The draft law submitted to the Verkonva Rada on Tuesday is  joint effort by MPs from ‘European Solidarity’, ‘Golos’, and ‘Batkivschyna’.

The proposed legislation coins  the term ‘a subject of oligarchy’ – a ‘person that attains a monopoly status on one or several markets’, which can pose a high risk of exercising pressure on state officials, local governments and public through controlled media,  and for  financial gains and assets acquisition.

The status of a ‘monopoly business owner’ is to be administered by NACP (National Agency of Corruption Prevention), following requests from Antimonopoly agency and investigative procedures.

According to the proposed policy, a ‘monopoly business owner’, his contacts with authorities and business operations are set to be monitored by NACP.

The legislation will have ‘legal implications’ for key state and regional officials, and persons with links to such oligarchs.

Media companies will have to make public their accounts of ‘financial transparency’, which will help to bring to light  alleged influence over their information policies.

The law drafters say that their legislation comes up with clear rules that will help to  curb influence of oligarchs over the political system in Ukraine and  counter corruption in public offices.