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Zelensky signs law on de-oligarchization

Law on de-oligarchization: President has signed it. Photo: president.gov.ua

Law on de-oligarchization: President has signed it. Photo: president.gov.ua

President of Ukraine Volodymyr Zelenskyy signed the law on de-oligarchization (No. 1780-IX). This is reported on the website of the Office of the President.

Quote"Democracy is law and equality. I have signed an anti-oligarchic law that radically changes the relationship between major business and politicians. From now on, all economic players will be equal before the law and will not be able to buy political privileges for themselves. We won't let anyone break the law!" Zelenskyy wrote on his Twitter page.

The law imposes clear criteria for determining oligarchs and requirements for the transparency of the contacts between the politicians and officials with the oligarchs or their representatives. In particular, a person who has significant economic and political weight in public life (oligarch) will be considered a person who meets at least three of the following criteria at once:

  • takes part in political life;
  • has a significant influence on the media;
  • is the ultimate beneficial owner of the enterprise, who, after the day this law enters into force, is an entity of natural monopolies or holds a monopoly (dominant) position in the market in accordance with the Law of Ukraine "On the Protection of Economic Competition" and maintains or strengthens such a position within one year;
  • the confirmed value of the assets of the person and business entities, the beneficiary of which this person is, exceeds 1 million minimum wages imposed for able-bodied persons on January 1 of the relevant year.

The obligation to submit a declaration of contacts with oligarchs or their representatives will apply to all officials, whose decisions the fate of society or government decisions depend on.

After the document publication, the countdown of a 6-month period begins for the full enactment of its norms.

Context. Before adopting the bill in the second reading, the deputies submitted 1200 amendments to it.

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