**Ukraine’s Parliament Approves Key Amendments to Implement US Minerals Deal**
In a significant move, Ukraine’s parliament has approved crucial changes to the Budget Code. This legislation is essential for implementing the landmark minerals agreement with the United States. Lawmaker Yaroslav Zhelezniak announced that 309 members of parliament supported the amendments.
**A New Era in Economic Cooperation?**
The agreement between Ukraine and the US grants the latter special access to strategic mineral development projects in Ukraine, including lithium, titanium, and rare earth elements. These minerals are vital for defense, aerospace, and green energy industries. The approved changes will require Ukraine to contribute 50% of revenues from several sources to a dedicated fund.
**How Will the Funds Be Used?**
The funds collected from rent payments, fees, and state production shares under new production-sharing agreements will be transferred to the Reconstruction Investment Fund at the discretion of its chief administrator. This fund will be co-managed by Ukraine and the US under an equal partnership model. The US International Development Finance Corporation (DFC) will represent Washington, while Ukraine’s Public-Private Partnerships Agency will represent Kyiv.
**A New Phase in US-Ukraine Cooperation**
The agreement marks a significant step forward in economic cooperation between the two nations. Protracted negotiations led to the removal of contentious provisions that Ukrainian officials feared could lead to exploitation of their natural resources. Prime Minister Denys Shmyhal stated in April that future US military aid could be counted as contributions to the fund, but previously allocated assistance will not apply.
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