Ukraine set to ratify mineral deal with US at special session
The Verkhovna Rada (parliament) of Ukraine is set to convene for an extraordinary session on May 8 at 3:00 AM Eastern Time to ratify an agreement with the US regarding mineral resources, deputy Yaroslav Zhelezniak announced on Friday.
Zhelezniak stated on Telegram that the ratification of the mineral-related agreement between the United States and Ukraine is set to be voted on May 8.
ratification of the mineral agreement with the USA on May 8
The deputy noted that Prime Minister Shmyhal informed the parliamentarians on Friday that two out of the three documents comprising the accord with the United States regarding minerals will not require ratification. These pertain to technical documents.
The Ukrainian government already registered the draft law on the ratification of the agreement with the USA on Thursday.
The day before, the US Department of the Treasury announced that the United States and Ukraine have signed an economic partnership agreement and created the American-Ukrainian Investment Fund for Reconstruction. This sends a signal to Russia that the USA is committed to a peace based on a free and sovereign Ukraine, stated department head, Scott Bessent.
Ukraine's Deputy Prime Minister and Minister of the Economy, Julia Svyrydenko, also confirmed the signing of the agreement. As she wrote on platform X, both the USA and Ukraine will make equal contributions to the fund, and for the USA, the value of future military aid will count as a contribution. On the Ukrainian side, the fund is to be supported by 50% of the state's budget revenues from exploiting new resource deposits.
the USA and Ukraine establish a joint fund
The fund is set to finance extraction projects, including oil and gas, as well as the development of infrastructure related to the resource sector. The specific choice of projects will belong to both parties of the agreement and will require a joint decision.
Contrary to initial US demands, the agreement does not oblige Ukraine to repay past American military aid with revenues from deposit exploitation. Ukrainian resource deposits are also to remain under "full control and ownership of Ukraine," and the fund itself is to be jointly managed by both parties.
The US government will also assist in attracting additional investments and technologies to Ukraine through the US International Development Finance Corporation (DFC).
