Ukraine’s Parliament Adopts Law No. 5599 Law on Oligarchs

Law No. 5599 “On preventing threats to national security related to the excessive influence of individuals who have significant political or economic weight in public lives (oligarchs).

An Ukrinform correspondent reports that 279 lawmakers voted to approve the document at a meeting of parliament on Thursday, September 23.

The document permits amendments to a variety of laws to create a registry of people who have significant economic and political weight in public life (oligarchs). It also establishes the procedure for including such individuals in the register and the consequences thereof. Finally, it introduces the civil servants declaration of any contacts made with the persons included in that register.

An oligarch is defined as someone who has at least three characteristics. These include participation in politics, influence on media, and ultimate beneficial owner of an entity that is subject to natural monopolies.

The sum of all assets is the total of the assets owned by a person and any business entities which are beneficiaries. Assets owned by media people are not included in the calculation of the value of these assets.

The National Security and Defense Council decides to recognize an individual or group as an oligarch on the basis of a motion by the Cabinet of Ministers.

A person is considered an oligarch when the NSDC recognizes them.

The law is expected be in place for ten years.

The bill was reviewed by MPs, who applied the correct procedure to it, as per Article 119 of Rules of Procedure of Verkhovna Rada.

The bill regarding oligarchs passed its first reading on July 1.