Full Text of the US-Ukraine Investment Deal Released

Key Highlights:

• Includes provisions on infrastructure, ports, and state-owned enterprises.
• Ukrainian President Zelensky is expected to travel to the US on Friday to sign the agreement.
• JPMorgan, BlackRock, and McKinsey reportedly already engaged in US projects in Ukraine.
• The deal is currently a binding draft, pending ratification by Ukraine’s Parliament.
• Unclear whether this agreement will contribute to lasting peace, but it includes security guarantees.

Notable Excerpts:

The agreement, initially presented as a resource investment deal, contains broader implications, as highlighted in this portion:

“The Fund’s investment process will be designed so as to invest in projects in Ukraine and attract investments to increase the development, processing, and monetization of all public and private Ukrainian assets including, but not limited to, deposits of minerals, hydrocarbons, oil, natural gas, and other extractable materials, infrastructure, ports, and state-owned enterprises as may be further described in the Fund Agreement.”

While investment in natural resources was expected, the inclusion of infrastructure, ports, and state-owned enterprises has raised concerns.

The agreement states:

“The Government of the United States of America supports Ukraine’s efforts to obtain security guarantees needed to establish lasting peace. Participants will seek to identify any necessary steps to protect mutual investments, as defined in the Fund Agreement.”

Full Text of the Bilateral Agreement

BILATERAL AGREEMENT ESTABLISHING TERMS AND CONDITIONS FOR A RECONSTRUCTION INVESTMENT FUND

Preamble

WHEREAS the United States has provided significant financial and material support to Ukraine since Russia’s full-scale invasion in February 2022;
WHEREAS the American people desire to invest alongside Ukraine in a free, sovereign, and secure Ukraine;
WHEREAS both nations seek a lasting peace and a durable partnership;
WHEREAS Ukraine has strengthened global security by voluntarily abandoning the world’s third-largest nuclear arsenal;
WHEREAS both countries want to prevent adversarial entities from benefiting from Ukraine’s reconstruction.

Agreement Provisions

1. Establishment of the Reconstruction Investment Fund
   • A jointly owned and managed fund between Ukraine and the US.
   • Governance and ownership percentages to be detailed in the Fund Agreement.
   • Participants may not sell, transfer, or dispose of their fund interests without mutual consent.
2. Revenue Collection and Reinvestment
   • The fund will collect and reinvest revenues after covering expenses.
   • It will earn income from monetizing Ukrainian natural resource assets.
3. Ukraine’s Contribution to the Fund
   • 50% of all future revenues from Ukrainian government-owned natural resource assets.
   • Includes minerals, hydrocarbons, oil, natural gas, and other extractable materials.
   • Infrastructure linked to resources, such as LNG terminals and ports, is included.
   • Funds will be reinvested at least annually into Ukraine’s security and prosperity.
4. US Financial Commitment
   • The US will maintain a long-term financial commitment to Ukraine’s economic stability.
   • Contributions may include funds, financial instruments, and tangible/intangible assets.
5. Investment Scope
   • The fund will invest in Ukrainian projects and attract investors.
   • It will cover minerals, hydrocarbons, infrastructure, ports, and state-owned enterprises.
   • The process will ensure a continuous capital supply for Ukraine’s reconstruction.
   • Participants can take necessary steps to protect their economic interests.
6. Legal Safeguards
   • The Fund Agreement will prevent encumbrances on Ukraine’s contributions.
   • Efforts will be made to align the agreement with Ukraine’s EU accession obligations.
7. Acknowledgment of Commercial Nature
   • The Fund Agreement will explicitly state its commercial nature.
   • Ukraine’s Parliament will ratify the agreement according to Ukrainian law.
8. Sanctions Compliance
   • The agreement will ensure that sanctions and restrictive measures cannot be bypassed.
9. Negotiation Process
   • Working groups from both governments will finalize the Fund Agreement without delay.
   • Key contact points: US Treasury Department, Ukraine’s Finance and Economy Ministries.
10. Strategic and Multilateral Integration

• The deal is part of a broader framework for economic and security cooperation.
• Supports Ukraine’s efforts to secure lasting peace.

11. Binding Nature of the Agreement

• Both governments commit to implementing the agreement per their domestic laws.
• The US and Ukraine will negotiate the final Fund Agreement immediately.

Signed on 25 February 2025
For the United States: Scott K. H. Bessent, Secretary of the Treasury
For Ukraine: Andrii Sybiha, Minister for Foreign Affairs