Ukrspecexport was formed in November 1996 by merging Ukroboronservice and Ukrinmash.

Since February 2011 the company also produces non-military firearms and ammunition for them.

[2] In documents uncovered during the United States diplomatic cables leak U.S.-diplomats complained the U.S. is fighting a constant battle to stop the flow of arms from Ukraine and Ukrspecexport to terrorists in the Middle East[citation needed] and South Sudan.

[3] On August 10, 2019, the Ukrainian state company Ukrspetsexport and the Turkish Baykar Defense established a joint venture in the field of high-precision weapons and aerospace technology.

[4] In 2023, Ukrspecexport was listed by the Special Advisory Council for Myanmar as being among the companies that had assisted the weapons production of Myanmar's military junta, and could be at risk of being complicit in its violation of human rights.