President of Ukraine Volodymyr Zelensky proposed the decision on recognizing a person as an oligarch should be made by the National Security and Defense Council of Ukraine (NSDC) on the basis of a proposal from the Cabinet of Ministers, a member of the NSDC, the National Bank of Ukraine (NBU), the State Security Service (SBU) or the Antimonopoly Committee of Ukraine (AMCU).

This is defined by the presidential bill on the prevention of threats to national security associated with the excessive influence of persons with significant economic or political heft in public life (oligarchs), the text of which was released on the Verkhovna Rada website on Thursday morning.

The NSDC decision to recognize a person as an oligarch shall come into effect from the day of the official publication of the presidential decree on its entry into force.

Zelensky also proposes to create a register of persons with significant economic and political heft in public life (oligarchs).

Such a proposal is contained in the president's bill on the prevention of threats to national security associated with the excessive influence of persons with significant economic or political heft in public life (oligarchs), the text of which was released on the Verkhovna Rada website on Thursday morning.

The basis for the inclusion of oligarchs in the register, according to the bill, will be the NSDC.