Ukraine and the US have agreed on the details of the subsoil agreement: ports are also in the new agreement

The updated agreement provides for the creation of a joint Reconstruction Investment Fund, but does not contain clear security guarantees for Ukraine.

Ukraine and the United States have agreed on a new version of the subsoil agreement, which does not provide for full control of the United States over the joint fund. This is reported by “Ekonomichna Pravda”.

The document, which will be signed in the near future by Ukrainian Foreign Minister Andriy Sybiga and US Secretary of State Marco Rubio, provides for the creation of a Reconstruction Investment Fund.

The draft agreement excluded the provision on 100% US control over the fund. Instead, the document states that Washington will have the largest possible financial share within the framework of US legislation. The ownership of the parties in the fund will be determined in accordance with their actual contributions.

Ukraine and the United States will jointly manage the fund, but the American side will have the right to make decisions within the framework of its own legislation. The agreement also contains a provision that neither party can sell or transfer its share without the written consent of the other.

The fund will receive 50% of revenues from ports, the extraction of Ukrainian natural resources and resource-related infrastructure. At the same time, the sources of financing of the fund will not include revenues already included in the state budget of Ukraine.

The agreement allows the fund to independently decide whether to compensate the Ukrainian government for the costs of new projects. Investments from the fund will be reinvested in the Ukrainian economy at least once a year to promote the security and prosperity of the country.

The following points have disappeared from the updated agreement:

• a commitment to double investments in Ukraine for every dollar invested;

• a goal to return Ukraine’s GDP to the level of the end of 2021;

• the possibility of directing more than 50% of revenues from the deoccupied territories in the event of their liberation;

• mandatory contributions to the fund up to the amount of $500 billion;

• a condition under which all US financial assistance should be added to Ukraine’s contributions to the fund.

The document also does not contain clear security guarantees for Ukraine, although President Volodymyr Zelensky previously emphasized their need.

The US confirmed its intention to financially support Ukraine, but the amount of assistance will be determined separately. The new agreement should not contradict Ukraine’s international obligations, as well as its integration into the EU.

Ukraine and the US also agreed to develop a separate agreement that will determine the detailed conditions for the functioning of the future fund. The Ministry of Economy will be responsible for its preparation on the Ukrainian side.

As USM previously wrote, within the framework of the old agreement on minerals, Donald Trump wanted full control over Ukrainian ports.