On July 3, the President of Ukraine, Volodymyr Zelenskyi, signed a law amending the Budget Code in order to implement the intergovernmental agreement between Ukraine and the United States on cooperation in the field of minerals (draft law No. 13256). About this it is said on the website of the Verkhovna Rada.
The adopted document aims to ensure the effective implementation of the ratified agreement and the implementation of tools for strengthening the strategic partnership between Ukraine and the USA. This partnership is aimed at the long-term reconstruction and modernization of the country in response to the large-scale destruction caused by the aggression of the Russian Federation.
According to the provisions of the agreement, the Ukrainian side will make its contribution by transferring to the fund half of the revenues received after the agreement enters into force. These revenues will be generated from rent payments for the extraction of minerals (such as oil, gas, gas condensate and others listed in Appendix “A” to the agreement) based on new licenses, as well as from fees for new special permits for the use of subsoil and from the realization of the state share of production under new production sharing agreements.
The law establishes that these funds will go to the special fund of the state budget and, according to the decision of the chief administrator, will be transferred to the Reconstruction Fund.
We will remind you that on May 1, the Minister of Economy of Ukraine Yuliya Svyridenko and the Minister of Finance of the United States signed an agreement on minerals. On May 8, the Verkhovna Rada supported the ratification of the agreement on the creation of a joint investment fund between Ukraine and the USA.
On May 12, Volodymyr Zelenskyy signed a document on the ratification of the agreement with the American side in the field of subsoil use. On June 4, the parliament finally approved the law on changes to the Budget Code, necessary for the implementation of agreements on cooperation in the field of minerals.
