Ukraine passes law to limit oligarchs' influence on politics

Ukrainian lawmakers have approved a law aimed at limiting the influence of oligarchs on politics

KYIV, Ukraine -- Ukrainian lawmakers on Thursday approved a law aimed at limiting the influence of oligarchs on politics.

The move comes a day after the car of a top aide to Ukrainian President Volodymyr Zelenskyy came under gunfire, an incident the president said could have been triggered by the reform.

The law, initiated by Zelenskyy, contains a definition of an oligarch and bars those who fall under it from funding political parties or taking part in the privatization of state assets. It passed its first reading in July, and on Thursday 279 out of 450 lawmakers voted to adopt it. It will come into force after the president signs it.

The law also requires state officials to declare their dealings with oligarchs.

“The law should be the first step in changing the oligarchic system in Ukraine, which has become the reason for the rampant corruption that is poisoning all spheres of life,” Volodymyr Fesenko, a Kyiv-based political analyst and head of the Penta Center think tank, told The Associated Press.

“Zelenskyy is trying to distance himself from all of the oligarchs and change the vicious system in which six or seven people controlled the politics and the business in all of Ukraine,” Fesenko said.

Top Stories

Top Stories

Top Stories

Top Stories

ABC News Live

ABC News Live

24/7 coverage of breaking news and live events