Ukrainian Oligarch Law Implementation Delayed at EU's Request
Date: 2023-11-04 Author: Dima Zakharov Categories: POLICY
The Ukrainian government has temporarily suspended the implementation of the oligarch law, which aims to regulate and reduce the influence of oligarchs in Ukraine's political and economic landscape. This pause comes in response to a request from European Union officials as one of the prerequisites for Ukraine's potential accession to the EU.
Ukraine's Minister, in a recent statement, emphasized that the delay does not reflect any inefficiency in the law but is rather a step to fulfill the EU's requirements. He pointed out that Euro-integration remains a top priority for Ukraine, and the implementation of the oligarch law has played a crucial role in curtailing the power and influence of oligarchs.
The law has already had a significant impact as oligarchs have scaled back their political activities and reduced their influence on the government. Many have even divested from media assets, while some distanced themselves from politics altogether. This demonstrates the law's success in promoting transparency and accountability.
While the implementation of the oligarch law is currently on hold, criminal investigations into the actions of oligarchs and their associates are ongoing. The postponement of the oligarch registry's launch is in line with the EU's and Venice Commission's recommendations, allowing for further discussions and refinements.
The Ukrainian government will consult with Western legal experts and academics, including those from Germany, to address concerns and adapt the law accordingly. Additionally, the Venice Commission, in collaboration with a German university, is organizing a special conference titled "Money and Politics" to explore the impact of oligarchs on politics and potential responses by governments. This conference was inspired by Ukraine's oligarch law and aims to provide valuable insights for EU member states.
The Minister expressed optimism that negotiations with EU partners could lead to a reconsideration of the implementation delay. He urged oligarchs not to let their guard down, as the law's effectiveness remains a critical element in Ukraine's path towards Euro-integration.
The oligarch law, introduced to establish legal frameworks separating major businesses from political influence and to restrict the destructive impact of oligarchic interests on Ukraine's economic life, also sets criteria for identifying oligarchs and demands transparency in the dealings between political figures and oligarchs or their representatives.
President Volodymyr Zelensky signed the decision establishing the oligarch registry on June 29, 2022, with the aim of promoting transparency and accountability in Ukraine's political and economic spheres, in line with the country's aspirations for EU membership.
Ukraine's Minister, in a recent statement, emphasized that the delay does not reflect any inefficiency in the law but is rather a step to fulfill the EU's requirements. He pointed out that Euro-integration remains a top priority for Ukraine, and the implementation of the oligarch law has played a crucial role in curtailing the power and influence of oligarchs.
The law has already had a significant impact as oligarchs have scaled back their political activities and reduced their influence on the government. Many have even divested from media assets, while some distanced themselves from politics altogether. This demonstrates the law's success in promoting transparency and accountability.
While the implementation of the oligarch law is currently on hold, criminal investigations into the actions of oligarchs and their associates are ongoing. The postponement of the oligarch registry's launch is in line with the EU's and Venice Commission's recommendations, allowing for further discussions and refinements.
The Ukrainian government will consult with Western legal experts and academics, including those from Germany, to address concerns and adapt the law accordingly. Additionally, the Venice Commission, in collaboration with a German university, is organizing a special conference titled "Money and Politics" to explore the impact of oligarchs on politics and potential responses by governments. This conference was inspired by Ukraine's oligarch law and aims to provide valuable insights for EU member states.
The Minister expressed optimism that negotiations with EU partners could lead to a reconsideration of the implementation delay. He urged oligarchs not to let their guard down, as the law's effectiveness remains a critical element in Ukraine's path towards Euro-integration.
The oligarch law, introduced to establish legal frameworks separating major businesses from political influence and to restrict the destructive impact of oligarchic interests on Ukraine's economic life, also sets criteria for identifying oligarchs and demands transparency in the dealings between political figures and oligarchs or their representatives.
President Volodymyr Zelensky signed the decision establishing the oligarch registry on June 29, 2022, with the aim of promoting transparency and accountability in Ukraine's political and economic spheres, in line with the country's aspirations for EU membership.
