Ukraine's parliament approves Budget Code amendments for US minerals deal

According to the MP, 286 lawmakers voted in favor of the draft law at first reading, with a shortened period for submitting amendments.

Ukraine's contribution will consist of half the revenues received after the deal enters into force from the following sources:

• royalties from the extraction of mineral resources (including oil, gas, gas condensate, and all items listed in Annex A of the Agreement) under new licenses;
• issuance of new special permits for subsoil use;
• proceeds from the sale of the state's share of production under new production-sharing agreements.

The funds will be credited to a special fund of the state budget and, by the decision of the main administrator (presumably the Ministry of Economy), will be transferred to the Reconstruction Fund.

Minerals deal

On May 1, Ukraine and the United States signed an agreement to establish a joint Investment Fund. The document was signed by First Deputy Prime Minister and Minister of Economy Yuliia Svyrydenko and US Treasury Secretary Scott Bessent.

On May 8, the Verkhovna Rada ratified the agreement, and on May 12, President Volodymyr Zelenskyy signed the corresponding law, finalizing the process. According to Deputy Minister of Economy Taras Kachka, the parties will also sign two additional technical agreements that do not require parliamentary ratification.

According to Svyrydenko, the remaining agreements will be commercial in nature and will be signed not by the government, but by other entities.

Yesterday, President Volodymyr Zelenskyy signed the law ratifying the deal between the governments of Ukraine and the United States on rare earth metals.

Learn more about the Ukraine-US deal and its importance in the RBC-Ukraine article.