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Ukraine's campaign against oligarchs rings hollow

Thursday, June 10, 2021

Significance

Zelensky says the law is not intended to kill off big business but to neutralise corrosive influences on the political system. The law placed before parliament on June 2 requires a list of designated oligarchs to be drawn up, with asset declarations and certain restrictions on what they can do outside their core commercial activities.

Impacts

  • The oligarch bill will dominate the domestic agenda over the coming weeks, overshadowing other, often more pressing issues.
  • The law may undergo some amendment, though not necessarily substantive.
  • Foreign lenders will welcome the law without allowing it to be used as an excuse for evading thorough systemic reforms.
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