Ukraine approves law to curb oligarch influence

2021-09-24 06:05:49 GMT2021-09-24 14:05:49(Beijing Time) Xinhua English

KIEV, Sept. 24 (Xinhua) -- The Ukrainian parliament on Thursday approved a so-called "deoligarchization law" designed to combat oligarch influence on the country's economy and politics, the parliament's press service said.

The legislation, which was submitted by President Volodymyr Zelensky, was supported by 279 votes, exceeding the 226 minimum votes required.

The new law gives power to the country's National Security and Defense Council to put individuals on the list of oligarchs based on certain criteria, which include significant influence on the media and political activities, ownership of a monopoly company and a fortune of over 86 million U.S. dollars.

The individuals designated as oligarchs will be prohibited from sponsoring political parties and taking part in the privatization of big companies.

The main aim of the law is to overcome the conflict of interests caused by mergers of politicians, media and big businesses and to ensure the national security of Ukraine, according to the statement on the parliament website.

The Ukrainian authorities have long been fighting against the concentration of economic and political powers in the hands of influential individuals.

In May, the government created the Bureau of Economic Security designed to speed up the process of deoligarchization. Enditem