Bill on oligarchs passes in Ukrainian parliament

KIEV

The Ukrainian parliament passed a bill Thursday to prevent the influence of oligarchs on politics.

The bill was approved with 279 votes in the 450-seat chamber.

Oligarchs will be forbidden from financing political parties and taking part in large-scale privatizations.

The law wants to stop the threat of excessive influence of oligarchs -- those with significant economic or political power -- on national security.

Ukraine's National Security and Defense Council will decide who fits the criteria to be considered an oligarch.

The law will take effect 10 years after Ukrainian President Volodymyr Zelensky signs it.

*Writing by Seda Sevencan