Ukraine’s Economy Minister: The Ukraine Minerals & Reconstruction Deal

Ukrainian Economic Minister Yulia Svyrydenko posted the key features of the Ukraine Minerals and Reconstruction Deal on X in a series of tweets.

We post them without comment, but would like to hear your opinions.

On behalf of the Government of Ukraine, I signed the Agreement on the Establishment of a United States–Ukraine Reconstruction Investment Fund. Together with the United States, we are creating the Fund that will attract global investment into our country.

1. Full ownership and control remain with Ukraine. All resources on our territory and in territorial waters belong to Ukraine. It is the Ukrainian state that determines what and where to extract. Subsoil remains under Ukrainian ownership — this is clearly established in the Agreement.
2. Equal partnership. The Fund is structured on a 50/50 basis. It will be jointly managed by Ukraine and the United States. Neither side will hold a dominant vote — a reflection of equal partnership between our two nations.
3. National assets are protected. The Agreement does not alter privatization processes or the management of state-owned companies — they will remain Ukrainian. Companies such as Ukrnafta and Energoatom will stay in state ownership.
4. No debt. The Agreement includes no provisions regarding any Ukrainian debt obligations to the United States. Its implementation allows both countries to expand their economic potential through equal cooperation and investment.
5. The Agreement complies with the Constitution and maintains Ukraine’s European integration course. It is consistent with national legislat Importantly, the Agreement sends a signal to global partners that long-term cooperation with Ukraine — over decades — is not only possible but reliable.
6. The Fund will be financed exclusively from NEW licenses. Specifically, 50% of the revenues from new licenses in the field of critical materials, oil, and gas — generated after the Fund is created — will be directed to it. Revenues from existing projects or those already accounted for in the budget will not be included. The Agreement also outlines future strategic cooperation.
7. Legislative changes will be limited and targeted. Only amendments to the Budget Code are required for the Fund to operate. The Agreement itself will be submitted to the Verkhovna Rada for ratification.
8. The United States will help attract additional investment and technology. The Fund is supported by the U.S. government through the DFC agency. This will assist us in attracting investments and technologies from U.S., EU, and other international partners that support Ukraine’s fight against the Russian aggressor. Technology transfer and development are a key part of the Agreement — because Ukraine needs not only capital, but also innovation.
9. The Agreement provides tax guarantees. Fund revenues and contributions will not be taxed in either the United States or Ukraine, ensuring maximum effectiveness of the investment process.

How will the Fund work?

The United States will contribute to the Fund. In addition to direct financial contributions, it may also provide NEW assistance — for example, air defense systems for Ukraine. Ukraine will contribute 50% of state budget revenues from NEW rent on NEW licenses for NEW areas. Ukraine may also make additional contributions beyond this baseline if it chooses.

This is cooperation designed to last for decades. The Fund will then invest in extraction projects for critical materials, oil, and gas — as well as in related infrastructure and processing. Specific investment projects will be selected jointly by Ukraine and the US. Importantly, the Fund may invest exclusively in Ukraine.

We expect that for the first 10 years, Fund profits and revenues will not be distributed, but instead reinvested into Ukraine — into new projects or reconstruction. These terms will be subject to further discussion.

We have shaped an agreement that provides mutually beneficial conditions for both countries. The US affirms its commitment to long-term peace in Ukraine and acknowledges Ukraine’s contribution to global security — including its decision to give up nuclear weapons.

It is an Agreement that reaffirms the United States of America commitment to Ukraine’s security, recovery, and reconstruction.

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