Ukraine Wants to Limit the Power of Rich Oligarchs

Ukraine wants to curb the influence of powerful businessmen. President Volodimir Zelenski has called on parliament to pass a law with new rules for those so-called oligarchs.

 

His office speaks of “the first step towards the abolition of the oligarchic system”.

In Ukraine, wealthy businessmen often also have a lot of political influence. The bill states that persons who meet the definition of ‘oligarch’ will soon have to be registered. They are then no longer allowed to fund political parties.

Also, top officials, such as the president and prime minister, must report their contacts with oligarchs.

Local media speculate that as many as ten people could be labelled oligarch. Zelenski’s office believes that the fundamental rights of those businessmen will not be violated in the future. “Rules are being established so that they must transparently maintain relations with government officials,” an official statement said.

The new rules must remain in force for at least ten years. It is still unclear when parliament will vote on the legislation.

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