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Minister: Venice Commission advises Ukraine to postpone anti-oligarch law

by Martin Fornusek June 10, 2023 2:29 AM 2 min read
This audio is created with AI assistance

The Venice Commission, an advisory body to the Council of Europe, has recommended that Ukraine postpone the implementation of the anti-oligarch law until the war ends, Justice Minister Denys Maliuska said on June 9.

The commission argued that the Russian invasion had already reduced the influence of oligarchs in Ukraine due to the destruction of their enterprises, among other reasons.

In this situation, it would be difficult to properly assess the impact of the law on the political and legal system, Maliuska explained.

The discussion about the anti-oligarch law is "on pause" for now, the minister said, but that will not last long.

The European Commission presented the implementation of the law as a condition for Ukraine to join the EU.

President Volodymyr Zelensky signed the anti-oligarch law in 2021, establishing a legal definition of an oligarch.

The law bans such persons from financing political parties and other political activities, and excludes them from the privatization of the state's assets.

Ukraine's oligarchs have faced pressure from the state during the Russian invasion, with their assets being confiscated under martial law.

Oligarch Rinat Akhmetov had to give up his media empire and lost half his assets amid the Russian invasion.

Another oligarch, Ihor Kolomoisky, has been sanctioned by the U.S. He was reportedly stripped of his Ukrainian citizenship in July 2022, and his residence was searched during an anti-corruption crackdown in February 2023.

Ukraine’s top oligarch Akhmetov loses half his assets to Russia’s invasion
It took several months of Russia’s full-scale invasion to turn some of the most valuable assets of Ukraine’s richest man Rinat Akhmetov into a pile of dust, metal, and concrete. The tycoon’s long list of painful business losses includes the Mariupol-based Azovstal steel plant, one of the largest
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