Minister of Economy scheduled to discuss minerals agreement with party heads preceding its parliamentary approval.
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Hey there! Let's talk about the latest development in Ukraine's political scene. Ukraine's Economy Minister and Deputy Prime Minister, Yulia Svyrydenko, is set to have rounds of discussions with various factions of the Verkhovna Rada – Ukraine's parliament – before the government votes to ratify the minerals agreement with the United States. This news was reported by Suspilne on May 5.
Svyrydenko recently signed the long-awaited minerals deal in Washington D.C. on April 30, alongside U.S. Treasury Secretary Scott Bessent. This deal, often referred to as the 'United States-Ukraine Reconstruction Investment Fund agreement,' establishes a joint investment fund between Kyiv and Washington, and grants the U.S. special access to projects developing Ukraine's natural resources.
Before the parliament votes on this deal, Svyrydenko will have individual meetings with members of the Verkhovna Rada from each faction, as per Serhii Sobolev, an MP from the Batkivshchyna (Fatherland) party. During these meetings, MPs will have an opportunity to ask questions and gain more insight into the deal's details.
However, Sobolev mentioned that they haven't been able to read the appendices due to the possibility that they contain state or commercial secrets that can't be disclosed publicly. The meetings with Svyrydenko are scheduled for May 6 and 7.
The Verkhovna Rada has scheduled the ratification vote for May 8. This signing of the minerals deal comes after months of negotiations that strained the relationship between the U.S. and Ukraine at times. The nations initially planned to sign the deal in late February, but it fell apart following a heated argument between President Volodymyr Zelensky and U.S. President Donald Trump, which made headlines as the 'White House argument.'
The final deal, although avoiding many contentious elements from the earlier drafts that experts viewed as exploitative, still does not provide concrete security guarantees from the U.S. However, it does prevent counting previously delivered U.S. military aid as a contribution to the joint fund.
The agreement, among other things, features a funding structure that takes 50% of royalties, license fees, and payments from Ukraine’s natural resource projects. It's also managed by a company with equal representation from both nations, ensuring joint decision-making on investments and distributions. The U.S. also has first-purchase rights for critical resources, and the deal aims to signal the U.S. commitment to Ukraine’s sovereignty, while explicitly barring entities tied to Russia’s war effort from benefiting.
That's the lowdown on the current situation! Stay tuned for more updates.
- Yulia Svyrydenko, Ukraine's Economy Minister and Deputy Prime Minister, will be engaging in negotiations with different factions of the Verkhovna Rada before the parliament votes on ratifying the minerals agreement with the United States.
- Svyrydenko has scheduled individual meetings with members of the Verkhovna Rada from each faction, where they will have the opportunity to question her about the details of the agreement.
- The meetings with Svyrydenko will take place on May 6 and 7, and MPs have yet to read the appendices due to the possibility they contain state or commercial secrets.
- The Verkhovna Rada has set the ratification vote for May 8, following months of negotiations that at times strained the relationship between the U.S. and Ukraine.
- The minerals deal, which establishes a joint investment fund between Kyiv and Washington, will have a funding structure that takes 50% of royalties, license fees, and payments from Ukraine’s natural resource projects and is managed by a company with equal representation from both nations. This deal aims to signal the U.S. commitment to Ukraine’s sovereignty and explicitly bars entities tied to Russia’s war effort from benefiting.
