Ukraine's Ministry of Economy publishes text of memorandum on minerals deal with US

Ukraine’s Ministry of Economy has published the text of a memorandum with the US on the completion of the official agreement on economic partnership and investment fund for reconstruction of Ukraine.

Source: Ukraine’s Ministry of Economy website

Details: It states that the agreement will provide for the creation of an investment fund for the reconstruction of Ukraine.

The ministry says the agreement will also open up opportunities for significant investment, infrastructure modernisation, and a mutually beneficial partnership between Ukraine and the United States.

"In addition, it reaffirms the commitment of the American people to invest with the Ukrainian people in a free, sovereign and secure Ukraine," the statement said.

The text of the memorandum states that the United States and Ukraine recognise the contribution that Ukraine has made to strengthening international peace and security by voluntarily giving up the world's third-largest nuclear weapons arsenal.

In addition, the document stipulates that the United States respects Ukraine's commitments related to its accession to the EU or related to agreements with international financial institutions and other official creditors.

"This means that the work on the Agreement cannot cause conflicts for Ukraine’s European integration path," the Ministry of Economy added.

The document states that the negotiating teams on the agreement between Ukraine and the United States are expected to report on the progress of the negotiations by 26 April 2025.

Full text of the memorandum

MEMORANDUM OF INTENT BETWEEN THE GOVERNMENT OF THE UNITED STATES OF AMERICA AND THE GOVERNMENT OF UKRAINE TO FINALISE FORMAL AGREEMENT ON ECONOMIC PARTNERSHIP AND RECONSTRUCTION INVESTMENT FUND

WHEREAS the United States of America has provided significant financial and material

support Ukraine since Russia's full-scale invasion of Ukraine in February 2022;

WHEREAS the American people desire to invest alongside the Ukrainian people in a free,

sovereign and secure Ukraine;

WHEREAS the United States of America and Ukraine desire a lasting peace in Ukraine

and a durable partnership between their two peoples and governments;

WHEREAS the United States of America and Ukraine recognise the contribution that Ukraine has made to strengthen international peace and security by voluntarily relinquishing the world's third-largest arsenal of nuclear weapons;

WHEREAS the United States of America and Ukraine intend to establish a reconstruction investment fund as part of an economic partnership between the two peoples and governments;

WHEREAS the United States of America and Ukraine have held highly productive technical discussions in Washington, D.C. as recently as 11-12 April 2025, in order to finalise negotiation of an agreement to establish a reconstruction investment fund;

WHEREAS the United States respects Ukraine’s intention to avoid conflicts in the drafting of the agreement with Ukraine's obligations under European Union accession or agreements with international financial institutions and other official creditors;

WHEREAS, without prejudice to any remaining political or legal procedures required to complete the arrangement, Ukrainian Prime Minister Denys Shmyhal will visit Washington, D.C. the week of 21 April 2025 to meet with US Treasury Secretary Bessent and lend high-level support to the conclusion of technical discussions on the terms of an agreement establishing a reconstruction investment fund. Negotiating teams are expected to report on the progress by the 26 April 2025, with the aim of completing discussions by that date and signing as soon as possible; and

NOW, THEREFORE, as evidenced by the signatures set forth below, the government of the United States and the government of Ukraine enter into this Memorandum of Intent to work expeditiously towards the completion of the necessary documents in order to finalise the agreement forging an economic partnership between the American and Ukrainian peoples and establishing a reconstruction investment fund.

The document was signed by US Treasury Secretary Scott Bessent and First Vice Prime Minister and Minister of Economy of Ukraine Yuliia Svyrydenko.

Background: On 17 April, Ukraine and the United States signed a memorandum confirming their intention to finalise and conclude a deal that will be beneficial to both nations.

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