Ukraine set to ratify mineral pact with US amid reconstruction push
The Verkhovna Rada (parliament) of Ukraine is set to convene for an extraordinary session on May 8 at 3:00 AM Eastern Time to ratify the agreement with the US regarding mineral resources, deputy Yaroslav Zhelezniak announced on Friday.
The Russian Ministry of Defence reported that its troops had overcome Ukrainian units in the Kursk region. It noted that Russian forces are continuing efforts to establish a "security belt" along the border areas of Ukraine's Sumy region.
Ratification of the mineral agreement with the USA on May 8
The deputy noted that Prime Minister Shmyhal informed the parliamentarians on Friday that two of the three technical documents comprising the accord with the United States regarding minerals will not require ratification.
The Ukrainian government registered the draft law on Thursday to ratify the agreement with the USA.
The day before, the US Department of the Treasury announced that the United States and Ukraine had signed an economic partnership agreement and established the American-Ukrainian Investment Fund for Reconstruction. According to department head Scott Bessent, this sends a signal to Russia that the USA is committed to a peace based on a free and sovereign Ukraine.
Ukraine's Deputy Prime Minister and Minister of the Economy, Julia Svyrydenko, also confirmed the signing of the agreement. As she wrote on platform X, both the USA and Ukraine will make equal contributions to the fund, with the USA's contributions including the value of future military aid. On the Ukrainian side, the fund will be financed by 50% of the state's budget revenue from exploiting new resource deposits.
The USA and Ukraine establish a joint fund
The fund will finance extraction projects, including oil and gas, and the development of infrastructure related to the resource sector. The specific projects will be selected jointly by both parties to the agreement.
Contrary to initial US demands, the agreement does not oblige Ukraine to repay past American military aid with revenues from resource exploitation. Ukrainian resource deposits will remain under "full control and ownership of Ukraine," both parties will jointly manage the fund.
The US government will also help attract additional investments and technologies to Ukraine through the US International Development Finance Corporation (DFC).
