The Rada approved changes to the Budget Code for the minerals deal with the US

The Verkhovna Rada finally approved the changes to the Budget Code for the implementation of the agreement on minerals between Ukraine and the United States, Member of Parliament Yaroslav Zheleznyak announced on Wednesday in Telegram, UNN writes.

The Rada finally approved the changes to the Budget Code (№13256) for the implementation of the agreement on minerals. "For" - 309

According to the MP, "almost nothing has changed in the text" for the second reading.

Key points

According to the MP, Ukraine's contribution will consist of half of the funds received after the entry into force of the agreement from:

• royalties for the extraction of minerals (oil, gas, gas condensate and everything specified in Annex A to the agreement) from new licenses;
• issuance of new special permits for the use of subsoil;
• sale of the state's share of production under new production sharing agreements.

"This money will be credited to a special fund of the state budget and, by the decision of the chief administrator (presumably the Ministry of Economy), will be transferred to the Reconstruction Fund," Zheleznyak said.

He noted that "hypothetically, if such an agreement had been in place for 5 years since 2019, it would have brought in about $71 million".

"At this stage, the parliament has done everything that was necessary. And taking this opportunity, I would like to remind you that the government ... refused to provide two other agreements," Zheleznyak wrote.

Recall

The Verkhovna Rada supported in the first reading the changes to the Budget Code for the agreement on minerals on May 13.

Ukraine signed an agreement with the United States on April 31 to establish an investment fund for reconstruction, which is called the agreement on minerals. It was later ratified by the Verkhovna Rada.