The National Security and Defense Council will begin adding names to the register of oligarchs at the end of May 2022.

According to the Minister of Justice Denis Malyuska on Facebook, in order to implement the law on oligarchs in the near future, the National Council of Ukraine on Television and Radio Broadcasting will develop and approve the Procedure for checking the business reputation of a buyer (potential buyer) of the media, the NSDC will approve the Regulations on the register of oligarchs and the procedure for its formation and maintenance and will also develop such a registry.

“The introduction of the law on oligarchs falls on the period between the May holidays, and the first” nomination “meetings of the NSDC will be possible (subject to all procedural restrictions) from the twentieth of May,” Malyuska said.

He noted that oligarchs have time to get rid of the characteristics that define them as such (for example, stop influencing politics, get rid of a monopoly position, or sell media to a buyer with an impeccable business reputation). Otherwise, it should receive the official status of an oligarch and fall under the restrictions established by the new law.

“Anyone who decides to remain an oligarch and after the law is enacted will be prohibited from financing political parties, buying objects of large-scale privatization, and financing political campaigning. Contacts of officials with oligarchs or their representatives will be publicly declared, and the oligarchs themselves will bear significant reputational risks in the business world, ”the minister said.

We will remind, President Volodymyr Zelensky signed the scandalous law on oligarchs on November 5.  

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