Ukraine has adopted a new law aimed at limiting the influence of the oligarchs on national politics.
The legislation will prevent wealthy individuals from funding political parties or participating in the privatization of state assets and large corporations.
The bill obliges Ukrainian citizens to register as oligarchs if they have significant financial and media assets. The law also requires senior state officials to declare any relationship with the oligarchs.
The law passed first reading in July and was approved by 279 lawmakers in the Ukrainian parliament on Thursday.
President Volodymyr Zelenskyy, who supported the law, will now sign it.
Former president of the country and candy tycoon Petro Poroshenko could be affected by the legislation, as well as businessman Igor Kolomoysky, who supported Zelenskyy in the 2019 election and controls the most popular TV channel in Ukraine, 1 + 1.
The law against the oligarchs comes just a day after the car of a senior Zelenskyy employee came under fire near Kiev.
The Ukrainian president hinted that the assassination attempt could have been triggered by the reform. Police said they were focusing on political leads.
Zelenskyy pledged a “firm response” to the attack and pledged to continue his “fight against crime and against influential financial groups”.
According to Ukrainian parliament, the new law aims to prevent “threats to national security linked to the excessive influence of persons of significant economic and political importance in public life”.
“The purpose of this law is to overcome the conflict of interest caused by the merger of politicians, media and big business.”
Earlier this year, President Zelensky announced a campaign against corrupt businessmen, long accused of exploiting the Ukrainian economy and buying the voices of the media and the political class.
But critics fear the law will be applied selectively to help concentrate more power in the president’s hands.