Ukraine and the United States have agreed on the details of an updated subsoil treaty, which does not provide for full US control over the joint fund, but does not contain clear security guarantees. About this informs Financial Times.
The document is to be signed by the Minister of Foreign Affairs of Ukraine Andriy Sybiga and the US Secretary of State Marco Rubio. It provides for the creation of the Reconstruction Investment Fund. The provision on 100% US control over the commercial fund was removed from the agreement. The United States will now have the maximum financial share allowed by its law, and joint ownership will be determined in proportion to the contributions of both countries.
The fund will be jointly managed by Ukraine and the USA, but decisions will be made within the framework of American legislation. Also added is a clause prohibiting the sale or transfer of the share without the written consent of the other party.
The fund will receive 50% of revenues from Ukrainian natural resources, ports and related infrastructure, excluding budget revenues. These funds will be reinvested in the Ukrainian economy at least once a year.
The updated agreement no longer contains obligations to double investments, return Ukraine’s GDP to the level of 2021, as well as provisions to increase revenues from de-occupied territories by more than 50%. Also, the clause on mandatory contributions of up to 500 billion dollars and the automatic inclusion of American financial aid in Ukrainian obligations to the fund was removed.
The US plans to provide financial assistance to Ukraine in an amount that will be determined separately, but the agreement lacks the security guarantees that Zelenskyi previously stated. The document also provides for the development of a separate agreement on the fund, which will not contradict the international obligations of Ukraine and its integration into the EU. The Ukrainian Ministry of Economy is responsible for the preparation of this agreement.
