Kyiv - Washington: Agencies
Ukrainian Deputy Prime Minister Yulia Sviridenko revealed the most important provisions of the mineral agreement concluded between Kyiv and Washington, noting that the agreement explicitly stipulates that "Ukraine retains full sovereignty over its resources."
Sviridenko wrote on her Facebook account, explaining the terms of the agreement:
All resources on our territory and in our territorial waters belong to Ukraine. The Ukrainian state determines where and how they are extracted. Underground resources remain Ukrainian property - this is confirmed in the agreement. According to the Cairo-based Youm7 news website, the agreement added, "Following the agreement, Volodymyr Zelensky and President Donald Trump, along with Treasury Secretary Scott Besant, signed an agreement to establish an investment fund for the reconstruction of the United States and Ukraine.
The fund was established in a 50/50 ratio. We will manage this fund in cooperation with the United States. Neither party will have the final say, and this will reflect an equal partnership between Ukraine and the United States.
The agreement does not provide for any changes in privatization processes or the management of state-owned enterprises; they will remain Ukrainian property. Companies such as Ukrnafta or Energoatom will remain state-owned.
The agreement does not mention any debt obligations on Ukraine to the United States. Implementing the agreement will allow both countries to expand their economic potential through equal cooperation and investment.
The agreement does not include any financial obligations on Ukraine in the form of debt to the United States. Rather, it is based on an equal investment partnership aimed at strengthening the economic capabilities of both countries.
The agreement is in line with the Ukrainian Constitution and does not conflict with any other law. Kyiv's international commitments, and it does not change the country's European trajectory. The agreement sends a message of confidence to global investors regarding the stability and sustainability of cooperation with Ukraine.
The fund will be financed 50% by revenues from new licenses for critical raw materials and oil and gas projects. Financing sources do not include existing or previously budgeted projects. The agreement targets long-term strategic cooperation.
Implementation of the agreement requires only local amendments to the budget law, and the agreement must be ratified by the Ukrainian Parliament.
The US government supports the fund through the Development Finance Agency (DFC), which will help us attract investment and technology from institutions and companies in the United States, the European Union, and other countries supporting Russia. Technology transfer and development are a key component of the agreement, along with financing.
The fund's revenues and contributions are not subject to any taxes in the United States or Ukraine, ensuring the highest possible investment returns.
The United States will contribute to the fund's capital through direct financing or through additional assistance (such as air defense systems for Ukraine). Ukraine will contribute 50% of the state budget revenues from new rents generated from resource extraction licenses, and may increase its contributions as needed.
In addition, the fund will invest in natural resource extraction, oil, and gas projects, as well as related infrastructure or recycling projects. Projects will be determined by mutual agreement between the United States and Ukraine and will be implemented exclusively within Ukrainian territory.
All profits from the fund during the first ten years are expected to be reinvested in projects within Ukraine, with no dividends distributed during this period, to support reconstruction and development. These terms will be discussed later.
A version of the agreement has been prepared that guarantees the long-term interests of both parties. It reflects the United States' commitment to achieving sustainable peace in Ukraine and its recognition of Kyiv's contribution to international security by relinquishing its nuclear arsenal. This agreement also constitutes a US commitment to supporting Ukraine's security, reconstruction, and development efforts.
The US Treasury Department announced in a statement on Wednesday the signing of a rare earths agreement between the United States and Ukraine. The statement continued: "Under the minerals deal, countries and individuals that have financed the Russian military industry are prohibited from participating in Ukraine's reconstruction."
The statement emphasized that "in appreciation of the significant financial and material support the people of the United States have provided for Ukraine's defense, this economic partnership enables our two countries to work together and invest to ensure that our combined assets and capabilities contribute to accelerating Ukraine's economic recovery."
For his part, Ukrainian Deputy Prime Minister Sviridenko said: "The agreement between Ukraine and the United States stipulates that all resources located on the territory of Ukraine remain under the ownership and control of Kyiv."
He added: "Ukraine and the United States will jointly manage the investment fund, and neither party will have the final say."
He continued: "The agreement does not include any changes to the privatization or management of state-owned enterprises; they remain Ukrainian."
He emphasized that the agreement between Ukraine and the United States requires ratification by the Ukrainian Parliament to enter into force. Earlier, Ukrainian Prime Minister Denys Shmygal said after a meeting with US Treasury Secretary Scott Besant that Kyiv and Washington had reached an agreement that previously provided US financial aid would not appear as a repayment obligation for Kyiv in the rare earths agreement. The signing of the deal collapsed in late February when Zelenskyy arrived at the White House and was reprimanded by President Donald Trump for disrespecting his host, while US Vice President J.D. Vance described the Kyiv guest as ungrateful. Zelenskyy was asked to leave the White House after a public verbal altercation.