Prime Minister of Ukraine Denys Shmyhal announced that Kyiv and Washington have completed negotiations on an agreement on rare earth resources and have actually developed its final version.
"European Truth" publishes the full text of the document.
Currently, there is a text of the "Minerals Agreement", which establishes the rules and conditions for the creation of a reconstruction investment fund. The main thing that is required of Ukraine at this stage is to begin new negotiations with the United States on a more substantive agreement that will regulate the activities of the Ukrainian reconstruction investment fund. The document will be preliminarily signed by the US Treasury Secretary Scott Bessent and First Deputy Prime Minister of Ukraine, Minister of Economy Yulia Svyrydenko.
The first sentence of the framework agreement was that “the United States has provided significant financial and material support to Ukraine since Russia’s full-scale invasion of Ukraine in February 2022”, and now “the American people are willing to invest with Ukraine in a free, sovereign, and secure Ukraine”.
The United States and Ukraine have reaffirmed their desire for lasting peace in Ukraine and a lasting partnership, recognize Ukraineʼs contribution to international peace and security (as Ukraine has given up the worldʼs third-largest nuclear weapons arsenal), and want "those states and other persons who acted hostilely against Ukraine in the conflict" not to benefit from Ukraineʼs reconstruction.
The governments of Ukraine and the United States will establish a Reconstruction Investment Fund (the Fund) for the reconstruction of Ukraine, with the terms of joint ownership and management to be determined in a separate agreement. The Fund will be managed by Ukrainian and American representatives.
The Fund will reinvest revenues and monetize Ukraineʼs natural resources. Ukraine will contribute 50% of the proceeds from their future monetization, excluding current budget revenues. None of the participants may transfer its share without the consent of the other. Contributions to the Fund will be reinvested at least once a year for the security and development of Ukraine.
The United States is committed to supporting long-term financial investments for Ukraine’s reconstruction by providing cash, financial instruments, and critical assets. The fund will invest in Ukrainian projects and leverage capital to develop and monetize public and private assets, including natural resources, infrastructure, and state-owned enterprises.
Participants have the right to protect their economic interests in the Fund. The agreement will provide guarantees that Ukraineʼs obligations to third parties will not lead to the alienation of its contributions to the Fund.
The document (the next agreement) will be consistent with Ukraineʼs international obligations and will be of a commercial nature. It will be ratified by the Verkhovna Rada of Ukraine.
The Fund Agreement will include control mechanisms to prevent the circumvention of sanctions and restrictions. Its text will be developed by working groups led by representatives of the governments of Ukraine and the United States, including the Ministries of Finance of both countries and the Ministry of Economy of Ukraine.
The bilateral agreement and the Fund agreement will be key elements of international arrangements to strengthen Ukraine’s security and economic resilience. The United States supports Ukraine’s efforts to obtain security guarantees.
The Parties undertake to implement the Bilateral Agreement and to immediately begin negotiations on the Fund Agreement.
What kind of agreement on Ukrainian minerals?
The US Treasury Secretary Scott Bessent brought a pilot draft of a minerals agreement to Ukraine on February 12. Washington had hoped that Kyiv would sign it immediately. President Zelensky said that he had banned the agreement because it would not protect Ukraine’s interests — it had no connection to investments, profits, or security guarantees.
Previously, Trump stated that Ukraine had "essentially agreed" to transfer half a trillion dollars worth of rare earth metals to Washington as payment for American military aid.
Ukraine said it was ready to sign an agreement on rare earth metals, but Kyiv needed security guarantees. Zelensky added: “The document was clear in only one thing — we must give 50% of everything that is listed there.”
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