Zelenskyy: Further agreement on joint US-Ukraine mineral fund will require ratification

Ukraine’s President Volodymyr Zelenskyy has confirmed that the framework agreement with the United States on the use of mineral resources will be followed by an agreement on a joint investment fund which will require ratification by Ukraine.

Source: Zelenskyy’s comments to Ukrainian journalists on Wednesday, 26 February, as reported by European Pravda

Details: Zelenskyy said that Ukraine and the US have now agreed on a framework agreement regarding the use of Ukrainian natural resources. According to the agreement, this will take place through a fund of which both countries will be co-owners.

He clarified that there is as yet no agreement on the functioning of the fund itself.

Quote from Zelenskyy: "It [the subsequent agreement – ed.] will be more complex and more serious because it concerns the fund. It will be about partnership relations, money and so on. And it will require mandatory ratification by the Ukrainian parliament."

Details: Zelenskyy said he does not know whether the US Congress will ratify the agreement.

Background:

• Earlier on 26 February, Prime Minister Denys Shmyhal confirmed that Ukraine would revise the initial investment agreement on minerals with the US.
• Shmyhal also stated that following the signing of the framework agreement, another agreement would be drafted in order to set up a joint US-Ukraine investment fund for Ukraine's reconstruction.

Read the full text of the Ukraine-US Minerals Agreement.

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