December 2, 2021

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Zelensky signed a law limiting the influence of the oligarchs in Ukraine

Ukrainian President Volodymyr Zelensky signed a law limiting the influence of the oligarchs by forbidding them from supporting political parties, participating in privatization and forcing them to disclose their revenues. Ukrinform reported on Friday.

In a tweet, Zelensky said he had signed a law that “drastically changes the relationship between big business and politicians.” Now all economic players are equal before the law and will not be able to buy political privileges.”

“We will not allow you to break the law,” Zelensky warned, stressing that “democracy means law and equality.”

The Verkhovna Rada finally adopted on September 23 the bill “On Preventing Threats to National Security Associated with the Excessive Influence of Persons with Significant Economic or Political Impact in Public Life”.

Under this law, the so-called register of oligarchs will be created in Ukraine.

Who is the oligarchy?

Citizens will be considered citizens who meet at least three of the following characteristics: they have a significant influence on the political and economic life of Ukraine; affect the media. They are the end users of the advantages of the firms that have a monopoly on the market; It has assets worth over a million times the subsistence level (about $83 million).

Anyone who meets the status of an oligarchy is prohibited from contributing to the budgets of political parties, financing any political campaigns and meetings, and participating in – or being a person authorized by the buyer – in the privatization of the value of important assets. The oligarch will also have to submit an income statement.

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The vote on the Oligarchy Act in Parliament came the day after the attempted assassination of President Zelensky’s adviser, Serhiy Scheffer. Zelensky described the attack as an attempt to intimidate and announced that a harsh response would follow.