The so-called new oligarchy law should create a register in which the oligarchs are listed. They are no longer allowed to support political parties, hold a government position, not participate in privatization and have to disclose their assets. Individuals are considered oligarchs based on their participation in public life, their degree of influence over the media, and their ownership or control of a company with a monopoly or assets exceeding 2.4 billion hryvnia (€77 million). The legislation will initially apply for a period of ten years.
Critics particularly regret that the composition of the list will be determined by the National Security Council, which consists of Ukrainian President Volodymyr Zelensky. Zelensky previously restricted news channels and websites through this board. His opponents accuse the president of trying to purge the media landscape ahead of his potential re-election in 2024 and eliminating potential rivals. For example, the new law may harm Zelensky’s predecessor Petro Poroshenko. He owns two TV channels and a candy empire.
