Zelensky signs law on natural resources deal ratification

KIEV -- Ukrainian President Volodymyr Zelensky on Monday signed the law ratifying a natural resources deal with the United States, which would establish a joint investment fund for Ukraine's reconstruction, according to the parliament's website.

"The implementation of the Agreement will ensure the further development of economic cooperation between Ukraine and the US," said the explanatory note to the law.

The agreement to establish the fund, which will be partially financed by new royalties on Ukraine's mineral resources, gas and oil, was signed on April 30 in Washington by Ukrainian First Deputy Prime Minister and Economy Minister Yulia Svyrydenko and US Treasury Secretary Scott Bessent.

According to Svyrydenko, both countries will co-manage and co-finance the fund, while Ukraine would maintain ownership and complete control over its mineral and energy resources.

The Ukrainian parliament supported ratification of the agreement last week.

The deal will enter into force after the exchange of diplomatic notes between Ukraine and the United States confirming the completion of both countries' internal procedures.