-Corruption Court. The hearing on the merits of the case may begin in the coming months.
Why this case is important
“Ukrnafta is one of the key companies in Ukraine’s oil and gas sector. Its major shareholder is the state, represented by Naftogaz. Since 2015, the company has been at the center of public and legal conflicts, including disputes with former shareholders associated with the Privat Group.
Ukraine’s anti-corruption authorities, including the Specialized Anti-Corruption Prosecutor’s Office and NABU, have said that the Ukrnafta case should be an indicator of the state’s readiness to effectively investigate corruption in strategically important industries.
In an interview with Ukrainian media, investigators noted that the case was accompanied by active cooperation with financial institutions, analysis of the flow of funds and international information exchange. The investigation lasted several years and included both economic and forensic examinations.
Context: fight against corruption under Western supervision
The Ukrnafta case has become an important test for Ukraine’s anti-corruption infrastructure, especially in the context of war and constant international monitoring. Kyiv’s Western partners, including the EU and the IMF, have repeatedly emphasized that financial support will depend not only on military success, but also on systemic reforms, including transparency in the public sector.
As one of the European diplomats in Kyiv told the BBC
“investigations into large state-owned companies will be a test for Ukrainian justice. It is not only about recovering money, but also about the trust of society and international partners.”
If the Ukrnafta case leads to guilty verdicts, it could be an important signal to businesses and officials that legal accountability in Ukraine is real. Otherwise, it is a risk of losing political capital and trust.
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