Ukraine and the US sign a subsoil agreement

Ukraine's Minister of Economy Yuliia Svyrydenko and U.S. Treasury Secretary Scott Bessent have signed an agreement between the two countries to establish a Recovery Investment Fund.

This was announced by Yuliia Svyrydenko and the US Treasury Department.

Kyiv and Washington have agreed to create an Investment Fund for the reconstruction of Ukraine, which will attract international investments. Yulia Svyrydenko noted that the agreement provides for mutually beneficial conditions for both countries.

«This is an agreement in which the United States notes its commitment to promoting long-term peace in Ukraine and recognises the contribution that Ukraine has made to global security by giving up its nuclear arsenal. The agreement in which the United States notes its commitment to Ukraine's security, recovery and reconstruction», said Yuliia Svyrydenko.

She also named the key provisions of the agreement

• Full ownership and control remain with Ukraine. All resources on Ukrainian territory and in territorial waters belong to Ukraine. It is Kyiv that determines where and what to extract.
• Equal partnership. The fund is created on a 50/50 basis, so neither party will have a majority vote.
• National property is protected. The agreement does not provide for changes in the privatisation or management of state-owned companies — they will continue to belong to Ukraine. In particular, this applies to «Ukrnafta» or «Energoatom».
• The agreement does not mention any debt obligations of Ukraine to the US.
• The document is in line with national legislation and does not contradict any of Ukraine's international obligations, and therefore does not change its European integration course.
• The fund will be filled with revenues from new licences only. We are talking about 50% of the proceeds from new licences for critical materials and oil and gas projects that will go to the budget after the fund is created.
• Revenues from projects already launched or budgeted revenues are not included in the fund.
• Legislative changes are only point changes. Only amendments to the Budget Code are required for the fund to function. The Agreement itself must be ratified by the Verkhovna Rada.
• The fund is supported by the US government through the DFC agency, which will help attract investment and technology to Ukraine from funds and companies from different countries.
• The agreement provides tax guarantees. Thus, the fund's income and contributions are not taxed either in the United States or in Ukraine, so that the investment yields the best possible results.

In turn, US Treasury Secretary Scott Bessent called the agreement «historic». He also noted that the document «clearly signals» to Russia that the administration of US President Donald Trump «is committed to a peace process focused on a free, sovereign and prosperous Ukraine in the long term».

Agreement on mineral resources between Ukraine and the United States

Earlier, Donald Trump said that he would like to conclude a deal under which Ukraine would supply the US with rare earth minerals needed for electronics production in exchange for US aid.

However, German Chancellor Olaf Scholz criticised Donald Trump's proposal to provide Ukraine with military assistance in exchange for its minerals.

Subsequently, US President Donald Trump said that Ukraine had agreed to provide Washington with access to rare earth minerals worth $500 billion.

It should be noted, however, that Ukrainian President Volodymyr Zelenskyy refused to sign an agreement to grant the US access to rare earth minerals. The White House called this decision «short-sighted».

Volodymyr Zelenskyy said that the United States might consider investing in mining on the Black Sea shelf, which is currently under Russian occupation.

US National Security Advisor Mike Volz called on Kyiv «to tone it down» and sign the mining agreement that President Zelenskyy had previously rejected.

Subsequently, the US President Donald Trump's administration sent Ukraine an updated version of the mining agreement, which took into account some of Kyiv's comments. The new draft US minerals agreement provides for the distribution of revenues from resources in the liberated territories of Ukraine.

Ukraine and the US also discussed some other issues before signing the minerals agreement.

A week ago, the two countries signed a memorandum as a first step towards reaching an agreement on expanding economic cooperation, including the development of mineral resources in Ukraine, which has proven to be unattainable.