Updated US-Ukraine agreement: a joint fund without full control from Washington.

The updated agreement does not provide for complete U.S. control over the joint fund with Ukraine; however, it lacks clear security guarantees. This is stated in the agreement dated February 24, which has come into the possession of the EP.

The document is set to be signed by Ukrainian Foreign Minister Andriy Sibiga and U.S. Secretary of State Marco Rubio. According to it, the parties will establish a Reconstruction Investment Fund.

The updated version of the agreement has removed the clause granting the U.S. 100% control over the commercial fund. Now, the American side will be able to hold the maximum share permitted by U.S. law.

The ownership stake of Ukraine and the U.S. in the fund will be determined based on the actual contributions from each party.

The fund will be managed jointly; however, the U.S. will retain the right to make decisions within the framework of its legal system.

A clause has been added to the agreement prohibiting Ukraine or the U.S. from selling or transferring their share in the fund without prior written consent from the other party.

The fund will receive 50% of revenues from Ukrainian natural resources, ports, and related infrastructure (including those indirectly owned by the state), directing these funds towards reinvestment in Ukraine's economy.

The sources of income for the fund will not overlap with Ukraine's current budget revenues. Specific timelines, amounts, and stability of contributions will be defined in a subsequent fund agreement.

The fund will have the discretion to reimburse the Ukrainian government for actual expenses on new projects.

All received funds must be reinvested in Ukraine's economy at least once a year, with the aim of strengthening security and prosperity. The future agreement will also outline the principles for the distribution of funds.

The updated text has removed provisions for a doubling of investments in Ukraine for every dollar invested, as well as the goal of restoring GDP to the level of late 2021.

Also excluded is the provision stating that revenues from assets under Russian occupation at the time of signing could exceed 50% after their de-occupation.

Furthermore, the new version does not include a clause regarding the continuation of Ukrainian contributions to the fund until reaching a total of $500 billion, nor the requirement to account for all U.S. financial aid in Ukraine's obligations to the fund.

According to the text, the U.S. plans to assume financial commitments to support Ukraine, but the final amount will be determined separately. However, the agreement does not contain clear security guarantees that were previously mentioned by Zelensky.

The document stipulates that the fund agreement must not contradict Ukraine's international obligations, as well as its future integration into the EU or other associations.

Ukraine and the U.S. have agreed to immediately begin developing a separate agreement that will clarify the details of the fund's operation.

The Ministry of Economy has been designated as responsible for preparing this document on the Ukrainian side.