Svyrydenko flew to sign an agreement on subsoil: what will it contain?
30 April 17:10
Ukraine is ready to sign a long-awaited natural resources agreement with the United States today. Ukrainian Economy Minister Yulia Svyrydenko is on her way to Washington to sign the document. This was reported by Bloomberg, citing an informed source, "Komersant Ukrainian" reports.
Key details of the agreement
The parties have finalized a draft document that provides for the creation of a joint fund to manage investment projects in Ukraine. According to the source, who wished to remain anonymous due to the confidentiality of the negotiations, the Cabinet of Ministers of Ukraine is ready to approve the agreement, which must then be ratified by the Verkhovna Rada.
The agreement will provide the United States with privileged access to new investment projects to develop Ukrainian natural resources, including aluminum, graphite, oil, and natural gas. According to a draft document seen by Bloomberg, the US and Ukraine will seek to create conditions for “increased investment in mining, energy, and related technologies in Ukraine.”
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A breakthrough in negotiations
A significant breakthrough in the negotiations was the US agreement to count only the military aid that will be provided after the agreement is signed as part of its contribution to the joint fund. As early as Sunday, Ukrainian Prime Minister Denys Shmyhal said that Washington had dropped its demand to include tens of billions of dollars in aid provided after Russia’s full-scale invasion.
Importantly, the document clearly states: The US recognizes Ukraine’s intentions to avoid any conflicts with its plans to join the European Union. This was Kyiv’s principled position during the negotiations.
As the draft agreement states, it
“strengthens the strategic partnership between the parties for the long-term reconstruction and modernization of Ukraine in response to the widespread destruction caused by Russia’s full-scale invasion.”
The White House said on Tuesday that President Donald Trump is “confident” of signing a critical minerals agreement with Ukraine.
Two other technical documents that will define the principles of the joint fund have not yet been finalized, a source told Bloomberg.
Draft agreement between Ukraine and the United States: what is known
In February 2025, the United States and Ukraine reached a preliminary agreement aimed at jointly developing and managing Ukraine’s mineral resources. The agreement, known as the Bilateral Agreement Establishing Conditions for the Reconstruction Investment Fund, provides for the establishment of a joint investment fund to rebuild Ukraine’s war-ravaged economy. The main objective of the fund is to attract and reinvest revenues from Ukraine’s substantial mineral wealth to contribute to its recovery and long-term stability.
Key provisions of the draft agreement
Establishment of the Reconstruction Investment Fund. According to the text of the draft agreement published by The Kyiv Independent, the fund will be jointly owned and managed by the governments of the United States and Ukraine. The ownership and financial interests of each party will be defined in a subsequent agreement on the fund. The fund will be managed by representatives of both governments, and more detailed terms will be set out in a subsequent agreement.
Ukraine’s contribution. Ukraine commits to allocate 50% of its future revenues from the monetization of its natural resources, including minerals, hydrocarbons, oil, natural gas and other extractive infrastructure, to the Reconstruction Investment Fund. These contributions will continue until the amount reaches USD 500 billion (as was the case in previous drafts). It is important to note that current sources of revenue that are already included in the general budget of Ukraine are not covered by this agreement.
The role of the United States. The U.S. government is committed to maintaining a long-term financial commitment aimed at developing a stable and economically prosperous Ukraine. This includes investments, financial instruments, and other tangible and intangible assets critical to Ukraine’s recovery. However, the agreement does not include specific security guarantees or continued arms transfers to Ukraine; these issues will be negotiated separately.
Provisions of the agreement as seen by MP Zheleznyak
MP Yaroslav Zheleznyak said that he had seen the preliminary text of the agreement and was horrified by it.
The MP described in detail the key points of the draft that cause concern:
Yaroslav Zheleznyak, MP
- Management by 5 people, 3 of them from the United States with full veto power.
- We are already talking about all minerals. That is, there is oil and gas, both new and existing.
- All over the territory of Ukraine.
- We are talking about production by both state and private companies.
- The money is converted immediately into foreign currency.
- The fund’s money is withdrawn abroad. If for some reason something is not received on our part, we pay extra.
- The U.S. contribution is the assistance we have already received since 2022. And they can make a profit at their own discretion. And they receive the first (and then Ukraine) 4% of the “royalties” from the Fund.
- The agreement is valid indefinitely. It can be changed or terminated only with the permission of the Americans.
- “First night” rights for all new infrastructure projects and the right to veto the sale of resources to other countries.
- Nothing about security guarantees. Not even a hint.
Meanwhile, the government assures that the agreementdoes not provide for the transfer of subsoil use rights or any property rights.
According to Olha Stefanishyna, Deputy Prime Minister for European and Euro-Atlantic Integration, the framework agreement between Ukraine and the United States is not an international treaty in the classical sense, but rather a political agreement that defines the parties’ intentions to create a joint Investment Recovery Fund.
Earlier this month, representatives of the United States and Ukraine signed a memorandum of intent and continued to agree on the technical details of the agreement.
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