BILATERAL AGREEMENT ESTABLISHING
TERMS AND CONDITIONS FOR A RECONSTRUCTION INVESTMENT FUND
WHEREAS the United States of America has provided significant financial and material support to Ukraine since Russia’s invasion of Ukraine in February 2022;
WHEREAS the American people desire to invest alongside Ukraine in a free, sovereign and secure Ukraine;
WHEREAS the United States of America and Ukraine desire a lasting peace in Ukraine and a durable partnership between their two peoples and governments;
WHEREAS the United States of America and Ukraine recognize the contribution that Ukraine has made to strengthening international peace and security by voluntarily abandoning the world’s third largest arsenal of nuclear weapons;
WHEREAS the United States of America and Ukraine wish to ensure that those States and other persons that have acted adversely to Ukraine in the conflict do not benefit from the reconstruction of Ukraine following a lasting peace;
NOW, THEREFORE, the Government of the United States of America and the Government of Ukraine intend to enter into this Bilateral Agreement
Establishing Terms and Conditions for a
Reconstruction Investment Fund to deepen the partnership between the United States of America and Ukraine, as set forth herein.
1. The Governments of Ukraine and the United States of America, with the aim of achieving lasting peace in Ukraine, intend to establish a Reconstruction Investment Fund (Fund), in which the United States maintains 100% financial interest. Ukraine and the United States will equally co-manage the Fund to advance the economic value associated with the resources of Ukraine, including but not limited to, mineral resources, oil and gas resources;
and
mineral resources, oil and gas resources; and infrastructure and ports, until the Fund is fully funded.
2. The Fund will be established to collect and reinvest the revenues minus actual operating expenses contributed to the Fund during the period of defending, reconstructing and returning Ukraine to its year end
2021 Gross Domestic Product figure. The Fund will earn income from Ukrainian sources, including but not limited to, deposits of minerals, hydrocarbons and other extractable materials, any and all natural assets, and infrastructure and ports, as may be further described in the Fund Agreement.
3. The Government of Ukraine will contribute to the Fund 50% of the revenue minus actual operating expenses earned from Ukrainian sources including, but not limited to, deposits of minerals, hydrocarbons and other extractable materials, any and all natural assets and infrastructure and ports, as may be further described in the Fund Agreement.
The Fund Agreement will provide that the contributions to the fund by the Government of Ukraine will continue until the contributions reach the sum of $500 billion. The Fund Agreement will separately provide that the Government of Ukraine will additionally contribute to the Fund a sum equal to twice the amount that the United States provides to Ukraine after the date of this Agreement.
To that end, the Government of the United States of America intends to provide a long-term financial commitment to the development of a stable and economically prosperous Ukraine. Such potential further contributions shall be detailed in the Fund Agreement and may be comprised of funds, financial instruments, tangible, and intangible assets critical for the reconstruction of Ukraine.
4. The Fund’s operating profit distribution mechanism will also be designed so as to invest in projects in Ukraine and attract investments to increase development including, but not limited to, the extraction and processing of subsoil in Ukraine and the development of infrastructure and ports. The United States of America and Ukraine intend that the distribution mechanism will lead to opportunities for distribution of additional funds and greater reinvestment, to ensure the sufficient supply of capital for the reconstruction of Ukraine. Notwithstanding the 50% contribution level set forth above in paragraph 3 above, he Fund Agreement will provide that Ukraine’s contributions to the Fund from all projects in areas that, as of the date of this Bilateral Agreement, are located in the territory of Ukraine temporarily occupied by the Russian Federation, in the event such areas are de-occupied, shall be 66%.
The Fund Agreement will include appropriate representations and warranties, including those necessary to ensure that any obligations Ukraine may have to third parties, or such obligations that it may undertake in the future, do not encumber Ukraine’s contributions to the Fund, or the Fund’s disposition of funds. Any obligations in the Fund Agreement shall be without prejudice to the obligations of Ukraine arising from its participation or entering into any integration unions and/or free trade zones.
The Fund Agreement will provide, inter alia, an acknowledgment that both the Fund Agreement and the activities provided for therein are commercial in nature.
The Fund Agreement will pay particular attention to the control mechanisms that make it impossible to weaken, violate or circumvent sanctions and other restrictive measures.
The text of the Fund Agreement will be developed without delay by working groups chaired by authorized representatives of Ukraine and the United States of America. Contact persons responsible for preparing the Fund Agreement on the basis of this Bilateral Agreement, are: from the Government of the United States of America: the Department of the Treasury, the Department of Commerce, and the Office of the Vice President; from the Government of Ukraine: Ministry of Economy.
acknowledgment that both the Fund Agreement and the activities provided for therein are commercial in nature.
The Fund Agreement will pay particular attention to the control mechanisms that make it impossible to weaken, violate or circumvent sanctions and other restrictive measures.
The text of the Fund Agreement will be developed without delay by working groups chaired by authorized representatives of Ukraine and the United States of America. Contact persons responsible for preparing the Fund Agreement on the basis of this Bilateral Agreement, are: from the Government of the United States of America: the Department of the Treasury, the Department of Commerce, and the Office of the Vice President; from the Government of Ukraine: Ministry of Economy.
This Bilateral Agreement and the aforementioned Fund Agreement will constitute integral elements of the architecture of bilateral and multilateral agreements, as well as concrete steps to establish lasting peace, strengthen and economic resilience. The United States intends to work with Ukraine to identify any necessary steps to protect mutual investments, as defined in the Fund Agreement.
10. This Bilateral Agreement is a binding term sheet and the United States and the Government of Ukraine commit to proceed forthwith to negotiate the Fund Agreement.
Signed on 21 February 2025 in English and Ukrainian languages, both texts are equally authentic.
For the Government of the United
For the Government of Ukraine:
States of America:
Andrii Sybiha
Marco Rubio
Minister for Foreign Affairs of
U.S. Secretary of State
Ukraine
