Before finalizing a more detailed agreement on the fund’s operations, Ukraine must address licensing issues and conduct an audit.
Ukrainian President Volodymyr Zelenskyy announced that the next, more comprehensive agreement with the United States regarding minerals will require ratification by the Verkhovna Rada. This agreement will regulate the activities of the so-called “Reconstruction Investment Fund.”
Zelenskyy made this statement during a briefing on Wednesday, February 26.
According to him, the next agreement will focus on the Fund’s operations and will be “more serious and complex.”
“The following agreements will outline how the partnership can function,” he added.
To recall, on Wednesday, February 26, negotiations concluded on the so-called “Minerals Agreement,” which does not require ratification by the Verkhovna Rada. It contains Ukraine’s primary legal obligation—to initiate negotiations with the United States on an agreement governing the activities of the “Reconstruction Investment Fund,” a bilateral structure to be established by Ukraine and the United States.
The document was formulated in a way that does not require parliamentary ratification.
On Wednesday, February 26, negotiations concluded on the “Minerals Agreement,” which is expected to be signed this week by representatives of both countries.
The full text of the document was published by the outlet European Truth.
The publication noted that the Ukrainian negotiating team successfully altered the document’s tone compared to previous U.S. proposals.
United States and Ukraine recognize Ukraine’s contribution to global peace and security through its voluntary relinquishment.
United States and Ukraine seek to ensure that those states and individuals who acted with hostility toward Ukraine during the conflict do not benefit from Ukraine’s post-war reconstruction.
Ownership will reflect the actual contributions of the Participants, as specified in Sections 3 and 4. The Fund will be jointly administered by representatives of the Government of Ukraine and the Government of the United States.
More detailed terms and conditions regarding the Fund’s management and operations will be outlined in a subsequent Fund Agreement, to be negotiated immediately following the conclusion of this Bilateral Agreement.