Politics 2021-10-21T04:03:26+03:00
Ukrainian news
Rada Passes Law On Oligarchs

Rada Passes Law On Oligarchs

Verkhovna Rada, oligarchs, law on oligarchs, Rada\law

The Verkhovna Rada passed the law on oligarchs.

A total of 279 MPs voted for the adoption of bill No. 5599, with the minimum required 226, Ukrainian News Agency reports.

By passing this law, the Verkhovna Rada:

- decided to designate as oligarchs persons who simultaneously meet three of the four criteria: they are participants in political life, have significant influence on the media, have a monopoly on the state market and maintain or strengthen this situation during the year, the value of assets exceeds 1 million subsistence minimums;

- forbade oligarchs to finance political parties and participate in privatization;
- obliged public officials to declare contacts with oligarchs.
The text of the document indicates that this law determines the legal and organizational basis for the functioning of the system for preventing excessive exposure to persons with significant economic and political weight in public life (oligarchs), the content and procedure for applying measures of influence to these persons.
It is noted that the purpose of the law is to overcome the conflict of interests caused by the merger of politicians, media and big business, the impossibility of using political power to increase their own capital, ensuring the national security of Ukraine in the economic, political and information spheres, protecting the constitutional rights and freedoms of a citizen, protecting democracy, ensuring state sovereignty and avoiding cases of manipulation of the consciousness of citizens by deliberately distorting information to gain access to resources owned by the Ukrainian people.
As Ukrainian News Agency earlier reported, the Verkhovna Rada started consideration of the bill No. 5599 on oligarchs at 12:30 p.m. and extended the meeting until the end of its consideration.
Rada Chairperson Dmytro Razumkov has sent bill No. 5599 on oligarchs to the European Commission For Democracy through Law (Venice Commission).

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