The Verkhovna Rada has ratified an intergovernmental agreement with the United States to establish the U.S.-Ukraine Recovery Investment Fund. This was announced by MP Yaroslav Zhelezniak. The resolution was adopted in the first and final readings, with 338 votes in favor.
As part of this agreement, Ukraine and the United States are expected to sign two additional technical documents. These drafts remain classified and have not even been shared with MPs. The lack of these documents, as well as the absence of security guarantees from the U.S., were among the main concerns raised by the Ukrainian opposition.
The agreement on critical resources was signed on April 30 by Ukraine’s First Deputy Prime Minister and Minister of Economy Yuliia Svyrydenko and U.S. Under Secretary of the Treasury Scott Nathan. The official title is “Agreement Between the Government of Ukraine and the Government of the United States on the Establishment of the U.S.-Ukraine Recovery Investment Fund.”
Scott Nathan called the agreement “historic” and one that would help “accelerate Ukraine’s economic recovery.”
“Economic security is national security,” he said. “This agreement sends a clear message to Russia that the Trump administration is committed to a peaceful process focused on a free, sovereign, and prosperous Ukraine in the long term.”
President Volodymyr Zelenskiy first proposed the idea of joint development and profit-sharing from Ukraine’s natural resources in fall 2024. Several signing attempts were made, including one planned during Zelenskiy’s visit to Washington. However, the deal fell through after a dispute between the two presidents, leading the U.S. to impose stricter terms, which were initially unacceptable to Kyiv.
Negotiations later resumed, and a compromise was reached. Svyrydenko initially signed a framework agreement online, paving the way for finalizing the full version. A key demand from Ukraine was that previously provided U.S. aid not be treated as debt.
The agreement ensures that ownership and control over Ukraine’s natural resources remain with the country.
“The subsoil remains Ukrainian property — this is clearly stated in the agreement,” Svyrydenko emphasized.
The investment fund will be created on a 50/50 basis, with joint management by Ukrainian and American representatives. Neither side will hold a dominant vote. The agreement does not alter the privatization process or state company management — assets like Ukrnafta and Energoatom remain state-owned. It also includes no provisions for Ukraine to assume any debt obligations to the U.S.
The fund will be financed by revenues from new licenses for critical materials, oil, and gas projects issued after its creation. Revenues from existing or previously budgeted projects will not be included. The fund will be supported by the U.S. through the Development Finance Corporation (DFC), which will help attract investments and technologies from the U.S., the EU, and other partners.
Fund revenues and contributions will not be taxed in either country. Amendments to Ukraine’s Budget Code will be required for the fund to operate. The agreement is indefinite and can only be terminated by mutual consent.
Svyrydenko noted that the U.S. may contribute to the fund via new military aid, including air defense systems. Ukraine will contribute 50% of state budget revenues from new royalties on newly licensed sites and may make additional voluntary contributions. The fund will invest in mineral extraction, oil and gas projects, related infrastructure, and processing. All investment decisions will be made jointly.
“We expect that for the first 10 years, the fund’s profits will not be distributed, but reinvested exclusively in Ukraine — in new projects or reconstruction,” said Svyrydenko.
The agreement’s full text is published on the Verkhovna Rada’s website. Experts say Ukraine managed to secure relatively favorable terms, especially compared to the initial version proposed by the White House. However, it does not contain the security guarantees Ukraine had long sought. Furthermore, some details — particularly regarding fund management, profit distribution, and project selection — remain undisclosed.
Deputy Minister of Economy Taras Kachka told Ekonomichna Pravda that most of these specifics will be laid out in the Limited Partnership Agreement and the fund’s charter, which are not yet public. Still, Ukraine and the U.S. have reportedly reached an understanding on most key provisions.
The Limited Partnership Agreement will be signed by the DFC and a Ukrainian agency for public-private partnership support. This document will define the governance structure of the fund. According to government statements, management will be equally split — 50% Ukrainian, 50% American.
Earlier, Dzerkalo Tyzhnia reported that while the fund’s board would include three representatives from each country, its special committees would be mostly dominated by U.S. members: three Americans and two Ukrainians on investment and administrative committees, two from each on the audit committee, and three Ukrainians to two Americans on the project selection committee.
The publication also noted that Ukrainian representatives may lose their voting rights in the fund’s board and committees if Ukraine violates the agreement’s terms. Taras Kachka, involved in the talks, stated that these governance details are still under discussion.
According to the Ukrainian government, the fund will invest in Ukraine-only projects over the next decade.
“It will invest in critical materials, oil and gas, and related infrastructure,” Svyrydenko told RBK-Ukraine.
Such infrastructure could include ports, terminals, or gas facilities. She said the parties already have a list of priority projects in the critical materials sector expected to yield early profits. The fund will make final decisions on where to invest.
Ukraine’s State Audit Service will monitor the fund’s operations. Svyrydenko also dismissed concerns that the U.S. would seek control over Ukraine’s nuclear plants or gas transmission system under this deal.
She explained that if a Ukrainian company wants to extract, for example, lithium but lacks funding, it can apply to the fund. The fund would then decide whether to invest directly or find an interested partner, either American or from elsewhere. Meanwhile, the company can negotiate with other investors, but it cannot offer them better terms than those proposed to the fund for six months.
Svyrydenko stressed that there will be no political interference in the fund’s operations.