Ukrainian Parliament Approves “Anti-Kolomoisky” Bill on First Reading

30 March 2020 18:24

The Ukrainian parliament has approved the so—called “anti—Kolomoisky” bill on its first reading on March 30, with 267 MPs voting ‘yes’. The bill’s nickname stems from its intended purpose of forbidding oligarch Ihor Kolomoisky from reasserting control of the nationalized PrivatBank after a $5.5 billion hole was found on its balance sheet.

The Ukrainian parliament has approved the so-called “anti-Kolomoisky” bill on its first reading on March 30, with 267 MPs voting "yes". The bill’s nickname stems from its intended purpose of forbidding oligarch Ihor Kolomoisky from reasserting control of the nationalized PrivatBank after a $5.5 billion hole was found on its balance sheet.

The bill is one of two conditions set by the International Monetary Fund (IMF) for their continued cooperation with Ukraine and for the presentation of a new tranche of funds to the country. Without the IMF’s support, Ukraine’s finances may face default if a global economic crisis hits.

The second condition is the passage of a land reform bill that has been under consideration in Parliament for months. The bill is expected to create a land market in Ukraine, which Ukrainian president Volodymyr Zelenskyy had advocated for opening as soon as this fall.

Zelenskyy called on MPs to support both bills in order to ensure IMF cooperation continues on March 29.

The passage of the “anti-Kolomoisky” law is expected to ease the burden on the Ukrainian judicial system after Kolomoisky filed dozens of lawsuits alleging that the bank’s nationalization was illegal.