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Ukraine’s Energoatom, Holtec International, and the US retreat from fighting corruption abroad

Bulletin, By Matt Smith | December 3, 2025,

In 2012, FBI agents stationed themselves in a Trump Tower apartment to wire up a senior official of FIFA, soccer’s world governing body, to record conversations that would become evidence for anti-bribery prosecutions. In 2018, Justice Department officials seized the yacht Equanimity in an operation aimed at returning stolen assets to Malaysia. In 2023, the United States sent a veteran US prosecutor to Kyiv to strengthen Ukraine’s anti-corruption agencies, which America had earlier helped establish.

In a functioning international order, we might see this type of global collaboration in the wake of a recent investigative piece I wrote for the Bulletin about a US company, Holtec International, that has had substantial dealings with a state-owned nuclear company now under investigation in Ukraine.

In more normal times, the government of Ukrainian President Volodymyr Zelenskyy might request assistance under the US-Ukraine Treaty on Mutual Legal Assistance in Criminal Matters. The FBI established a liaison office at the headquarters of the National Anti-Corruption Bureau of Ukraine (aka NABU) in 2017, under a memorandum of understanding to cooperate on “investigations related to money laundering, international asset recovery, and Ukrainian high-level officials’ bribery and corruption.” These are word–for–word what investigators are now pursuing in Ukraine’s nuclear power agency.

A professionalized Justice Department could respond to a formal Ukrainian request by issuing subpoenas seeking information from US firms that might be relevant to the Ukrainian probe.

But we are no longer in anything like normal times.

Here’s the context: NABU—an agency the United States helped create and train—is investigating an alleged $100 million corruption scheme inside Energoatom, the governmental body that oversees nuclear energy and spent fuel storage in Ukraine. This scandal has consumed Zelenskyy’s inner circle and led to the resignation of his chief deputy and lead peace negotiator.

Holtec International, a Florida company that established an office in Kyiv in 2007, became a prime contractor and subcontractor for Energoatom on complex, multi-year spent nuclear fuel storage projects.

Holtec executives met repeatedly with Energoatom leadership. They navigated Ukraine’s procurement systems. They hired local subcontractors. They managed complex, multi-year construction projects in a business environment that Ukrainian prosecutors now say has been compromised. Holtec has files that could matter: Ukrainian invoices, compliance checks, email communications, and management logs.

In response to my inquiry about whether the company had heard from the Justice Department regarding Ukraine, Holtec issued a statement saying it witnessed no corruption: “Our operations center in Kyiv, Holtec Ukraine, has worked with our client, Energoatom, to provide safe storage systems and technology to ensure the spent fuel in Ukraine is stored safely and protected from external threats. At no time have we had any interactions that would have led us to believe in any impropriety with our work and contracts.”

As with any such company statement, this one merits checking. Holtec email communications might show whether American executives interacted with the officials now under investigation. Compliance audits might reveal whether the company flagged irregularities. Payment records might reveal inflated costs prosecutors have identified elsewhere. Internal management logs might document which Ukrainian officials controlled access to Holtec’s projects and whether those officials match the outside “shadow managers” prosecutors have identified as having gained control of Energoatom and then having demanded bribes from contractors.

The Bulletin’s investigation, published November 20, did not find evidence that Holtec was involved in Ukrainian misconduct. In fact, subpoenaing Holtec’s records would neither require nor imply allegations of corporate wrongdoing; such subpoenas require only the recognition that a US entity could possess evidence material to a foreign corruption prosecution. The legal mechanisms for seeking Holtec’s records exist. The precedents for doing so are well-established. Such a procedure has previously been seen as an ordinary step.

But very little about the relationship between Trump’s Washington and Zelenskyy’s Kyiv might be considered ordinary.

Since Trump took office in January, his administration has pursued a quiet dismantling of America’s ability to provide this kind of aid. On February 5, Attorney General Pam Bondi formally disbanded Task Force KleptoCapture, the unit established after the Russian invasion of Ukraine and dedicated to seizing assets of Russian oligarchs. Five days later, President Donald Trump signed Executive Order 14209, explicitly “pausing” enforcement of the Foreign Corrupt Practices Act—the very statute that authorizes investigations into potential bribery of foreign officials by US companies.

Deregulation even extended to tools of crime, as Russia increasingly relies on cryptocurrency to bypass sanctions. The Justice Department has turned away from prosecuting digital asset violations while the US established a “Strategic Bitcoin Reserve,” giving legitimacy to a cryptocurrency known as a key sanctions-evasion tool.

Scores of federal prosecutors have left Justice as colleagues were fired for perceived political slights. Trump’s highest-priority prosecutions—i.e., the politicized ones—are pursued by unqualified loyalists who have ended up, in many matters, embarrassing a once-storied agency.

The diminished US interest in corruption prosecution has had foreseeable consequences in Kyiv. Concurrent with the shift in Washington, President Zelensky moved to dismantle the safeguards meant to protect Ukraine’s institutions from corruption, signing legislation in July to strip NABU of independence. Ukrainians took to the streets. Most reports about international pressure to restore NABU’s status concerned European countries that sprang to the defense of the anti-corruption agency America helped build. The United States recently rotated a new FBI liaison to the NABU offices as part of the cooperation agreement. The Ukrainian press said a recent meeting concerned the Energoatom bribery case.

Typically, the next steps might seem clear. But nobody involved seems to be operating in a typical way.

The Justice Department press office did not respond to questions asking whether Holtec’s files sit in Florida, untouched. https://thebulletin.org/2025/12/ukraines-energoatom-holtec-international-and-the-us-retreat-from-fighting-corruption-abroad/?utm_source=ActiveCampaign&utm_medium=email&utm_content=Ukraine%20s%20Energoatom%2C%20Holtec%20International%2C%20and%20the%20US%20retreat%20from%20fighting%20corruption%20abroad&utm_campaign=20251201%20Monday%20Newsletter%20%28Copy%29

December 6, 2025 - Posted by Christina Macpherson | secrets,lies and civil liberties, Ukraine, USA