Work on the second agreement regarding minerals has not yet begun - Shmyhal

The framework agreement on the establishment of the Investment Fund for the Development and Reconstruction of Ukraine provides an idea of what the next, second agreement, which has not yet been worked on, should look like. The first agreement only contains the intention to create the Investment Fund.

This was stated by Prime Minister Denys Shmyhal during a press conference, as reported by UNN.

We have indeed prepared, together with the administration of the President of the United States, the text of the preliminary agreement, which actually outlines the agreement on the next work towards a specific international agreement on the establishment of the Investment Fund. So far, this agreement describes the political framework for how this fund should be established

According to him, this framework agreement outlines the agreement that we are ready to jointly establish the Investment Fund.

We are saying that this fund will be jointly managed by the government of Ukraine and the government of the United States. We state in this agreement that Ukraine's contribution will amount to 50% of future revenues from mineral resources, subsoil, and related infrastructure. Accordingly, this framework gives an idea of what the next agreement should look like, but we have not started working on the agreement. On this international agreement, the next one, which will be ratified by the Ukrainian parliament and the U.S. Congress

Shmyhal noted that Ukraine will involve international lawyers in the work on the second agreement.

I am confident that, in accordance with the law on international agreements and treaties, a relevant group will work, which will have the appropriate directives, and obviously, we will involve international lawyers in such work, which will help us effectively conclude the relevant agreement with the United States, which will include specific elements of the international treaty. Today, they do not exist. The government has only approved the agreement that we all know about. This agreement only contains the intention to create the Investment Fund

Supplement

Shmyhal expressed gratitude to the American nation and confirmed readiness to sign the prepared so-called resource agreement with the United States.

U.S. President Donald Trump stated that he does not consider the proposed investment agreement regarding access to rare earth minerals from Ukraine to be dead, which is a departure from what the administration stated over the weekend.

What is known about the agreement that was not signed on February 28 after the dispute between Trump and Zelensky on February 26, the Cabinet of Ministers of Ukraine approved the signing of the agreement with the United States regarding subsoil resources.

However, the government did not publish the text of the agreement. It was disseminated by the media.

Ukrainian Prime Minister Denys Shmyhal today, February 28, reported that this agreement is an agreement on a future agreement on the establishment of the Investment Fund for the Development and Reconstruction of Ukraine.

Accordingly, this agreement describes the framework for the establishment or signing of the next agreement. All subsequent steps after signing involve the creation of a relevant delegation, which will be approved by a government decision, as required by the Law of Ukraine on international treaties. The delegation will receive the appropriate directives, and further work will take place between the government of Ukraine and the government of the United States regarding the development of the project for this agreement on the establishment of the Investment Fund for the Development and Reconstruction of Ukraine. All subsequent steps are clearly outlined in the Law of Ukraine "On International Treaties of Ukraine"

The Prime Minister stated that the agreement on the establishment of the Investment Fund will be of an international nature. In this regard, it will be approved by the government and also ratified by the parliament, and it will fully describe all the specifics of how this fund will operate. The agreement between Ukraine and the United States regarding mineral resources will provide for the creation of a fund for the reconstruction of Ukraine, where Ukraine's contribution will be 50%.

On February 27, Kevin Hassett, Director of the National Economic Council at the White House, stated that the U.S. hopes to receive about $20 billion from the agreement with Ukraine on rare earth minerals.