Rada approves amendments to the Budget Code to implement the Fossil Fuel Agreement

A flag near the Government building. Illustrative photo: Depositphotos

The Verkhovna Rada has finally adopted draft law №13256, which amends the Budget Code to implement the Agreement on Critical Raw Materials between Ukraine and the United States. The document was voted for by 309 MPs.

This was reported by Yaroslav Zhelezniak, MP from the «Voice» faction.

Compared to the first reading, the text has hardly changed. The law defines the sources of Ukraine's contribution to the special fund of the state budget, which will be used to fund the Reconstruction Fund.

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In particular, half of the revenues received after the Agreement enters into force will be credited to this special fund. These include:

• royalties for the extraction of minerals (oil, gas, condensate, etc.) from new licences;
• payments for new special permits for subsoil use;
• state profit from the sale of its share of production under new production sharing agreements.

As a reminder, members of the Verkhovna Rada failed to obtain copies of two additional agreements governing the operation of the US-Ukraine Recovery Investment Fund established under the subsoil agreement.

Subsoil agreement

On 13 April 2025, Ukraine and the United States signed a memorandum as a first step towards reaching an agreement on expanding economic cooperation, including the development of mineral resources in Ukraine, which had proved elusive. Kyiv and Washington have successfully completed all the necessary procedures to launch the joint Recovery Fund.

Earlier, Yuliia Svyrydenko explained how the US Recovery Investment Fund will work.