Ukraine raw materials deal: This is the full text of the agreement with the USA

According to the Kyiv Independent, this first document will be followed by a fund agreement that will more precisely define the terms of the reconstruction investment fund created by the US and Ukraine. This document must be ratified by the Ukrainian parliament.

BILATERAL AGREEMENT ESTABLISHING THE TERMS AND CONDITIONS FOR A RECONSTRUCTION INVESTMENT FUND

WHEREAS, the United States of America has provided significant financial and material support to Ukraine since Russia's full-scale invasion of Ukraine in February 2022;WHEREAS, the American people desire to invest alongside Ukraine in a free, sovereign, and secure Ukraine;WHEREAS, the United States of America and Ukraine desire a lasting peace in Ukraine and a lasting partnership between their two peoples and governments;WHEREAS, the United States of America and Ukraine recognize the contribution Ukraine has made to strengthening international peace and security by voluntarily renouncing the world's third largest arsenal of nuclear weapons;WHEREAS, the United States of America and Ukraine desire to ensure that those states and others who behaved adversely toward Ukraine in the conflict do not benefit from the reconstruction of Ukraine after a lasting peace;

THEREFORE, the Government of the United States of America and the Government of Ukraine (each, a “Participant”) hereby enter into this bilateral agreement establishing the terms and conditions for a Reconstruction Investment Fund to deepen the partnership between the United States of America and Ukraine, as set forth herein.

1. The Governments of Ukraine and the United States of America intend to establish a Reconstruction Investment Fund (Fund) with the aim of achieving lasting peace in Ukraine, in which they will participate through joint ownership, which will be further defined in the Fund Agreement. The joint ownership will take into account the actual contributions of the participants, as defined in Sections 3 and 4. The Fund will be jointly managed by representatives of the Government of Ukraine and the Government of the United States of America. More specific terms regarding the management and operation of the Fund will be set forth in a subsequent agreement (the Fund Agreement) to be negotiated immediately after the conclusion of this bilateral agreement. The maximum ownership share of the equity and financial interests of the Fund held by the Government of the United States of America and the decision-making authority of the representatives of the Government of the United States of America will be to the extent permitted by applicable United States laws.

Neither Participant will sell, transfer or otherwise dispose of any portion of its interest in the Fund, directly or indirectly, without the prior written consent of the other Participant.

2. The Fund will collect and reinvest the revenues contributed to the Fund, less the expenses incurred by the Fund, and generate revenues from the future monetization of all relevant natural resources owned by the Government of Ukraine (whether directly or indirectly owned by the Government of Ukraine), as defined in Section 3

3. The Government of Ukraine will contribute to the Fund 50 percent of all revenues from the future monetization of all relevant natural resources owned by the Government of Ukraine (whether directly or indirectly owned by the Government of Ukraine), defined as deposits of minerals, hydrocarbons, oil, natural gas and other recoverable materials, as well as other natural resource-relevant infrastructure (such as liquefied natural gas terminals and port infrastructure), as agreed by both Participants, as further described in the Fund Agreement. For the avoidance of doubt, such future revenue sources do not include current revenue sources that are already part of Ukraine's general budget revenues. The timing, scope and sustainability of contributions will be further defined in the Fund Agreement. The Fund may, at its sole discretion, credit or reimburse the Government of Ukraine for actual expenses incurred by the newly developed projects from which the Fund generates revenue.

Contributions to the Fund will be reinvested in Ukraine at least annually to promote the security and prosperity of Ukraine, as further defined in the Fund Agreement. The Fund Agreement will also provide for future distributions.

4. Subject to applicable U.S. law, the Government of the United States of America will maintain a long-term financial commitment to the development of a stable and economically prosperous Ukraine. Additional contributions may consist of funds, financial instruments, and other tangible and intangible assets critical to the reconstruction of Ukraine.

5. The Fund's investment process will be designed to invest in and attract investment in projects in Ukraine to increase the development, processing, and monetization of all public and private Ukrainian assets, including but not limited to deposits of minerals, hydrocarbons, oil, natural gas, and other recoverable materials, infrastructure, ports, and state-owned enterprises, as further described in the Fund Agreement. The Government of the United States of America and the Government of Ukraine intend that the investment process will result in opportunities for the distribution of additional funds and major reinvestments to ensure an adequate supply of capital for the reconstruction of Ukraine in accordance with the Fund Agreement.

Participants reserve the right to take any action necessary to protect and maximize the value of their economic interests in the Fund.

6. The Fund Agreement will contain appropriate representations and warranties, including those necessary to ensure that any obligations of the Government of Ukraine to third parties, or such obligations that it may incur in the future, will not sell, transfer, pledge or otherwise encumber the Contributions of the Government of Ukraine to the Fund or the assets from which such Contributions are derived, or the disposition of the Fund.

In drafting the Fund Agreement, the participants will strive to avoid conflicts with Ukraine's obligations under its accession to the European Union or its obligations under agreements with international financial institutions and other official creditors.

7. The Fund Agreement will include, among other things, a confirmation that both the Fund Agreement and the activities envisaged therein are of a commercial nature. The Fund Agreement will be ratified by the Parliament of Ukraine in accordance with the Law of Ukraine “On International Treaties of Ukraine”.

8. The Fund Agreement will pay particular attention to control mechanisms that make it impossible to mitigate, violate or circumvent sanctions and other restrictive measures.

9. The text of the Fund Agreement shall be prepared promptly by working groups chaired by authorized representatives of the Government of Ukraine and the Government of the United States of America. The interlocutors responsible for the preparation of the Fund Agreement on the basis of this bilateral agreement shall be: on the part of the Government of the United States of America: the Ministry of Finance; on the part of the Government of Ukraine: the Ministry of Finance and the Ministry of Economy.

10. This Bilateral Agreement and the Fund Agreement will constitute integral parts of the architecture of bilateral and multilateral agreements and concrete steps towards establishing lasting peace and strengthening economic security, and will reflect the objectives set out in the Preamble to this Bilateral Agreement.

The Government of the United States of America supports Ukraine's efforts to obtain the security guarantees necessary to establish a lasting peace. The participants will seek to identify all necessary steps to protect mutual investments as defined in the Fund Agreement.

11. This bilateral agreement is binding and will be implemented by each participant in accordance with its national procedures. The Government of the United States of America and the Government of Ukraine undertake to proceed promptly with negotiations on the Fund Agreement.