Zelenskyy signed a law amending the Budget Code for an agreement with the US on minerals
The President signed the law adopted by the Council on June 4 to implement the agreement on minerals
On July 3, President Volodymyr Zelenskyy signed a law amending the Budget Code to implement the intergovernmental agreement "on minerals" between Ukraine and the United States (draft law No. 13256). This was reported on the Verkhovna Rada website.
The law defines how Ukraine will shape its contribution to joint mineral extraction initiatives – in particular, this will concern new licenses and special permits.
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Under the terms of the agreement, Ukraine's contribution to this fund will consist of half of the revenues received after the document enters into force, in particular:
- royalties on the extraction of minerals (oil, gas, condensate and others from the list in Appendix A to the Agreement) from new licenses;
- fees for new special permits for the use of subsoil;
- revenues from the sale of the state share of production under new production sharing agreements.
This money will be credited to a special fund of the state budget and, by decision of the main administrator, will be transferred to the Reconstruction Fund.
- On the night of May 1, Ukraine and the United States signed an agreement on the creation of a Reconstruction Investment Fund (the so-called subsoil agreement). Later, the Cabinet of Ministers published the full text of the agreement. The Rada ratified the subsoil agreement on May 8.
- The first reading in parliament of the draft law on amendments to the Budget Code for the implementation of the agreement took place on May 13. On June 4, the Verkhovna Rada adopted the law.
