Ukraine President Volodymyr Zelenskyy, has Signed a Law Amending the Budget Code to Implement an Agreement with the U.S. on the Creation of the US-Ukraine Reconstruction Investment Fund.
The Law provides for the proper Implementation of the Ratified Agreement and the introduction of a Mechanism to Strengthen the Strategic Partnership between Ukraine and the U.S. for the Long-Term Reconstruction and Modernisation of the State in response to the Large-Scale Destruction caused by the Russian Federation.
Under the Terms of the Agreement, Ukraine's Contribution will consist of Half of the Funds received after the Agreement comes into force from:
- Rent for the Extraction of Minerals (Oil, Gas, Gas Condensate, and everything Specified in Appendix ‘A’ to the Agreement) from New Licences.
- Issuance of New Special Permits for Subsoil Use.
- Sale of the State's share of Production under New Production Sharing Agreements.
The Law stipulates that these Funds will be Credited to a Special Fund of the State Budget, and by Decision of the Chief Administrator, will be Transferred to the Reconstruction Fund.
Background:
- On May 1st, Ukraine's Economy Minister Yuliia Svyrydenko and U.S. Secretary of the Treasury Scott Bessent (R) Signed a Minerals Deal.
- On May 8th, the Verkhovna Rada Ratified the Agreement establishing a Joint Investment Fund between Ukraine and the U.S.
・President Volodymyr Zelenskyy signed the ratification of the mineral deal with the US on 12 May.
・On June 4th, the Verkhovna Rada finally Adopted a Law amending the Budget Code, to Implement the Mineral Agreement between Ukraine and the U.S.
NYC Wins When Everyone Can Vote! Michael H. Drucker
No comments:
Post a Comment