Agreement with US does not provide for ownership of minerals, – Stefanishyna

The agreement on rare earth minerals, which Ukraine is going to sign with the United States of America, does not provide for the transfer of rights to use the subsoil or any property rights.

Olha Stefanishyna, Deputy Prime Minister for European and Euro-Atlantic Integration of Ukraine - Minister of Justice of Ukraine reported this in an interview with the Yurydychna Praktyka publication on Thursday, March 13.

Stefanishyna noted that this agreement consolidates the political agreement between the governments of Ukraine and the United States on the creation of a Fund, which will be replenished at the expense of funds from the rights to use Ukrainian subsoil. According to her, this Fund will be jointly owned by Ukraine and the United States.

"The agreement does not provide for the transfer of subsoil use rights or any property rights. It is about the distribution of revenues to the state budget, part of which is generated in the Fund. After signing this agreement, no legal consequences will arise. That is, Ukraine does not receive obligations regarding the actual transfer of funds or their transfer. Such obligations will arise only after the conclusion of the agreement on the establishment of the Fund and, accordingly, the completion of all necessary procedures so that the work of the institution itself begins after its entry into force," Stefanishyna said.

The minister explained that the agreement provides for long-term financial cooperation between Ukraine and the United States, as well as the fact that the US government reserves the right to ensure the protection of facilities that generate revenues for the Fund.

As the Ukrainian News agency earlier reported, President Volodymyr Zelenskyy and his American counterpart Donald Trump want to conclude an agreement on the development of Ukraine's critical mineral resources as soon as possible.

As a reminder, on March 2, US Treasury Secretary Scott Bessent stated that a minerals agreement between the United States and Ukraine is not currently under consideration.

On March 1, President Volodymyr Zelenskyy failed to respond when Ukraine and the US would be able to sign an agreement on subsoil and rare earth minerals.