Latest news with #Zhelezniak
Yahoo
6 days ago
- Business
- Yahoo
Ukraine's Parliament adopts amendments to Budget Code for mineral agreement with US
The Verkhovna Rada (Ukrainian Parliament) has adopted a final version of a law amending the Budget Code to implement a mineral agreement between Ukraine and the United States. Source: Yaroslav Zhelezniak, First Deputy Head of the Verkhovna Rada Committee on Tax and Customs Policy, on Telegram Details: Draft law No 13256 was passed in its second reading on 4 June, with 309 MPs voting in favour. Zhelezniak reported that the text of the bill remained largely unchanged between the first and second readings. The final version proposes that half of the national and local budget revenues from payments related to the use of subsoil resources for extracting minerals identified as assets of the US-Ukraine Investment Fund be transferred to the special fund of the state budget. Ukraine's contribution will consist of 50% of the proceeds received after the agreement enters into force, specifically from: royalties on the extraction of natural resources (oil, gas, gas condensate, and everything listed in Annex A of the agreement) from new licences; the issuance of new special permits for subsoil use; the sale of the state's share of production under new production sharing agreements. "These funds will be credited to the special fund of the state budget and, by decision of the chief administrator (presumably the Ministry of Economy), will be transferred to the Recovery Fund," Zhelezniak said. The bill also specifies that income related to natural resource assets includes only revenue derived from or in connection with the issuance of new licences or permits after the agreement takes effect and/or from operating licences or permits issued before the agreement but not previously used for commercial purposes. Background: On 1 May, Ukraine's Economy Minister Yuliia Svyrydenko and US Secretary of the Treasury Scott Bessent signed a minerals deal. On 8 May, the Verkhovna Rada ratified the agreement establishing a joint investment fund between Ukraine and the US. President Volodymyr Zelenskyy signed the ratification of the mineral deal with the US on 12 May. Support Ukrainska Pravda on Patreon!
Yahoo
12-05-2025
- Business
- Yahoo
Ukrainian Parliament to consider draft law amending Budget Code to implement minerals deal with US
The Verkhovna Rada (Ukrainian Parliament) Budget Committee plans to consider a draft law on amendments to Ukraine's Budget Code in order to implement the minerals agreement with the US. The law is required for the operation of the US-Ukraine Reconstruction Investment Fund. Source: UNN news agency, citing MP Yaroslav Zhelezniak Details: The Budget Committee plans to consider the draft law on 13 May. After that, it will likely be discussed in the parliamentary chamber, Zhelezniak said. Quote from Zhelezniak: "In addition to the ratification itself, a draft law must be adopted (at least) amending the Budget Code in order to implement the agreement between Ukraine and the United States on establishing the US-Ukraine Reconstruction Investment Fund (No. 13256). The budget committee will consider this tomorrow morning, and it will most likely be approved by the Verkhovna Rada tomorrow." The draft law and an alternative draft law are set to be discussed at the committee meeting at 10:00. Background: On 12 May, Ukraine completed the ratification of the agreement on the establishment of the US-Ukraine Reconstruction Investment Fund. The law establishing the US-Ukraine Reconstruction Investment Fund was returned with the signature of the Ukrainian president, completing the formal ratification procedure. The Verkhovna Rada voted on 8 May to ratify the minerals deal with the United States and establish the US-Ukraine Reconstruction Investment Fund. A total of 338 MPs voted in favour, none voted against, and there were no abstentions. The minerals deal was signed on 1 May by Ukraine's Minister of Economy, Yuliia Svyrydenko, and the US Treasury Secretary. "Together with US Treasury Secretary Scott Bessent, I have signed the agreement on the establishment of the United States-Ukraine Reconstruction Investment Fund," Svyrydenko said. Support Ukrainska Pravda on Patreon!
Yahoo
06-05-2025
- Business
- Yahoo
Ukrainian parliamentary committee endorses US minerals deal
A critical minerals deal between Ukraine and the United States has been ratified by the Ukrainian Parliament's Foreign Affairs Committee. Source: Ukrainian MP Yaroslav Zhelezniak Details: Zhelezniak noted that the committee's decision included a key provision: Any additional arrangements on establishing the United States-Ukraine Reconstruction Investment Fund shall not contradict this Agreement. This Agreement is valid throughout the entire territory of Ukraine within its internationally recognised borders. He added that 11 committee members voted in favour, one abstained and two were absent. Zhelezniak also noted that a full parliamentary vote on ratification is set for 8 May. Background: On 1 May, Ukraine's Economy Minister Yuliia Svyrydenko and US Treasury Secretary Scott Bessent signed the minerals deal. On 2 May, the Ukrainian government submitted the Kyiv-Washington agreement on the establishment of the Reconstruction Investment Fund to parliament for ratification. On the same day, Ukraine's Prime Minister Denys Shmyhal expressed hope that parliament would ratify the minerals agreement with the US by 8 May. Support Ukrainska Pravda on Patreon!
