Ukraine and US Sign Historic Economic and Reconstruction Investment Agreement

Ukraine and the United States are moving forward with a bilateral agreement to create the U.S.– Ukraine Reconstruction Investment Fund, following the approval of the agreement’s text by Ukraine’s Cabinet of Ministers. According to a statement from First Deputy Prime Minister Yulia Svyrydenko, who will represent Ukraine in Washington, the agreement is ready for signing.

The Fund will focus primarily on investment in the extraction and processing of critical materials, oil, and gas, as well as in related infrastructure. All investments must take place within Ukraine, and specific projects will be selected by mutual agreement between the two sides.

Ukrainian ownership and control maintained

The agreement affirms that all resources located on Ukrainian territory and within its territorial waters will remain under Ukrainian ownership. Subsoil remains state-owned. It does not include provisions altering the legal status of state-owned enterprises such as Ukrnafta or Energoatom, nor does it require privatization of national assets.

No debt obligations to the U.S.

The agreement does not establish any new debt obligations for Ukraine. Financing for the Fund will come from future sources — specifically, 50% of Ukraine’s state budget revenue generated from rent on new licenses for new extraction areas. Revenues from already active projects or from budget lines planned prior to the Fund’s creation will not be included.

Ukraine may contribute additional funds to the Fund beyond this baseline, at its own discretion.

Legal framework and ratification

The legal changes required to implement the agreement are minimal. Only amendments to the Budget Code are anticipated. The full agreement will be submitted to the Verkhovna Rada for ratification.

Role of the United States

The United States will contribute directly to the Fund and may also provide additional forms of assistance, including military support. The agreement allows for the possibility of supplying new weapons and air defense systems to Ukraine.

The Fund will be supported by the U.S. International Development Finance Corporation (DFC), which will help attract investment and technological expertise from American, European, and other international partners. The agreement identifies technology transfer and innovation as integral components of cooperation.

Profit reinvestment and timeline

For the first 10 years, profits and revenues generated by the Fund will not be distributed, but reinvested into Ukraine — either into reconstruction or new development projects. Final terms related to this provision may be further defined.

Svyrydenko noted that the agreement is the result of extensive negotiations. It is intended to serve as a framework for long-term economic collaboration and to provide a structured mechanism for bringing foreign capital and technical capability into Ukraine’s recovery process.