The Ministry of Defence and the National Bank of Ukraine under one roof: how Barbul and Horbal’s networks are involved in money laundering

The Ministry of Defence and the National Bank of Ukraine under one roof: how Barbul and Horbal’s networks are involved in money laundering

Defense assets, «intermediaries» and financial flows: how schemes in «Spetstechnoexport» and NBU-affiliated networks launder income.

This is reported by the NGO "Non-Stop Ukraine".

It has become known that Barbul P. O., former director of the state enterprise SE Ukroboronprom «Spetstechnoexport», may be involved in the activities of an organized group. According to preliminary data, its goal was to misappropriate state funds, legalize them, and withdraw them into the shadow economy.

A key element of such schemes was likely controlled individuals and legal entities, as well as a network of enterprises with formal signs of economic activity. Financial flows transited through them, fictitious expenses were formed, non-cash funds were converted to cash, and tax burdens were minimized. Such structures provided the appearance of legal activity, masking shadow financial operations.

Special attention is drawn to the period of Barbul P. O.’s leadership of the state enterprise, which is part of the «Ukrspecexport» structure and operates in the defense-industrial complex. It was during that time, according to available information, that a systematic model of financial operations with signs of organization may have been created. It covered not only this enterprise but also other state assets, including the State Aircraft Holding Company «Artem».

Investigative judge of the Pechersk District Court of Kyiv Yermichova V. V., by ruling No. 757/278/26-k dated 06.04.2026, refused to satisfy the complaint regarding the failure to enter information into the URPI.

It has become known that Horbal V. M., current member of the Council of the National Bank of Ukraine and head of the NBU Audit Committee, may be linked to a sprawling network of companies and affiliated persons. Their activities are likely used for multi-level financial operations with signs of money laundering and masking their origin.

According to preliminary data, the key mechanism of such a structure is consulting, investment, and advertising companies. Funds transit through them between affiliated entities, artificial expenses are formed, and subsequent cash withdrawal occurs. Formally declared types of activities allow significant operations to be conducted without ties to real economic results — a typical sign of financial conversion schemes.

Special attention is drawn to Horbal V. M.’s involvement in the founding and control of some of these companies, as well as the use of the charitable organization «Fund for the Development of the Institute of International Relations» for managing assets and financial flows. Such a network of affiliated structures functioned as a single financial system for redistributing funds, including potential links with foreign counterparties.