A detailed study of a relatively well-exposed fragment of the Barabash Formation in the southern part of the Voznesenka terrane is carried out to specify the geodynamic settings of the Permian volcanogenic and volcanogenic-sedimentary complexes in South Primorye. It is established that the basaltic flows juxtaposed in the studied sequence originated from sharply different sources. The geochemical characteristics indicate that the basalts from the sequence base were presumably derived by melting of oceanic lithospheric mantle or asthenosphere, while the source of the overlying basalts was lithospheric mantle reworked by a subduction process. The basalts are subsequently overlain by tuffaceous–terrigenous and terrigenous rocks and limestones with remains of Capitanian (Middle Permian) fauna. Accessory zircons extracted from the tuffaceous–terrigenous rocks yield an U–Pb concordant age of 233.3 ± 3.3 Ma (Middle Triassic Ladinian Stage) for the youngest zircon population. The obtained data lead us to conclude that the Barabash Formation is a tectonostratigraphic rather than stratigraphic unit and may be a fragment of the Triassic accretionary wedge. The obtained data cast doubt on the accepted assignment of this unit to the Voznesenka terrane. It is more logical to include it in the Laoelin–Grodekov terrane, which represents a fragment of the Late Paleozoic active continental margin. This suggests that the boundary between these blocks should be specified and the timing of the final stage of amalgamation of the Laoelin–Grodekov terrane with the terranes of the Bureya–Khanka orogenic belt should be revised.