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.

制定復興投資基金條款和條件的雙邊協議

鑒于自2022 年 2 月俄羅斯全面入侵烏克蘭以來，美國向烏克蘭提供了大量財政和物質支持;

鑒于美國人民希望與烏克蘭一起投資于一個自由、主權和安全的烏克蘭;

鑒于美利堅合眾國和烏克蘭希望烏克蘭實現持久和平，并希望兩國人民和政府之間建立持久的伙伴關系;

鑒于美國和烏克蘭承認烏克蘭自愿放棄世界第三大核武器庫，為加強國際和平與安全做出的貢獻;

鑒于美利堅合眾國和烏克蘭希望確保在沖突中對烏克蘭采取不利行動的國家和其他國家不會從烏克蘭持久和平后的重建中受益;

因此，美利堅合眾國政府和烏克蘭政府（各自稱為“參與者”）特此簽訂本雙邊協議，為重建投資基金制定條款和條件，以深化美利堅合眾國和烏克蘭之間的伙伴關系，如本文所述。

1.烏克蘭政府和美利堅合眾國政府為了實現烏克蘭的持久和平，打算設立一個重建投資基金（基金），通過共同所有權與基金合作，將在基金協議中進一步定義。共同所有權將考慮第 3 節和第 4 節中定義的參與者的實際貢獻。該基金將由烏克蘭政府和美利堅合眾國政府的代表共同管理。有關基金治理和運營的更詳細條款將在后續協議（基金協議）中規定，該協議將在本雙邊協議簽訂后立即進行談判。美利堅合眾國政府和美利堅合眾國政府代表的決策權持有的基金股權和財務利益的最大所有權百分比將在適用的美國法律允許的范圍內。

未經另一方參與者事先書面同意，任何參與者均不得直接或間接出售、轉讓或以其他方式處置其在基金中的任何部分權益。

2.基金將收集和再投資捐助基金的收入，減去基金產生的費用，并將從烏克蘭政府擁有的所有相關自然資源資產（無論是由烏克蘭政府直接或間接擁有）的未來貨幣化中獲得收入，如第 3 節所定義

3.烏克蘭政府將向基金提供從烏克蘭政府擁有的所有相關自然資源資產（無論是直接或間接擁有的）未來貨幣化所獲得的所有收入的 50%，這些資產定義為雙方商定的礦產、碳氫化合物、石油、天然氣和其他可開采材料的礦床，以及與自然資源資產相關的其他基礎設施（如液化天然氣終端和港口基礎設施），具體見基金協議。為避免疑義，此類未來收入來源不包括當前收入來源，這些收入來源已經是烏克蘭一般預算收入的一部分。捐助的時間表、范圍和可持續性將在基金協議中進一步定義。

基金可自行決定將基金從中獲得收入的新開發項目所發生的實際支出貸記或退還給烏克蘭政府。

向基金繳納的款項將至少每年再投資于烏克蘭，以促進烏克蘭的安全、保障和繁榮，這將在基金協議中進一步定義?；饏f議還將規定未來的分配。

4.根據適用的美國法律，美利堅合眾國政府將對烏克蘭穩定和經濟繁榮的發展保持長期的財政承諾。進一步的捐款可能包括對烏克蘭重建至關重要的資金、金融工具和其他有形和無形資產。

5.基金的投資流程將旨在投資于烏克蘭的項目并吸引投資，以增加烏克蘭所有公共和私人資產的開發、加工和貨幣化，包括但不限于礦產、碳氫化合物、石油、天然氣和其他可開采材料的礦床、基礎設施、港口和國有企業，如基金協議中可能進一步描述的那樣。美利堅合眾國政府和烏克蘭政府希望投資過程將帶來額外資金分配和更大再投資的機會，以確?；饏f議中規定的烏克蘭重建資金充足。

參與者保留采取必要行動的權利，以保護和最大化他們在基金中的經濟利益的價值。

6.基金協議將包括適當的陳述和保證，包括確保烏克蘭政府對第三方可能承擔的任何義務或其將來可能承擔的義務不會出售、轉讓、轉讓、質押或以其他方式妨礙烏克蘭政府對基金的捐款或提供此類捐款的資產，或基金對資金的處置。

在起草基金協議時，各參與方將努力避免與烏克蘭加入歐盟的義務或烏克蘭與國際金融機構和其他官方債權人安排下的義務發生沖突。

7.基金協議將特別承認，基金協議及其中規定的活動均具有商業性質。

基金協議應由烏克蘭議會根據《烏克蘭國際條約》批準。

8. 基金協議將特別關注無法削弱、違反或規避制裁和其他限制措施的控制機制。

9.由烏克蘭政府和美利堅合眾國政府授權代表主持的工作組將毫不拖延地制定基金協議的文本。負責根據本雙邊協議編制基金協議的聯系人是：美利堅合眾國政府：財政部;烏克蘭政府：財政部和經濟部。

10.本雙邊協議和基金協議將構成雙邊和多邊協議架構的組成部分，以及建立持久和平、加強經濟安全復原力的具體步驟，并反映本雙邊協議序言中提出的目標。

美利堅合眾國政府支持烏克蘭努力獲得建立持久和平所需的安全保障。參與者將尋求確定任何必要步驟，以保護基金協議中定義的共同投資。

11.本雙邊協議具有約束力，將由每個參與方根據其國內程序實施。美利堅合眾國政府和烏克蘭政府承諾立即著手談判基金協議。