Some hit at the heart of Ukrainian society – the language law, the libel law, the bill on banning homosexuality.

Others fundamentally restructure the way the country operates financially – the legislation on public procurement, the depository and clearing system law, the electronic payment system law and changes to tax legislation.

The socially focused laws are deeply divisive, and often result in both domestic and international outrage. They monopolize the media’s attention and demand a concerted effort from various business, government or other interest groups to stop them.

Deeply damaging and outrageous though they may be, these laws are distractions from bigger transformations taking place within Ukraine. The past years have seen growing monopolization of the nation’s economy, the lack of accountability of public institutions and the perversion of the legislative and judicial process.

The process of passing the depository law, which disturbingly transfers financial market oversight from the private to state sector where corrupt officials could abuse access to privileged information, also set new lows of non-transparency.

Market participants affected by the legislation complained of constant changes to the bill, which was allegedly signed by the president on Sept. 24, and is still up on the parliament’s website as a draft awaiting the second reading. The text there might not be the final version.

It appears lawmakers are hedging themselves against a change in government. Even if the opposition manages to win a majority the next parliament, they will not have the necessary votes to overturn a presidential veto. Legislation being rushed through now can be protected until 2015.

By then, the country’s most lucrative sectors could already be in private hands. Much of the country’s essential infrastructure has already been privatized and is now owned by billionaire oligarchs. 

Rinat Akhmetov controls about half of Ukraine’s coalmining, ore, steel and electricity markets. Dmytro Firtash has consolidated substantial control over Ukraine’s chemical, gas and titanium sectors. 

Meanwhile, an earlier version of the depository law suggested a sale of the National Bank of Ukraine’s share to various market participants – including individuals – three years after its nationalization, before the 2015 elections.  The appetite of those in power has no limit. The carving up of Ukraine for the benefit of a few marches on.