President of Ukraine

President immediately signed the anti-oligarchic law passed by the Verkhovna Rada

5 November 2021 - 15:39

President immediately signed the anti-oligarchic law passed by the Verkhovna Rada

President of Ukraine Volodymyr Zelenskyy immediately signed Law № 1780-IX adopted by the Verkhovna Rada “On Prevention of Threats to National Security Related to Excessive Influence of Persons Who Have Significant Economic and Political Weight in Public Life (Oligarchs)”.

The document was developed to fulfill the key task of state policy, namely: ensuring the real transformation of the state in the interests of society as a whole and the implementation of Ukraine's strategic course towards European and Euro-Atlantic integration.

"In all successful European countries, there is no branch of government like the oligarchs. States there work in the interests of their citizens, not a handful of the richest. It is such changes in Ukraine that our citizens voted for in 2019,” Volodymyr Zelenskyy said.

The anti-oligarchic law provides a legal framework for separating big business from political struggle and for limiting the destructive influence of privileged (oligarchic) interests on the economic life of Ukraine.

There are clear criteria for identifying oligarchs and requirements for transparent contacts of politicians and officials with oligarchs or their representatives.

In particular, a person who has significant economic and political weight in public life (oligarch) will be considered a natural person who simultaneously meets at least three of the following characteristics:

1) participates in political life;

2) has a significant impact on the media;

3) is the ultimate beneficial owner of an economic entity, which after the date of entry into force of this Law is a subject of natural monopolies or occupies a monopoly (dominant) position in the market in accordance with the Law of Ukraine "On Protection of Economic Competition" and maintains or aggravates such a situation for a year;

4) the confirmed value of the assets of the person and business entities of which he is the beneficiary exceeds 1 million subsistence minimums established for able-bodied persons on January 1 of the respective year.

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

The law gives big business enough time to adapt and abandon the practices of the old oligarchic system. After the publication of the document, the 6-month period begins for the full implementation of its norms.

"Big business is present in any democracy. But no matter how big a businessman is, he must work according to the law and on an equal footing with other economic entities. If someone is used to buying politicians to allow them to circumvent the law, then even the richest will have to say goodbye to this habit,” the President stressed.

The Head of State reminded that the adoption of the anti-oligarchic law was opposed by dozens of influential people who depend on the oligarchs.

"There was resistance. Then there will be even more resistance from those who have earned billions from the state. But there can be no other option but to dismantle the oligarchic system. Without this, it is simply impossible to overcome poverty in Ukraine and fully join the European community," said Volodymyr Zelenskyy.

The document was sent for official publication.