The Verkhovna Rada has ratified the Agreement on the establishment of the US–Ukraine Reconstruction Investment Fund. “338 MPs voted in favour,” according to Yaroslav Zheleznyak’s broadcast. The draft law was adopted in principle and as a whole.
The document was presented by Vice Prime Minister Yuliya Svyrydenko, who signed it on behalf of Ukraine. She stressed that the Agreement takes into account Ukraine’s interests and that all subsoil remains Ukrainian property.
The head of the Servant of the People faction, Davyd Arakhamiya, said in a speech before the vote that after the agreement was signed, foreign companies from outside the United States had approached Ukraine and expressed interest in investing.
He believes that tens of thousands of new jobs will be created in Ukraine as a result of the entry of American companies.
Among others, the leader of the European Solidarity party, Petro Poroshenko, spoke, demanding a report from the President on the Agreement. He stated that “there is no strategic partnership without strategic respect” and criticised the fact that the Rada and the public had not been shown the annexes to the Agreement. He also questioned the absence of references to the end of the war or to peace in the document.
Yuliya Tymoshenko, leader of the Batkivshchyna party, also addressed the chamber. She said that “this Agreement stands for the national interests of Ukraine”. According to her, the document envisages equal partnership and establishes “very powerful cooperation” with a strategic partner.
Yesterday, the Committee on Foreign Policy and Interparliamentary Cooperation reiterated its recommendation that the Verkhovna Rada approve the draft law. The MPs noted that the ratification of the Agreement does not imply the ratification or automatic approval by Parliament of the Limited Partnership Agreement or any other agreements to be concluded by the authorised parties to implement this Agreement.
As is known, Ukraine and the United States are to draft two more documents to supplement the one signed last week.
After consideration by the committee, the MPs proposed adding a reference that the Agreement applies to the entire territory of Ukraine within its internationally recognised borders, including maritime areas.
Agreement between Ukraine and the United States
The idea of granting partners access to Ukraine’s mineral resources was expressed in the presidential victory plan, but active work in this direction began after the change of power in the United States. Donald Trump, who has repeatedly stated that the United States should be compensated for the billions of dollars of aid provided to Ukrainians, welcomed this proposal. However, the United States initially attempted to include in the agreement a $300 billion debt allegedly owed by Ukraine – supposedly the amount Ukraine had received from the United States to fight the Russian military. Neither Kyiv nor analysts confirmed these figures. Eventually, after months of discussions, Washington acknowledged that the assistance provided amounted to approximately $100 billion, and the Agreement excluded any mention of debt.
The framework document, which was to be followed by a detailed version, was scheduled to be signed in late February during Volodymyr Zelenskyy’s visit to the United States. The signing was disrupted by an unfriendly conversation between the presidents in the Oval Office. Nevertheless, Ukraine continued to demonstrate its readiness to conclude the agreement. Ultimately, a framework document was signed in April in an online format, and a full-fledged agreement for ten years was signed on 30 April. No debt – but also no mention of security guarantees.
The Agreement provides for the creation of a joint fund between Ukraine and the United States. The United States can contribute both money and military support. During the first ten years, the funds must be reinvested in Ukraine.