KYIV, July 24 - A top U.S. State Department official said the United States supports President Volodymyr Zelenskiy's goal of curtailing the power of tycoons, but cautioned that the path to achieving this "is difficult," RFE/RL reported.

Zelenskiy's Servant of the People party on July 1 approved in the first reading a draft bill -- known as "the oligarch law" -- that seeks to introduce a legal definition for a tycoon and impose limitations, including blocking them from financing political parties.

The United States has long called on Ukraine to tackle the handful of tycoons who wield enormous political influence from behind the scenes to the detriment of the country and its citizens. However, the proposed legislation opens the door for subjective targeting, critics warn.

"I agree with the goal of 'de-oligarchization.' How it's done is another issue. There are various details and this is very important," George Kent, deputy assistant secretary of state for European and Eurasian affairs, who oversees policy toward Ukraine, told RFE/RL in an interview in Kyiv conducted on July 20.

Kent said that the United States was advising Ukraine on the legislation, but added that the details of the final bill were ultimately up to Kyiv.

"To succeed, to get to this point [of 'de-oligarchization'], is difficult," he said.

According to the bill, a person would be designated an oligarch if he or she meets three of four criteria, including holding a near monopolistic position in a particular industry; possessing "significant" media assets; being active in the nation’s political life; and possessing more than 2.27 billion hryvnyas ($84 million) in net wealth.

Ukraine had 100 people with a net worth of at least $125 million as of 2021, according to Forbes.

Any person deemed an oligarch would be banned from financing political parties or taking part in the sale of state assets.

While Ukraine has sold off many assets and companies it inherited when the Soviet Union collapsed, it still holds hundreds in its portfolio. Zelenskiy has said he plans to accelerate privatizations.

Ukraine's National Security and Defense Council (NSDC) will make the final determination of whether an individual meets the criteria of an oligarch.

The Cabinet of Ministers, members of the central bank, the Defense Council, the Anti-Monopoly Ministry, or the Security Service (SBU), have the right to submit the name of a tycoon for review by the NSDC.

Petro Poroshenko, Zelenskiy's main political rival, could potentially meet the criteria, which has raised concerns that the bill may be used to target political opponents.

Poroshenko, who heads the political party European Solidarity, is a billionaire with assets ranging from chocolate bars to media. (rfe/ez)