The Mineral Deal has been signed. Welcome the U.S. – Ukraine Reconstruction Investment Fund: a strategic partnership for recovery and growth.
As agreed by President Volodymyr Zelenskyy and President Donald Trump, the Agreement on the Establishment of the U.S. – Ukraine Reconstruction Investment Fund was signed together with U.S. Secretary of the Treasury Scott Bessent. This was reporte by the Vice Prime Minister / Minister of Economy Yuliya Svyrydenko.
I thank the Presidents for their leadership. I thank everyone who worked to make this agreement more meaningful. The document we now have can ensure success for both our countries – Ukraine and the United States.
What does this Agreement entail?
Together with the United States, we will establish an Investment Fund for Ukraine’s reconstruction that will attract global investments into our country.
Key Provisions of the Agreement — In Brief:
1. Full ownership and control remain with Ukraine.
All resources located on our territory and in our territorial waters belong to Ukraine. It is the Ukrainian state that decides where and what to extract. Natural resources remain under Ukrainian ownership — this is enshrined in the agreement.
2. Equal partnership.
The Fund will be created on a 50/50 basis. It will be managed jointly by Ukraine and the United States. Neither side will have a dominant vote, reflecting the equal partnership between Ukraine and the United States.
3. National ownership is protected.
The agreement does not introduce any changes to the privatization processes or the management of state-owned companies — they will continue to belong to Ukraine. Companies such as Ukrnafta or Energoatom will remain state-owned.
4. No debt obligations.
The agreement contains no references to any debt commitments by Ukraine to the United States. Its implementation will allow both countries to increase their economic potential through equal cooperation and investment.
5. The agreement complies with the Constitution and does not alter Ukraine’s Eurointegration course.
The document aligns with national legislation and does not contradict any of Ukraine’s international obligations. Importantly, the agreement will also serve as a signal to other global players that Ukraine is a reliable partner for long-term cooperation — for decades to come.
6. The Fund will be financed exclusively from revenues generated by NEW licenses.
Specifically, 50% of the funds from new licenses for projects in the field of critical materials, oil, and gas — issued after the Fund’s establishment — will go into the Fund. Revenues from already launched projects or budgeted income will not be included. The agreement outlines ongoing strategic cooperation.
7. Only targeted legislative changes.
To enable the Fund’s operation, only minor amendments to the Budget Code are required. The Agreement itself must be ratified by the Verkhovna Rada.
8. The U.S. will help attract additional investments and technologies.
The Fund is supported by the U.S. government through the DFC (U.S. International Development Finance Corporation), which will help us attract investments and technologies from funds and companies in the U.S., the EU, and other countries that support our fight against the Russian aggressor. Technology transfer and development are key components of the Agreement, as we need not only investments, but also innovations.
9. The Agreement provides tax guarantees.
The Fund’s income and contributions will not be taxed either in the U.S. or in Ukraine, in order to maximize investment impact.
How will the Fund work?
The United States will contribute to the Fund. In addition to direct financial contributions, this may also include NEW forms of aid — such as air defense systems for Ukraine.
Ukraine will contribute 50% of state budget revenues generated from NEW royalties on NEW licenses for NEW sites. Ukraine may also make additional contributions beyond this base amount, if deemed necessary. This is a long-term cooperation — looking decades ahead.
The Fund will then invest in projects related to the extraction of minerals, oil, and gas, as well as in associated infrastructure and processing. Specific investment projects will be jointly determined by Ukraine and the United States. Importantly, the Fund can invest exclusively in Ukraine.
We expect that during the first 10 years, the Fund’s profits and revenues will not be distributed but will instead be reinvested in Ukraine — in new projects or reconstruction efforts. These terms will be discussed further.
We have developed a version of the agreement that provides mutually beneficial terms for both countries, Yuliya Svyrydenko summing up.
This is an Agreement in which the United States affirms its commitment to supporting the achievement of lasting peace in Ukraine and acknowledges Ukraine’s contribution to global security through its renunciation of nuclear weapons. It is an Agreement in which the U.S. reaffirms its dedication to Ukrainian security, recovery, and reconstruction.
