The Verkhovna Rada adopted amendments to the Budget Code to implement the mineral deal with the U.S.

The Verkhovna Rada has approved, in its second reading, amendments to the Budget Code necessary for implementing the mineral deal with the United States.

This was reported on Telegram by Yaroslav Zheleznyak, a member of parliament from the “Holos” (Voice) party.

A total of 309 deputies voted in favor of the bill (No. 13256).

According to Zheleznyak, the document saw almost no changes by the second reading. Under the newly adopted law, Ukraine’s contribution to a specially created fund will consist of half of the revenue received after the agreement comes into force from:

• royalties on the extraction of mineral resources (oil, gas, gas condensate, and other resources listed in Appendix A of the agreement) under new licenses;

• issuance of new special permits for subsoil use;

• sale of the state’s share of production under new production sharing agreements.

These funds will be credited to a special fund within the state budget by decision of the chief administrator (likely the Ministry of Economy) and then transferred to the recovery fund.

“Roughly speaking, if such an agreement had been in effect since 2019 for five years, it would have generated around $71 million,” the MP wrote.

It’s worth noting that MPs voted without knowing all the details of the deal, as the Cabinet of Ministers classified two additional agreements that outline the main operating principles of the joint fund and refused to provide them to parliament.

To recall, on May 5, parliament ratified the mineral deal with the U.S. — 338 MPs voted in favor, with none opposed.