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Zelensky signs law on de-oligarchization

Source : 112 Ukraine

The law shall take effect the day after the date of publication
16:50, 5 November 2021

Twitter of Volodymyr Zelensky

President of Ukraine Volodymyr Zelensky signed the law "on oligarchs" №5599. The president reported that on Twitter.

According to the president, the document radically changes the relationship between big business and politicians.

"Democracy is law and equality. I signed an anti-oligarchic law that radically changes the relationship between big business and politicians. Now all economic players will be equal before the law and will not be able to buy political privileges for themselves. We will not let anyone break the law!", reads Zelensky's message.

The law shall take effect the day after the date of publication, and shall be put into execution six months after the date of entry of this law into force. However, it expires 10 years after its entry into force.

The essence of the adopted law

The law provides for creating a special register of oligarchs. They must meet three of four criteria:

  • participation in political life,
  • significant influence on the media, control or ownership of the monopoly,
  • availability of assets worth about 2.3 billion hryvnias ($88 million).

According to the final version, the definition of oligarchs is the prerogative of the National Security and Defense Council, headed by President Volodymyr Zelensky.

Related: Zelensky speaks with Merkel, Johnson, leaders of over dozen countries

Businessmen who have entered the register of oligarchs will be required to file an electronic declaration along with officials.

According to the law, a person recognized as an oligarch and included in the Register, is prohibited to:

  • finance political parties,
  • be a buyer in the process of privatization of large-scale privatization objects;
  • finance any political agitation or holding rallies or demonstrations with political demands.

In addition, oligarchs and civil servants will have to report on their contacts.

More about the adopted law can be read HERE.

As it was reported on September 22, the Verkhovna Rada of Ukraine decided to consider bill № 5599 on de-oligarchization without waiting for the Venice Commission to issue an opinion.

During consideration of the law on oligarchs Stefanchuk  promoted offers of Servants of the People as much as possible, including in consideration by abbreviated procedure - member of the parliament couldn't put the edits in a hall. Almost all factions and groups (except Servant of the People) voted against. They demanded that amendments be considered from each faction.

As a result, the law was passed, but a day later a collision was found in it. In the final text voted by the Verkhovna Rada, three amendments were adopted (№ 396, 398, 406), which have different versions of the fifth article of the law - the definition of an oligarch, and therefore contradict each other.

In particular, the amendment of the ex-speaker of the Verkhovna Rada Dmytro Razumkov was approved stating that a person will be included into the register of oligarchs by the National Anti-Corruption Bureau (NAPC) of Ukraine at the request of a special commission.

On November 3, the Parliament has eliminated the conflict in law on oligarchs and the document was sent to Stefanchuk for signing.

Related: Zelensky meets Biden at Climate Change Conference in Glasgow

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