Ukraine releases text of U.S. Reconstruction Investment Fund agreement

First Deputy Prime Minister and Minister of Economy Yuliia Svyrydenko announced this.

Svyrydenko signed the agreement together with U.S. Secretary of Finance Scott Bessent. It was stated that the Investment Fund for Ukraine’s Reconstruction will attract global investments into the country.

“We have developed a version of the agreement that provides mutually beneficial terms for both countries. This is an agreement in which the United States affirms its commitment to supporting long-term peace in Ukraine and recognizes Ukraine’s contribution to global security by giving up its nuclear arsenal. It is an agreement in which the U.S. reaffirms its commitment to Ukraine’s security, recovery, and reconstruction,” the official said.

Ukraine reveals key points of the deal

On May 1, the Cabinet of Ministers published the document of the Agreement on the establishment of a Reconstruction Investment Fund between the U.S. and Ukraine.

The agreement states that both parties recognize that Ukraine’s recovery requires not only financial investments but also structural, institutional, and technological reforms, aligned with democratic values, market principles, and the rule of law.

If, after the agreement comes into effect, the U.S. government provides new military assistance to Ukraine in any form (including the transfer of weapon systems, ammunition, technologies, or training), the partner’s capital contribution from the U.S. will be considered increased by the estimated value of such military aid, in accordance with the Limited Partnership Agreement.

Ukraine has sovereignty over its natural resources located on its territory, according to international law.

The agreement does not affect the rules in Ukraine that govern the property ownership system, including rules related to state property and privatization.

"Assets related to natural resources" means areas, reserves, and deposits within Ukraine's territory of aluminum, antimony, arsenic, barite, beryllium, bismuth, cerium, cesium, chromium, cobalt, copper, dysprosium, erbium, europium, fluorine, fluorite, gadolinium, gallium, germanium, gold, graphite, hafnium, holmium, indium, iridium, lanthanum, lithium, lutetium, magnesium, manganese, neodymium, nickel, niobium, palladium, platinum, potassium, praseodymium, rhodium, rubidium, ruthenium, samarium, scandium, tantalum, tellurium, terbium, thulium, tin, titanium, tungsten, uranium, vanadium, ytterbium, yttrium, zinc, zirconium, oil, natural gas (including liquefied natural gas), and other minerals or hydrocarbons, as otherwise agreed by the principals," the document states.

Reconstruction Investment Fund deal: key details

The Minister also outlined the key provisions of the agreement.

The agreement states that full ownership and control over natural resources remain with Ukraine, and Kyiv will decide what and where to extract. Furthermore, the agreement stipulates that the subsurface resources will remain under Ukrainian ownership.

The agreement also provides for an equal partnership. Ukraine and the U.S. will manage the Fund equally, with neither side having a dominant vote.

Additionally, the agreement does not foresee any changes in privatization processes or the management of state-owned companies - they will remain under Ukrainian ownership. Svyrydenko explained that companies such as Ukrnafta and Energoatom will remain in Ukraine's ownership.

The agreement does not mention any debt obligations of Ukraine to the U.S., and its implementation will allow both countries to increase their economic potential through equal cooperation and investments.

"The agreement complies with the Constitution and does not change the European integration course. The document aligns with national legislation and does not contradict any of Ukraine’s international commitments. Importantly, the agreement will serve as a signal to other global players that long-term, reliable cooperation with Ukraine is possible, for decades to come," the Minister noted.

She emphasized that the Fund will be replenished exclusively with revenues from new licenses, including 50% of funds from new licenses for projects in critical materials, oil, and gas, which will be directed to the budget after the Fund is established. Meanwhile, revenues from already launched projects or those planned in the budget will not be included in the Fund.

According to Svyrydenko, from a legislative perspective, only specific changes are needed, particularly amendments to the Budget Code. The agreement itself must be ratified by the Verkhovna Rada.

The U.S. government will support the Fund through the U.S. International Development Finance Corporation (DFC), which will help attract investments and technologies from funds and companies in both the U.S. and the EU, as well as other countries. A key component of the agreement is the transfer and development of technologies.

Additionally, the agreement provides tax guarantees: the Fund’s income and contributions will not be taxed in either the U.S. or Ukraine to ensure that "investment yields the greatest possible results."

How will the Fund work? 

The Minister explained that the agreement stipulates that the U.S. will contribute to the Fund both in the form of funds and assistance, such as air defense systems. In turn, Ukraine will contribute 50% of state budget revenues from new rents on new licenses for new areas. If necessary, Ukraine can also make additional contributions beyond the basic amount.

"Then, the Fund will invest in projects related to the extraction of minerals, oil, and gas, as well as related infrastructure or processing. Specific investment projects for which the funds will be allocated will be determined jointly by Ukraine and the U.S. Importantly, the Fund can only invest in Ukraine. We expect that for the first 10 years, the Fund’s profits and revenues will not be distributed but can only be invested in Ukraine, into new projects or reconstruction. These conditions will be discussed further," the statement reads.

U.S. affirms commitment to peace process through deal

The U.S. Department of the Treasury states this on its website.

The U.S. stated that this economic partnership positions “the two countries to work collaboratively and invest together to ensure that our mutual assets, talents, and capabilities can accelerate Ukraine’s economic recovery.”

“Thanks to President Trump’s tireless efforts to secure a lasting peace, I am glad to announce the signing of today’s historic economic partnership agreement between the United States and Ukraine establishing the United States-Ukraine Reconstruction Investment Fund,” said U.S. Secretary of the Treasury Scott Bessent.

He emphasized that “this agreement signals clearly to Russia that the Trump Administration is committed to a peace process centered on a free, sovereign, and prosperous Ukraine over the long term.”

“President Trump envisioned this partnership between the American people and the Ukrainian people to show both sides’ commitment to lasting peace and prosperity in Ukraine. And to be clear, no state or person who financed or supplied the Russian war machine will be allowed to benefit from the reconstruction of Ukraine,” added Bessent.

The U.S. Treasury Department also stated that they look forward to the swift implementation of “this historic economic partnership for both the Ukrainian and American people.”

Commenting on the agreement with Ukraine, U.S. President Donald Trump said that it was signed because “he wanted to be protected,” CNN reports.

“We made a deal today where we get, you know, much more in theory than the $350 billion, but I wanted to be protected. I didn’t want to be out there and look foolish,” said Trump.

It’s worth noting that the U.S. leader has repeatedly stated that Washington provided Ukraine with $350 billion in aid for the war against Russia.

When Trump was asked if this agreement could somehow deter Kremlin leader Vladimir Putin, he replied: "Well, it could be."

"Thanks to the leadership of President Donald Trump, today the U.S. and Ukraine signed the Reconstruction Investment Fund Agreement—a milestone in our shared prosperity and an important step in ending this war," commented U.S. Secretary of State Marco Rubio.

Mineral deal: what is known

Ukrainian President Volodymyr Zelenskyy stated on Thursday, March 27, that the U.S. has proposed signing a full agreement on minerals instead of a framework agreement.

On March 28, the media reported that the administration of US President Donald Trump had returned to the subsoil agreement a requirement for Ukraine to reimburse all the assistance the United States provided after the start of Russia's full-scale invasion in 2022.

During an hour of questions to the government in the Ukrainian parliament on March 28, Economy Minister Yulia Svyrydenko confirmed that the government had received a draft agreement from the United States on minerals.

Later, Zelenskyy commented on the new American draft agreement on Ukrainian rare earth minerals and said that it contained things that the parties had previously rejected.

On March 31, U.S. President Donald Trump said that Ukrainian President Volodymyr Zelenskyy wanted to back out of a key mineral deal.

On the same day, it became known that Ukraine and the United States discussed the American draft of the mineral agreement for the first time.

On April 8, Bloomberg reported that delegations from Ukraine and the United States would discuss a mineral deal on April 11-12.

On the same day, Foreign Minister Andriy Sybiha said that Ukraine had already developed its position on the minerals deal with the United States and was now forming a group to go to the talks.

On April 27, Ukrainian Prime Minister Denys Shmyhal announced that Ukraine and the U.S. agreed that previously provided assistance from Washington would not be included in the minerals agreement.