Zelenskyy: Further agreement on joint US-Ukraine mineral fund will require ratification

Ukrainian President Volodymyr Zelenskyy has confirmed that a framework agreement with the United States on the use of mineral resources will be followed by an agreement on a joint investment fund, which will require ratification by Ukraine.

Zelenskyy emphasised that Ukraine and the US have currently agreed on a framework deal regarding the use of Ukrainian natural resources, under which this will take place through a fund where both countries will be co-owners.

He clarified that there is no agreement yet on the operation of the fund itself.

"It [next agreement – ed.] will be more complex and serious because it concerns the fund. It will address partnership relations, finances, and so on. And it will require mandatory ratification by the Ukrainian parliament," Zelenskyy said.

Zelenskyy noted that he does not know whether the US Congress will ratify the agreement on its side.

Earlier on 26 February, Ukrainian Prime Minister Denys Shmyhal confirmed that Ukraine would review the preliminary investment agreement on minerals with the US.

Shmyhal also stated that following the signing of this framework agreement, another deal would be developed to establish a joint US-Ukraine investment fund for Ukraine's reconstruction.

Read the full text of the "Minerals Deal", agreed by Ukraine and the United States.