The full text of the minerals agreement between Ukraine and the USA has been released.

The full text of the minerals agreement between Ukraine and the USA has been published

Ukrainian journalists have unveiled the complete text of the agreement between Ukraine and the USA regarding minerals. It will include a clause on security guarantees.

This is reported by European Truth.

The Ukrainian and American parties are to establish a joint Investment Recovery Fund, which will be managed by both the USA and Ukraine. The document stipulates that neither party will sell, transfer, or otherwise dispose of any part of their stake in the fund without prior written consent from the other party.

The Ukrainian government will contribute 50% of all revenues generated from the future monetization of natural assets owned by the state of Ukraine. This includes, for example, mineral deposits, hydrocarbons, oil, and natural gas. Future sources of revenue do NOT include current sources that are already part of Ukraine's overall budget revenues.

Furthermore, the fund may credit or reimburse the Ukrainian government for actual expenses incurred on newly created projects from which the fund generates income.

Contributions must be reinvested at least once a year in Ukraine to promote the security, protection, and prosperity of the country. This will be addressed in a supplementary agreement.

BILATERAL AGREEMENT ON ESTABLISHING THE RULES AND CONDITIONS OF THE INVESTMENT RECOVERY FUND

TAKING INTO ACCOUNT that the United States of America has provided significant financial and material support to Ukraine since the full-scale invasion of Russia into Ukraine in February 2022;

TAKING INTO ACCOUNT that the American people wish to invest alongside Ukraine in a free, sovereign, and secure Ukraine;

TAKING INTO ACCOUNT that the United States of America and Ukraine seek lasting peace in Ukraine and a long-term partnership between their two nations and governments;

TAKING INTO ACCOUNT that the United States of America and Ukraine recognize the contribution that Ukraine has made to strengthening international peace and security by voluntarily giving up the world's third-largest nuclear arsenal;

TAKING INTO ACCOUNT that the United States of America and Ukraine wish to ensure that those states and other individuals who acted hostile towards Ukraine during the conflict do not benefit from the reconstruction of Ukraine following the establishment of lasting peace;

THEREFORE, NOW the Government of the United States of America and the Government of Ukraine (each referred to as a "Participant") enter into this Bilateral Agreement on Establishing the Rules and Conditions of the Investment Recovery Fund to deepen the partnership between the United States of America and Ukraine, as outlined in this document.

1. The governments of Ukraine and the United States of America intend to create an Investment Recovery Fund (the Fund) to achieve lasting peace in Ukraine, establishing a partnership in the Fund through joint ownership, which will be further defined in the Fund Agreement. Joint ownership will take into account the actual contributions of the Participants as defined in Sections 3 and 4. The Fund will be managed jointly by representatives of the Government of Ukraine and the Government of the United States of America. More detailed terms regarding the management and operation of the Fund will be outlined in a subsequent agreement (the Fund Agreement) to be negotiated immediately following the execution of this Bilateral Agreement. The maximum percentage of equity and financial interests in the Fund that will belong to the Government of the United States of America, as well as the decision-making powers of representatives of the Government of the United States of America, will be within the limits permitted by applicable U.S. law.
   
   No Participant shall sell, transfer, or otherwise directly or indirectly dispose of any part of its share in the Fund without the prior written consent of the other Participant.
   

1. The Fund will collect and reinvest revenues contributed to the Fund, net of expenses incurred by the Fund, and will earn income from the future monetization of all relevant natural resource assets owned by the state of Ukraine (whether they are in direct or indirect state ownership), as defined in Section 3.
   
   
2. The Government of Ukraine will contribute 50% of all revenues generated from the future monetization of all relevant natural resource assets owned by the state of Ukraine (whether they are in direct or indirect state ownership), defined as deposits of minerals, hydrocarbons, oil, natural gas, and other extractive materials, as well as other infrastructure relevant to natural resource assets (such as liquefied natural gas terminals and port infrastructure) by mutual agreement of both Participants, as may be further described in the Fund Agreement. To avoid doubt, such future sources of revenue do not include current sources of revenue that are already included in the general revenues of the Ukrainian budget. The timing, scope, and stability of contributions will be further defined in the Fund Agreement.
   
   At its discretion, the Fund may credit or reimburse the Government of Ukraine for actual expenses incurred on newly created projects from which the Fund generates income.
   
   Contributions made to the Fund will be reinvested at least once a year in Ukraine to promote the security, protection, and prosperity of Ukraine, which will be further defined in the Fund Agreement. The Fund Agreement will also include provisions regarding future dividends.

1. In accordance with applicable U.S. law, the Government of the United States of America will support long-term financial commitments to develop a stable and economically prosperous Ukraine. Further contributions may consist of funds, financial instruments, and other material and intangible assets critically important for the reconstruction of Ukraine.
   
   
2. The investment process of the Fund will be designed to invest in projects in Ukraine and attract investments to enhance the development, processing, and monetization of all state and private assets, including but not limited to: deposits of minerals, hydrocarbons, oil, natural gas, and other extractive materials, infrastructure, ports, and state enterprises, as may be further described in the Fund Agreement. The Governments of the United States of America and Ukraine intend for the investment process to create opportunities for distributing additional funds and greater reinvestment to ensure adequate capital inflow for the reconstruction of Ukraine, as will be defined in the Fund Agreement.
   
   The Participants reserve the right to take necessary actions to protect and maximize the value of their economic interests in the Fund.

1. The Fund Agreement will include appropriate representations and warranties, including those necessary to ensure that any obligations the Government of Ukraine may have to third parties, or such obligations it may undertake in the future, do not result in the sale, transfer, encumbrance, or other burdens on the contributions of the Government of Ukraine to the Fund or the assets from which such contributions originate, or the management of funds by the Fund.
   
   In drafting the Fund Agreement, the Participants will seek to avoid conflicts with Ukraine's obligations under its accession to the European Union or its obligations under agreements with international financial institutions and other official creditors.

1. The Fund Agreement will provide, among other things, for the recognition that both the Fund Agreement itself and the activities provided therein have a commercial nature.
   
   The Fund Agreement will be subject to ratification by the Parliament of Ukraine in accordance with the Law of Ukraine "On International Treaties of Ukraine".

1. The Fund Agreement will pay special attention to control mechanisms that will prevent the weakening, violation, or circumvention of sanctions and other restrictive measures.
   
   
2. The text of the Fund Agreement will be promptly developed by working groups chaired by authorized representatives of the Government of Ukraine and the Government of the United States of America. The contacts responsible for preparing the Fund Agreement based on this Bilateral Agreement will be: from the Government of the United States of America: the Department of the Treasury; from the Government of Ukraine: the Ministry of Finance and the Ministry of Economy.
   
   
3. This Bilateral Agreement and the Fund Agreement will constitute integral elements of the architecture of bilateral and multilateral agreements, as well as specific steps to establish lasting peace, strengthen economic-security resilience, and reflect the goals outlined in the preamble of this Bilateral Agreement.
   
   The Government of the United States of America supports Ukraine's efforts to obtain the security guarantees necessary for establishing lasting peace. The Participants will endeavor to identify any necessary steps to protect mutual investments as defined in the Fund Agreement.

1. This Bilateral Agreement is binding and will be executed by each Participant in accordance with their internal procedures. The Government of the United States of America and the Government of Ukraine commit to immediately commence negotiations regarding the Fund Agreement.

Signed in English and Ukrainian, both texts are equally authentic.

From the Government of the United States of America: Scott K. G. Bessent Secretary of the Treasury

From the Government of Ukraine: Yulia Svyrydenko First Deputy Prime Minister of Ukraine – Minister of Economy of Ukraine