Shmyhal explains the details of the agreement on minerals between Ukraine and the US

Denys Shmyhal, photo: kmu.gov.ua

During an hour of questions to the government in the Verkhovna Rada, Prime Minister Denys Shmyhal said that the agreement on minerals that Ukraine and the United States plan to sign on 28 February is a framework. It will form the basis for the development of a more detailed document.

This became known from a broadcast hosted by MP Oleksii Honcharenko from the Verkhovna Rada.

According to him, the agreement provides for the creation of an investment fund for the development and reconstruction of Ukraine. However, the parties have yet to agree on the specific terms of its operation in subsequent negotiations.

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«This agreement describes the framework for the next agreement. The government will then approve a delegation to work on the details. After that, intergovernmental work will take place to create an investment fund,» explained Denys Shmyhal.

It is important that the minerals themselves will not be transferred to the United States and will not be contributions to the fund. Ukraine will only transfer a part of the revenues earned from the subsoil. The fund will be managed jointly by Kyiv and Washington.

The agreement also includes security guarantees that will be integrated into other agreements between Ukraine and the United States. The next stage is the signing of a detailed international agreement, which must be approved by the government and parliament.

It is worth noting that Ukraine and the United States have agreed on the terms of an agreement on rare earth metals. The updated agreement does not provide for full US ownership of the joint fund with Ukraine, but it lacks clear security guarantees.

Donald Trump also said that Ukraine could receive $350 billion, military equipment, and the opportunity to continue fighting under the rare earths agreement.