Core Provisions
| Element | Detail |
|---|---|
| Legislative act | Amendments to the Budget Code of Ukraine (second reading, 309 votes “for”). |
| Purpose | Enable implementation of the U.S.–Ukraine Minerals Agreement and establishment of the American-Ukrainian Recovery Investment Fund. |
| Ukrainian contribution | 50 % share of cash flows generated after the agreement takes effect from: • rent on minerals extracted under new licences; • fees for new sub-soil permits; • sale of the state’s share in product under new production-sharing agreements (PSAs). |
| U.S. ratification | Not required; fund operates under Ukrainian law. |
Timeline and Status
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8 May 2025 – Verkhovna Rada ratifies Minerals Agreement.
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23 May 2025 – Kyiv and Washington exchange diplomatic notes, completing launch formalities.
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3 June 2025 – Budget Code amendments adopted, providing fiscal mechanics for Ukraine’s equity injection.
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Next step – Fund registration, appointment of GP/LP structure, deployment roadmap.
Strategic Significance
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Revenue ring-fencing – Links fresh sub-soil income to reconstruction investment, rather than current expenditure.
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Investor signal – Codifies predictable funding streams, improving fundability of minerals and infrastructure projects.
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Resource governance – Aligns with EU accession benchmarks on transparency and earmarking of extractive proceeds.
Ukraine’s finance authorities will now finalise by-laws and operational guidelines so the Fund can begin committing capital to recovery projects in Q4 2025.
