Politics 2022-11-15T05:02:52+02:00
Ukrainian news
Stefanchuk Signs Oligarch Law

Stefanchuk Signs Oligarch Law

Rada, Verkhovna Rada, oligarchs, Ruslan Stefanchuk, law on oligarchs

Verkhovna Rada Chairperson Ruslan Stefanchuk has signed the law on oligarchs.

That follows from the data posted on the official website of the Parliament, Ukrainian News Agency reports.

On November 4, the Speaker signed the law and sent for signing by President Volodymyr Zelenskyy.

The document determines that a person having significant economic and political weight in public life (oligarch) is an individual who simultaneously meets at least three of four features:

1) they participate in political life;

2) they have a significant impact on the media;
3) they are the ultimate beneficial owner of an enterprise that, after the date of entry into force of this law, is a subject of natural monopolies or holds a monopoly (dominant) position on the market and maintains or strengthens such a position within a year;
4) they have a verified value of assets of a person and assets of economic entities, the beneficiary of which they are, that exceeds UAH 1 million tax-exempt minimum personal incomes established for able-bodied persons as of January 1 of the corresponding year (at the moment this amount is UAH 2.27 billion).

The calculation of the value of such assets is carried out in aggregate according to the size of the assets of the person and business entities, the beneficiary of which such persons are.

When calculating the value of such assets, assets owned by a person in the media are not taken into account.

Political participation is understood as:
- holding the office of president, head of parliament or government, its members, prosecutor general, head of the Security Service of Ukraine, National Bank;
- close relationship with one of the above persons or persons related to them;
- taking up a position in the governing bodies of the party and financing the activities of political parties.
Significant influence on the media means that the person is:
- its owner or beneficiary of the owner;
- the owner's controller;
- was the owner (founder) or the beneficiary, or the controller of the owner on the day this law came into force, but lost such status before the day it came into force, as a result of which a related person became the owner (founder), beneficiary or controller of the owner (founder) of the media, or a person who does not have an impeccable business reputation.
The National Security and Defense Council will recognize persons as oligarchs on the basis of compliance with these criteria, and the decision will be made on the basis of a proposal from the Cabinet of Ministers, a member of the NSDC, the National Bank, the Security Service of Ukraine or the Antimonopoly Committee.
The decision to recognize a person as an oligarch comes into force from the day of the official publication of the President's decree on its entry into force and is binding.
As Ukrainian News Agency earlier reported, on November 3, the Rada eliminated inconsistencies in the text of the law on oligarchs and instructed Stefanchuk to sign it immediately.

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