Ukraine’s agreement with Washington to launch a U.S.–Ukrainian Reconstruction Investment Fund has taken legal effect. The pact creates a state‑backed limited partnership that will channel American capital into “critical sectors” ranging from mineral extraction to large‑scale infrastructure. Key points:
Preferential access to licences
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Right of first refusal. Any Ukrainian company that wants to raise money for a subsoil licence, concession or PPP must first present the offer to the Fund.
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No sweeter deals for others. If the Partnership shows interest, the licence holder is barred from offering a third party “substantially more favourable” terms.
Off‑take option for U.S. buyers
All new mining permits must let the U.S. International Development Finance Corporation (DFC) or its designee negotiate long‑term purchase contracts for output—again on terms at least as good as those offered to any other customer.
Tax and tariff relief
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Local side. Ukraine pledges zero taxes, fees or withholdings on the Fund’s profits, dividends and capital flows.
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U.S. side. Washington signals that raw materials bought under the scheme will enter the United States duty‑free.
Hard‑currency safeguards
Kyiv commits to unrestricted conversion of hryvnia into U.S. dollars and free transfer of funds inside or outside Ukraine. Temporary FX controls are allowed only in a balance‑of‑payments crisis—and any resulting losses must be compensated in full.
Regulatory stability
The treaty overrides future Ukrainian laws: if domestic rules conflict with the agreement, the treaty prevails. The provisions remain in force indefinitely unless both governments decide to end them.
Bottom line
The framework—detailed mechanics are in a confidential Limited Partnership Agreement—gives American investors an unusually secure, tax‑exempt route into Ukraine’s post‑war rebuild, backed by DFC clout and treaty‑level legal protection.
