Parliament Backs Amendments To Budget Code With Regard To Minerals Deal

(MENAFN- UkrinForm) The Verkhovna Rada has endorsed in principle draft bill No. 13256 'On Amendments to the Budget Code of Ukraine on Implementing the Agreement between the Government of Ukraine and the Government of the United States'.

The relevant statement was made by Member of Parliament Yaroslav Zhelezniak (from the parliamentary faction 'Holos') on Telegram , an Ukrinform correspondent reports.

According to Zhelezniak, a total of 286 Members of Parliament voted in favor of the above draft bill (with the deadline for submitting amendments being reduced).

Pursuant to the document, Ukraine's contribution will consist of half of the funds received after the Agreement comes into force from rents for the extraction of mineral resources (oil, gas, gas condensate, and other minerals as specified in Annex A to the Agreement) under new licenses; from the issuance of new special subsurface management licenses; from the sale of the state-owned share of products under new production sharing agreements.

As noted by Zhelezniak, the accumulated funds will be transferred to the state budget special fund. Following a decision of the chief administrator (most likely, the Ukrainian Economy Ministry), they will be redirected to the Reconstruction Fund.

According to the preliminary estimates, if such an agreement had been in effect for five years, starting from 2019, it could have generated about USD 71 million.

The second reading of the draft bill has been scheduled for early June 2025.

A reminder that, on May 12, 2025, Ukrainian President Volodymyr Zelensky signed the law on the ratification of the agreement establishing the U.S.-Ukraine Investment Reconstruction Fund.

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