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Parliament backs amendments for implementing US minerals deal in 1st reading

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Parliament backs amendments for implementing US minerals deal in 1st reading
A sitting of the Verkhovna Rada, Ukraine's parliament, livestreamed from the session hall in the media room in Kyiv, Ukraine on June 5, 2024. (Eugen Kotenko / Ukrinform/Future Publishing via Getty Images)

The Ukrainian parliament supported Budget Code amendments to implement the minerals agreement with the U.S. in the first reading, lawmaker Yaroslav Zhelezniak said on May 13.

This marks another step toward enacting the wide-ranging and long-contested economic agreement between Ukraine and the U.S.

The minerals deal, signed on April 30 and ratified by Ukraine on May 8, establishes a Reconstruction Investment Fund jointly managed by Kyiv and Washington and gives the U.S. special access to projects developing Ukraine's vast deposits of critical minerals, including lithium, titanium, and rare earth elements.

"Amendments to the Budget Code are needed to implement the provisions on funding the U.S.-Ukrainian Reconstruction Investment Fund," lawmaker Roksolana Pidlasa said.

Ukraine's contribution will consist of half of the funds received after the agreement enters into force and will be sourced from rents for resource extraction under new licenses and issuance of new permits, the lawmaker added.

The changes were supported by 286 lawmakers, Zhelezniak said, adding that the deadline for submitting additional amendments was cut short. Ukrainian legislation has to pass two readings in the parliament and receive presidential signature before entering into force.

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Martin Fornusek

Senior News Editor

Martin Fornusek is a news editor at the Kyiv Independent. He has previously worked as a news content editor at the media company Newsmatics and is a contributor to Euromaidan Press. He was also volunteering as an editor and translator at the Czech-language version of Ukraïner. Martin studied at Masaryk University in Brno, Czechia, holding a bachelor's degree in security studies and history and a master's degree in conflict and democracy studies.

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