Key Vote
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338 deputies of the Verkhovna Rada approved the law ratifying the Agreement on the Establishment of the U.S.–Ukraine Reconstruction Investment Fund (often called the Minerals Agreement).
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Ratification completes Ukraine’s internal procedures; the accord will enter into force after both governments exchange diplomatic notes.
Five Core Principles (outlined by Prime Minister Denys Shmyhal)
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Equality – Fund capital and voting rights split 50 % Ukraine / 50 % United States.
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Ukrainian control – Kyiv retains sovereign authority over subsoil, infrastructure and natural resources.
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Investment, not debt – capital is equity; no new sovereign borrowing.
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Off-take guarantees – “take-or-pay” contracts secure long-term buyers for extracted and processed materials.
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EU compatibility – provisions align with Ukraine’s European-integration commitments.
How the Fund Will Operate
| Parameter | Detail |
|---|---|
| Capital sources | U.S. share may consist of direct financing or book-valued military assistance; Ukraine contributes 50 % of royalties, license fees and PSA income from new critical-mineral projects |
| Mandate | Finance extraction, processing and infrastructure for 57 listed critical minerals plus selected oil & gas assets |
| Governance | Six-member board (three Ukrainian, three U.S.) → decisions by consensus |
| Launch window | Government expects full operational status within a few weeks |
Strategic Impact
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Accelerates investment in Ukraine’s untapped critical-material reserves—titanium, lithium, graphite, rare earths and more.
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Unlocks additional U.S. defense support that can be counted as capital, bolstering both economic recovery and security.
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Signals stability to global investors by embedding U.S. Development Finance Corporation oversight and equal governance.
Next Steps
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Exchange of ratification notes → Fund registration and board appointments.
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Passage of companion Budget Code amendments to channel earmarked mining revenues into the Fund’s special account.
