To avoid sanctions of the new anti-oligarch law once it comes in force in May, businessmen will have to sell their assets and leave official positions if they have such, said Ukraine’s justice minister Denys Maluska on Wednesday.

Ukrainian powerfull businessmen can be ‘tagged’ oligarchs  face subsequent sanctions if they meet an ‘oligarch’ criteria, which basically assumes  they are heavily invested in political activities, own media companies, and claim big assets and monopoly status in the market.

Denys Malyuska also shed more light on how officials will gather evidence on businessmen who can end up on the black list. First of all, it is a person who holds a political position, or has relatives or business partners who hold political positions.

According to Malyuska, it will also be easy to trace the links of businessmen to media companies that are required to disclose their owners and final beneficiaries.

In addition, the ownership can be easily followed up in the Unified State Register.

We will also review tax declarations of MPs to check whether their finances exceed the threshold  set by the law on oligarchs’, – added Malyuska.

‘In the end of May, the National Security and Defense Council will issue first decisions on recognizing a person as an oligarch. The main purpose of the law on oligarchs is to encourage big business to voluntarily stop abusing their status’, Denis Malyuska stressed.