BILATERAL AGREEMENT ESTABLISHING TERMS AND CONDITIONS FOR A RECONSTRUCTION INVESTMENT FUND

WHEREAS the United States of America has provided significant financial and material support to Ukraine since Russia’s full-scale invasion of Ukraine in February 2022;

WHEREAS the American people desire to invest alongside Ukraine in a free, sovereign and secure Ukraine;

WHEREAS the United States of America and Ukraine desire a lasting peace in Ukraine and a durable partnership between their two peoples and governments;

WHEREAS the United States of America and Ukraine recognize the contribution that Ukraine has made to strengthening international peace and security by voluntarily abandoning the world's third largest arsenal of nuclear weapons;

WHEREAS the United States of America and Ukraine wish to ensure that those States and other persons that have acted adversely to Ukraine in the conflict do not benefit from the reconstruction of Ukraine following a lasting peace;

NOW, THEREFORE, the Government of the United States of America and the Government of Ukraine (each, a “Participant”) hereby enter into this Bilateral Agreement Establishing Terms and Conditions for a Reconstruction Investment Fund to deepen the partnership between the United States of America and Ukraine, as set forth herein.

1. The Governments of Ukraine and the United States of America, with the aim of achieving lasting peace in Ukraine, intend to establish a Reconstruction Investment Fund (Fund), partnering in the Fund through  joint ownership, to be further defined in the Fund Agreement. Joint ownership will take into consideration the actual contributions of the Participants as defined in Sections 3 and 4. The Fund will be jointly managed by representatives of the Government of Ukraine and the Government of the United States of America. More detailed terms pertaining to the Fund’s governance and operation will be set forth in a subsequent agreement (the Fund Agreement) to be negotiated promptly after the conclusion of this Bilateral Agreement. The maximum percentage of ownership of the Fund’s equity and financial interests to be held by the Government of the United States of America and the decision-making authority of the representatives of the Government of the United States of America will be to the extent permissible under applicable United States laws.

Neither Participant will sell, transfer or otherwise dispose of, directly or indirectly, any portion of its interest in the Fund without the prior written consent of the other Participant.

2. The Fund will collect and reinvest revenues contributed to the Fund, minus expenses incurred by the Fund, and will earn income from the future monetization of all relevant Ukrainian Government-owned natural resource assets (whether owned directly or indirectly by the Ukrainian Government), as defined in Section 3

3. The Government of Ukraine will contribute to the Fund 50 percent of all revenues earned from the future monetization of all relevant Ukrainian Government-owned natural resource assets (whether owned directly or indirectly by the Ukrainian Government), defined as deposits of minerals, hydrocarbons, oil, natural gas, and other extractable materials, and other infrastructure relevant to natural resource assets (such as liquified natural gas terminals and port infrastructure) as agreed by both Participants, as may be further described in the Fund Agreement. For the avoidance of doubt, such future sources of revenues do not include the current sources of revenues which are already part of the general budget revenues of Ukraine. Timeline, scope and sustainability of contributions will be further defined in the Fund Agreement.

The Fund, in its sole discretion, may credit or return to the Government of Ukraine actual expenses incurred by the newly developed projects from which the Fund receives revenues.

Contributions made to the Fund will be reinvested at least annually in Ukraine to promote the safety, security and prosperity of Ukraine, to be further defined in the Fund Agreement. The Fund Agreement will also provide for future distributions.

4. Subject to applicable United States law, the Government of the United States of America will maintain a long-term financial commitment to the development of a stable and economically prosperous Ukraine. Further contributions may be comprised of funds, financial instruments, and other tangible and intangible assets critical for the reconstruction of Ukraine.

5. The Fund's investment process will be designed so as to invest in projects in Ukraine and attract investments to increase the development, processing and monetization of all public and private Ukrainian assets including, but not limited to, deposits of minerals, hydrocarbons, oil, natural gas, and other extractable materials, infrastructure, ports, and state-owned enterprises as may be further described in the Fund Agreement. The Government of the United States of America and the Government of Ukraine intend that the investment process will lead to opportunities for distribution of additional funds and greater reinvestment, to ensure the sufficient supply of capital for the reconstruction of Ukraine as set out in the Fund Agreement.

The Participants reserve the right to take such action as necessary to protect and maximize the value of their economic interests in the Fund.

6. The Fund Agreement will include appropriate representations and warranties, including those necessary to ensure that any obligations the Government of Ukraine may have to third parties, or such obligations that it may undertake in the future, do not sell, convey, transfer pledge, or otherwise encumber the Government of Ukraine’s contributions to the Fund or the assets from which such contributions are derived, or the Fund’s disposition of funds.

In drafting the Fund Agreement, the Participants will strive to avoid conflicts with Ukraine’s obligations under its accession to the European Union or its obligations under arrangements with international financial institutions and other official creditors.

7. The Fund Agreement will provide, inter alia, an acknowledgment that both the Fund Agreement and the activities provided for therein are commercial in nature.

The Fund agreement shall be ratified by the Parliament of Ukraine according to the Law of Ukraine "On International Treaties of Ukraine."

8. The Fund Agreement will pay particular attention to the control mechanisms that make it impossible to weaken, violate or circumvent sanctions and other restrictive measures.

9. The text of the Fund Agreement will be developed without delay by working groups chaired by authorized representatives of the Government of Ukraine and the Government of the United States of America. Contact persons responsible for preparing the Fund Agreement on the basis of this Bilateral Agreement are: from the Government of the United States of America: the Department of the Treasury; from the Government of Ukraine: Ministry of Finance and Ministry of Economy.

10. This Bilateral Agreement and the Fund Agreement will constitute integral elements of the architecture of bilateral and multilateral agreements, as well as concrete steps to establish lasting peace, and to strengthen economic security resilience and reflect the objectives set forth in the preamble to this Bilateral Agreement.

The Government of the United States of America supports Ukraine’s efforts to obtain security guarantees needed to establish lasting peace. Participants will seek to identify any necessary steps to protect mutual investments, as defined in the Fund Agreement.

11. This Bilateral Agreement is binding  and will be implemented by each Participant according to its domestic procedures. The Government of the United States of America and the Government of Ukraine commit to proceed forthwith to negotiate the Fund Agreement.

制定复兴投资基金条款和条件的双边协议

鉴于自2022 年 2 月俄罗斯全面入侵乌克兰以来，美国向乌克兰提供了大量财政和物质支持;

鉴于美国人民希望与乌克兰一起投资于一个自由、主权和安全的乌克兰;

鉴于美利坚合众国和乌克兰希望乌克兰实现持久和平，并希望两国人民和政府之间建立持久的伙伴关系;

鉴于美国和乌克兰承认乌克兰自愿放弃世界第三大核武器库，为加强国际和平与安全做出的贡献;

鉴于美利坚合众国和乌克兰希望确保在冲突中对乌克兰采取不利行动的国家和其他国家不会从乌克兰持久和平后的重建中受益;

因此，美利坚合众国政府和乌克兰政府（各自称为“参与者”）特此签订本双边协议，为重建投资基金制定条款和条件，以深化美利坚合众国和乌克兰之间的伙伴关系，如本文所述。

1.乌克兰政府和美利坚合众国政府为了实现乌克兰的持久和平，打算设立一个重建投资基金（基金），通过共同所有权与基金合作，将在基金协议中进一步定义。共同所有权将考虑第 3 节和第 4 节中定义的参与者的实际贡献。该基金将由乌克兰政府和美利坚合众国政府的代表共同管理。有关基金治理和运营的更详细条款将在后续协议（基金协议）中规定，该协议将在本双边协议签订后立即进行谈判。美利坚合众国政府和美利坚合众国政府代表的决策权持有的基金股权和财务利益的最大所有权百分比将在适用的美国法律允许的范围内。

未经另一方参与者事先书面同意，任何参与者均不得直接或间接出售、转让或以其他方式处置其在基金中的任何部分权益。

2.基金将收集和再投资捐助基金的收入，减去基金产生的费用，并将从乌克兰政府拥有的所有相关自然资源资产（无论是由乌克兰政府直接或间接拥有）的未来货币化中获得收入，如第 3 节所定义

3.乌克兰政府将向基金提供从乌克兰政府拥有的所有相关自然资源资产（无论是直接或间接拥有的）未来货币化所获得的所有收入的 50%，这些资产定义为双方商定的矿产、碳氢化合物、石油、天然气和其他可开采材料的矿床，以及与自然资源资产相关的其他基础设施（如液化天然气终端和港口基础设施），具体见基金协议。为避免疑义，此类未来收入来源不包括当前收入来源，这些收入来源已经是乌克兰一般预算收入的一部分。捐助的时间表、范围和可持续性将在基金协议中进一步定义。

基金可自行决定将基金从中获得收入的新开发项目所发生的实际支出贷记或退还给乌克兰政府。

向基金缴纳的款项将至少每年再投资于乌克兰，以促进乌克兰的安全、保障和繁荣，这将在基金协议中进一步定义。基金协议还将规定未来的分配。

4.根据适用的美国法律，美利坚合众国政府将对乌克兰稳定和经济繁荣的发展保持长期的财政承诺。进一步的捐款可能包括对乌克兰重建至关重要的资金、金融工具和其他有形和无形资产。

5.基金的投资流程将旨在投资于乌克兰的项目并吸引投资，以增加乌克兰所有公共和私人资产的开发、加工和货币化，包括但不限于矿产、碳氢化合物、石油、天然气和其他可开采材料的矿床、基础设施、港口和国有企业，如基金协议中可能进一步描述的那样。美利坚合众国政府和乌克兰政府希望投资过程将带来额外资金分配和更大再投资的机会，以确保基金协议中规定的乌克兰重建资金充足。

参与者保留采取必要行动的权利，以保护和最大化他们在基金中的经济利益的价值。

6.基金协议将包括适当的陈述和保证，包括确保乌克兰政府对第三方可能承担的任何义务或其将来可能承担的义务不会出售、转让、转让、质押或以其他方式妨碍乌克兰政府对基金的捐款或提供此类捐款的资产，或基金对资金的处置。

在起草基金协议时，各参与方将努力避免与乌克兰加入欧盟的义务或乌克兰与国际金融机构和其他官方债权人安排下的义务发生冲突。

7.基金协议将特别承认，基金协议及其中规定的活动均具有商业性质。

基金协议应由乌克兰议会根据《乌克兰国际条约》批准。

8. 基金协议将特别关注无法削弱、违反或规避制裁和其他限制措施的控制机制。

9.由乌克兰政府和美利坚合众国政府授权代表主持的工作组将毫不拖延地制定基金协议的文本。负责根据本双边协议编制基金协议的联系人是：美利坚合众国政府：财政部;乌克兰政府：财政部和经济部。

10.本双边协议和基金协议将构成双边和多边协议架构的组成部分，以及建立持久和平、加强经济安全复原力的具体步骤，并反映本双边协议序言中提出的目标。

美利坚合众国政府支持乌克兰努力获得建立持久和平所需的安全保障。参与者将寻求确定任何必要步骤，以保护基金协议中定义的共同投资。

11.本双边协议具有约束力，将由每个参与方根据其国内程序实施。美利坚合众国政府和乌克兰政府承诺立即着手谈判基金协议。