VR finally approves amendments to Budget Code to implement Minerals Agreement

Agreement on mineral resources. VR approves amendments to the Budget Code

The Verkhovna Rada has approved draft law No. 13256 on amendments to the Budget Code to implement the Minerals Agreement with the United States.

This was announced by MP Yaroslav Zheleznyak, Censor.NET reports.

The decision was supported by 309 MPs.

"Almost nothing has changed in the text by the second reading. Ukraine's contribution will consist of half of the funds received after the Agreement comes into force:

royalties for the extraction of minerals (oil, gas, gas condensate and everything specified in Annex A to the Agreement) from new licences;
issuance of new special permits for subsoil use;
sale of the state's share of production under the NEW production sharing agreements.

This money will be credited to a special fund of the state budget and, by decision of the main administrator (presumably the Ministry of Economy), will be transferred to the Reconstruction Fund," the statement said.