What Ukraine Actually Signed

The ledger

Borne by Ukraine nine obligations · seven binding

• Art. VI §2–4

  Contribute 50% of specified subsoil revenues, irrevocably

  An irrevocable right to the "Ukraine Agreed Revenue" — reported as 50% of royalties, rent payments, licence fees and production-sharing amounts — routed by operation of law through a special fund of the state budget.

  Covers licences issued on or after the effective date, plus pre-existing licences not industrially exploited. Reported to span 60-plus minerals including lithium, uranium, titanium, graphite, rare earths, oil and gas.

  Binding
• Art. II §3

  Subordinate domestic law to the agreement

  "in case of any inconsistency between legislation of Ukraine and this Agreement, this Agreement shall prevail… the Government of Ukraine agrees that it may not invoke the provisions of its internal law as justification for any failure to perform."

  A stabilisation clause with no sunset. Future tax, licensing or resource-governance reform cannot be applied to the Partnership if it reduces the treatment guaranteed here.

  Binding
• Art. II §2

  Legislate as required to implement both agreements

  Ukraine shall adopt, maintain and enforce whatever legislation is needed to implement the framework agreement and the LP Agreement — a standing legislative obligation whose content is partly set by a document the legislature has not seen.

  Binding
• Art. IV §1

  Exempt all Partnership income from Ukrainian tax

  All income of the Partnership, including income allocable to the US Partner, free of taxes, levies, imposts and duties. This compounds the revenue share: half the gross take forgone, then tax forgone on the vehicle receiving it.

  Binding
• Art. VII

  Write Partnership investment rights into every future subsoil licence

  Every licence, permit, PSA, PPP and infrastructure agreement must require its holder to disclose investment information to the Partnership when raising capital, negotiate in good faith where the Partnership expresses interest, and grant no third party materially more favourable terms.

  A right of first look plus a most-favoured-nation floor, embedded by statute into every future resource transaction in the country.

  Binding
• Art. VIII

  Write US offtake rights into every future subsoil licence

  Licences must let the US Partner negotiate offtake on market-based terms, restrain holders from offering third parties better offtake terms, and carry further counterparty restrictions specified in the unpublished LP Agreement.

  Binding
• Art. V §1

  Guarantee free hryvnia–dollar convertibility

  Conversion and transfer of Partnership payments must occur "without cost, condition, or delay" — a hard-currency obligation on a state under capital controls, and a real modellable cost absent from every summary of the deal.

  Binding
• Art. V §2

  Indemnify the Partnership for losses caused by its own crisis measures

  If a balance-of-payments crisis forces protective restrictions, Ukraine "shall indemnify and hold harmless the Partnership" for the resulting losses — a contingent liability that triggers precisely when the sovereign is least able to pay.

  Conditional
• Art. V §3

  Convert currency during martial law within LP-defined limits

  The one wartime relief valve in the currency article, and its size is set by the document that is not public.

  Conditional

Borne by the United States three provisions · none binding in the public text

• Art. VI §1

  Make contributions to the Partnership

  "Each Party plans to make contributions to the Partnership in accordance with the terms of the LP Agreement."

  "Plans to" is the operative verb, and the amount, timing and form sit in the LP Agreement. Ukraine's contribution, by contrast, is mandated in §2 and defined in the same sentence. The asymmetry may be cured in the unpublished document — but a ratifying legislature reading only this text could not have verified it.

  Non-binding
• Art. VI §5

  Military assistance credited as capital

  New US military assistance delivered after the effective date — weapons, ammunition, technology, training — increases the US capital contribution by its assessed value, deemed automatically.

  This is not an obligation on the US; it is a conversion mechanism in its favour. Aid already being supplied for other reasons accrues equity in a vehicle holding a perpetual claim on Ukrainian resource revenue. The valuation basis is the central unknown in the structure.

  Automatic
• Art. IV §3

  Tariff forbearance on offtake product

  the United States "expresses its expectation that it would not impose tariffs" under Section 232 or the IEEPA on articles obtained through the offtake rights.

  An expectation, not a commitment, and not a waiver of either authority. The commercial value of the offtake rights stays exposed to a unilateral US trade action this clause does not prevent.

  Non-binding

Structural terms governance, duration, dispute resolution

• Art. IX

  Disputes resolved by mutual consultation only

  No arbitral forum, no governing law, no adjudication. Where the parties disagree and consultation fails, the text provides no remedy — which in practice favours the party with more leverage outside the agreement.

  Binding
• Art. XI

  Indefinite term, no unilateral exit

  In force until the Parties agree to terminate. Combined with Art. II §3, the agreement outlives any Ukrainian government and cannot be legislated away or unilaterally ended.

  Binding
• Reported

  Equal governance, 50–50 voting

  Widely reported, but not established by the public framework text, which defers governance to the LP Agreement. Equal voting and equal economics are different things — with capital accruing to one side automatically under Art. VI §5, a fixed 50–50 vote does not imply a fixed 50–50 claim on distributions.

  Unverified

Unknowns register

What could not be determined from public documents, and what would resolve it. Every item is required before a cash-flow model can produce a return rather than a range.

Sources

Clause quotations from the full agreement text published by the Kyiv Independent. Appendix A was not included in that publication, so the scope and percentage of the Ukraine Agreed Revenue are taken from secondary reporting and marked accordingly. Wider programme context from EITI.