Kyiv, Ukraine – On May 13, the Ukrainian parliament approved amendments to the Budget Code in the first reading. The amendments are essential for implementing the newly ratified minerals agreement with the United States.
The agreement creates a Reconstruction Investment Fund and grants the U.S. special access to Ukraine’s critical mineral projects. It is a major step in deepening U.S.-Ukraine economic ties.
In Ukrainian Parliament, Minerals Agreement Gains Momentum
On April 30, Ukraine signed a strategic minerals deal with the United States. The Ukrainian Parliament ratified the agreement on May 8. This deal grants U.S. companies access to Ukraine’s vast deposits of lithium, titanium, and rare earth elements.
The agreement also creates a joint Reconstruction Investment Fund, which Kyiv and Washington will co-manage. The fund aims to boost investment in Ukraine’s resource and reconstruction sectors.
Budget Code Changes Approved in First Reading by Ukrainian Parliament
Lawmaker Yaroslav Zhelezniak confirmed that 286 lawmakers supported the changes. The amendments legally authorize Ukraine’s contribution to the fund.
Roksolana Pidlasa, head of the parliamentary budget committee, said the government will allocate Ukraine’s share from rents collected on new mineral extraction licenses and permits.
“These funds will come from resource extraction revenues once the agreement takes effect,” she noted.
Fast-Tracking the Legislative Process
Zhelezniak also said the parliament shortened the deadline for submitting additional amendments. This move signals urgency in implementing the deal swiftly.
However, for the law to take effect, it must pass a second reading and receive the president’s signature.
Strategic Importance of the Deal
Ukraine’s critical mineral reserves are seen as vital for global supply chains, especially in clean energy and defense sectors. The U.S. views this partnership as a key geopolitical and economic investment.
Experts believe the deal will attract foreign capital, boost domestic mining, and strengthen Ukraine’s post-war economy.
Ukrainian Parliament -Verkhovna Rada of Ukraine
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