美烏礦產基金協議拍板，美方獲取「長期經濟利益」

歷經數月談判，美國與烏克蘭總算在台灣時間2025年5月1日（美東時間4月30日）正式「拍板定案」，簽署一項備受矚目的礦產協議。這份名為「美利堅合眾國政府與烏克蘭政府關於建立美利堅合眾國－烏克蘭重建投資基金的協定」，核心目的在於建立一個聯合投資基金，為烏克蘭戰後重建注入「資金」。

這項協議由烏克蘭第一副總理暨經濟部長尤莉亞・斯維里登科（Yuliia Svyrydenko）與美國財政部長史考特・貝森特（Scott K. H. Bessent）代表雙方簽署。美方官員將其定位為美國對烏克蘭「持續支持」的訊號，尤其是在美國總統川普與烏克蘭總統澤倫斯基關係似乎出現「重啟」跡象之際。

相較於先前部分被認為對烏克蘭自然資源、國家機構與基礎設施有「剝削」之虞的版本，烏克蘭總理丹尼斯・什米加爾（Denys Shmyhal）對最終版本表示「更加有利」。他強調，烏克蘭將保有對其「地下資源（次級土壤）、基礎設施和自然資源的完整控制權」，且這份協議「不構成任何債務義務」。這也代表先前要求烏克蘭償還美國過去數十億美元軍事援助的措辭，已從最新版本中刪除。儘管如此，資料也提到，這項協議並未提供具體的安全保障，而是確認兩國之間的「長期戰略結盟」，並承諾美國將支持烏克蘭的安全、繁榮、重建及融入全球經濟體系。

這項協議的重心在於促進雙方經濟合作，透過設立「有限合夥」（Limited Partnership, LP）形式的「美利堅合眾國－烏克蘭重建投資基金」（簡稱合夥基金）來達成。雙方期望這個聯合基金能成為一個「旗艦機制」，吸引「透明、負責且具前瞻性」的投資進入烏克蘭經濟的關鍵領域。特別是為了增加對烏克蘭採礦、能源及相關技術的投資。這種合作不僅是金錢上的投資，也包含與民主價值、市場原則及法治相符的結構、制度與技術轉型。

從合夥基金的結構來看，美國方面的「有限合夥人」（U.S. Limited Partner）是美國國際開發金融公司（DFC），這是一個有美國政府「全力擔保」的機構。烏克蘭方面的「有限合夥人」（Ukraine Limited Partner）則是烏克蘭的國家機構「公私夥伴關係支援局」（State Organization "Agency on Support Public-Private Partnership"），其義務同樣由烏克蘭政府「全力擔保」。資料中提及，這項協議最終版本包含美烏之間「五五波」的投資架構，烏克蘭總理更明確指出，雙方將各擁有50%的「表決權」。

關於資金的挹注方式，雙方規劃將依照有限合夥協議（LP Agreement）條款向合夥基金出資。烏克蘭政府承諾確保烏克蘭夥伴的初始出資，是以「不可撤銷地收取烏克蘭議定收入」（Ukraine Agreed Revenue）的權利形式。這筆議定收入將匯入國家預算的一個特別基金，再依法轉給烏克蘭夥伴，最後由烏克蘭夥伴轉匯給合夥基金。值得注意的是，協議中還有一個特別條款：如果協議生效後，美國政府向烏克蘭提供新的軍事援助（如武器系統、彈藥、技術或訓練的捐贈），美國夥伴的資本投入將被「視為增加」該軍事援助的評估價值。

至於具體的投資機會與資源分配，協議中有詳細的「規範」。協議明訂，烏克蘭政府授權發放地下資源使用許可證或特許證的機構，以及批准建造或經營重要基礎設施的機構，應要求尋求融資的受領方，在任何時候募資時，都要向合夥基金提供相關投資資訊。而且，一旦合夥基金正式表達參與項目的意願，受領方必須與合夥基金進行「善意協商」，同時不得向任何第三方提供比合夥基金更優惠的金融或經濟條件。

更關鍵的是「承購權」的部分。烏克蘭政府授權發放地下資源使用許可證的機構，應在許可證條款中包含允許美國夥伴（或其指定人）在許可證有效期內，依據市場化的商業條件，協商取得「承購權」（offtake rights）。同時，也要求受領方在 LP 協議指定的期間和條件內，不得向任何第三方提供更優惠的條件進行承購安排。這些權利與程序都必須符合烏克蘭現行法律以及烏克蘭對歐盟的義務。協議也考量到烏克蘭未來加入歐盟可能產生的新義務，若因此影響此條款，雙方將協商調整。

在財稅處理方面，烏克蘭政府承諾確保合夥基金的所有收入（包含分配給美國夥伴的部分）、烏克蘭夥伴的出資與支付，以及合夥基金的所有分配與支付，在烏克蘭境內均享有「零關稅、零稅賦、零費用」的待遇。美方則預期，由於合夥基金主要投資烏克蘭境內項目，烏克蘭夥伴應不受美國聯邦所得稅或預扣款的影響。此外，美方也預期不會依據特定法條，對透過這項協議取得的物品徵收關稅。

針對貨幣兌換與跨境轉帳，烏克蘭政府應確保烏克蘭貨幣格里夫納（Hryvnia）能自由兌換成美元，並且能從烏克蘭境內帳戶無成本、無條件、無延遲地轉帳至合夥基金在境內或境外的帳戶。這適用於與合夥基金收入、收益、分潤和費用相關的支付。不過，協議也考量到總體經濟與金融穩定。若烏克蘭國際收支惡化或黃金外匯儲備大幅減少，威脅金融穩定時，烏克蘭政府經與美國財政部協商後，可採取合理的「限制性保護措施」。但若因此產生任何成本、條件或延遲，烏克蘭政府將對合夥基金（及美國有限合夥人）進行賠償。在烏克蘭戒嚴期間及其結束後三個月內，兌換與轉帳則將在 LP 協議確定的限額內進行。

這項協議要正式生效，需要雙方交換照會確認各自內部程序已完成。特別是，烏克蘭方面需要獲得其國會（最高拉達，Verkhovna Rada）的批准。協議將持續有效，直至雙方同意終止。

值得注意的是，資料中並未提供這項聯合投資基金具體的金額數字，也沒有提到雙方各計劃出資多少「資金」。同樣地，關於未來的投資收益、利潤等數字，資料中也缺乏具體的預估或與過去數據的比較說明（如月增率、年增率等）。

美國總統川普在協議簽署後曾表示，美國「從烏克蘭礦產協議中獲得的利益，遠多於提供援助」，並直言他想「得到保護……我不想站在那裡看起來像個傻瓜」。這番話也側面反映出美方在談判過程中，試圖為自身爭取「牛肉」的考量。

總體而言，這項美烏礦產協議及重建投資基金的設立，是兩國深化經濟合作的一大「佈局」，尤其鎖定烏克蘭戰後重建與其豐富的自然資源開發，希望透過公私夥伴關係的模式，引導國際資金這塊「大餅」，同時也在協議文本上努力平衡了烏克蘭對其主權與資源控制的需求，並顧及其未來融入歐洲經濟體系的「卡關」問題。這份協議可謂雙方在當前地緣政治與經濟背景下，「喬」出來的一項策略性合作文件。

美國白宮與財政部公告資訊：

美國與烏克蘭於美東時間2025年4月30日簽署一項歷史性協議，正式成立「美國─烏克蘭重建投資基金」（United States-Ukraine Reconstruction Investment Fund），這是一項前所未見的夥伴關係。根據白宮與美國財政部發布的新聞稿指出，此舉目的在推動烏克蘭的重建及長期經濟成功，並回應俄羅斯全面入侵造成的廣泛破壞。

這項合作夥伴關係展現美國在確保烏克蘭自由、和平與主權未來上投入的經濟利害關係。協議將強化美國與烏克蘭在長期重建和現代化方面的戰略夥伴關係。美國財政部及美國國際開發金融公司（U.S. International Development Finance Corporation, DFC）將與烏克蘭政府合作，共同敲定基金的治理結構並推進這項重要的夥伴關係。美國的DFC與烏克蘭國家公私協力支援組織（State Organization Agency on Support Public-Private Partnership）將攜手合作，這兩個機構都獲得各自國家全額信用擔保的支持。

根據協議內容，這項夥伴關係將設立一個基金，接收來自烏克蘭境內自然資源計畫所產生的50%的權利金、授權金及其他類似款項。這些自然資源計畫包含礦產、碳氫化合物及相關的基礎設施開發。

這些資金將投資於烏克蘭的新計畫，為美國和烏克蘭人民創造長期收益。一旦確認新的計畫，基金資源可以迅速投入，以促進經濟成長、創造就業機會及達成其他烏克蘭發展的優先事項。間接效益包含強化私營部門，以及為烏克蘭的長期成功建立更健全、持久的基礎設施。

基金的管理將由一家合資公司負責，該公司董事會由美國和烏克蘭雙方代表共同組成，各有三名成員，雙方將透過協作流程共同決策基金資源的分配，例如投資和利潤分配。這項夥伴關係也將帶來最高水準的透明度與問責制，確保烏克蘭和美國人民都能從烏克蘭重建中獲益。

協議特別提到，若美國決定採購這些自然資源，將擁有第一優先選擇權，可自行收購或指定買家。這項重要的保障措施是為了防止關鍵資源落入錯誤之手，因為經濟安全就是國家安全。

這項夥伴關係也向俄羅斯傳達了明確的訊息：美國已投入實際利害關係，並致力於烏克蘭的長期成功。新聞稿強調，任何資助或支援俄羅斯戰爭機器的國家、公司或個人，都不得從烏克蘭的重建中獲益，包括參與基金支援的計畫。

美國財政部長史考特·貝森特（Scott Bessent）表示，感謝川普總統為實現持久和平所做的不懈努力，他很高興宣布簽署這項歷史性的經濟夥伴關係協議。他引用川普總統的話指出，美國致力於促成這場殘酷且毫無意義的戰爭結束。這項協議清楚地向俄羅斯表明，川普政府致力於以一個自由、主權和繁榮的烏克蘭為中心的和平進程。川普總統設想透過美國人民與烏克蘭人民之間的這項夥伴關係，展現雙方對烏克蘭持久和平與繁榮的承諾。

美國與烏克蘭政府都期待迅速啟動這項歷史性的經濟夥伴關係，使其為烏克蘭人民和美國人民帶來效益

烏克蘭基輔獨立報公告完整協議內容：

《美國與烏克蘭政府關於設立美烏重建投資基金之協議》（2025年4月30日）

鑑於：

• 自2022年2月俄羅斯全面入侵烏克蘭以來，美國對烏克蘭提供了重大財政與物資支援；
• 美國人民希望能與烏克蘭共同投資於一個自由、主權且安全的烏克蘭；
• 雙方期望烏克蘭實現持久和平，並建立人民與政府間長期穩固的夥伴關係；
• 雙方認可烏克蘭為國際和平與安全所作出的貢獻，特別是在自願放棄全球第三大核武庫的決定；
• 雙方希望確保在此次衝突中對烏克蘭採取敵對行動的國家與個人不得從烏克蘭戰後重建中獲益；
• 雙方尋求創造條件，以促進對烏克蘭礦業、能源與相關技術領域的投資，投資者包括（但不限於）美國、歐盟及其他支持烏克蘭抵抗俄羅斯侵略的國際投資人；
• 美國了解烏克蘭希望避免與其加入歐盟相關義務或與國際金融機構及其他官方債權人簽訂協議產生衝突的意圖；
• 烏克蘭根據國際法，對其領土與領海內的自然資源擁有主權，亦擁有其專屬經濟區與大陸棚內的主權權利，據此可締結並執行本協議；
• 烏克蘭保有決定其領土、領海、專屬經濟區與大陸棚內可用於探勘與開發自然資源的區域之權利，且本協議中所涉有限合夥協議所授權之權利適用於全部區域；
• 本協議不影響烏克蘭財產所有權制度的相關法規，包括國有財產與私有化相關規定。

因此，烏克蘭政府與美國政府（以下各稱「一方」，合稱「雙方」）特此簽署本《設立美烏重建投資基金協議》（以下簡稱「本協議」）。

第一條：定義 本協議中使用的首字母大寫術語，如未在正文中定義，應依附錄A所列含義解釋。

第二條：建立夥伴關係之授權

1. 雙方政策為：由美國國際開發金融公司（以下稱「美方有限合夥人」或「美方夥伴」），以及烏克蘭「促進公私合作機構」（以下稱「烏方有限合夥人」或「烏方夥伴」）共同簽署有限合夥協議（以下稱「LP協議」），成立「美烏重建投資基金」（以下稱「基金」）。該協議可依條款修訂。
2. 烏克蘭政府應採取一切措施，授權其機構執行本協議及LP協議，包括制定、維持與執行必要法律，以確保法律穩定性。美國政府確認，已採取必要措施，授權其相關機構執行本協議與LP協議。
3. 鑑於基金相關經濟活動將在烏克蘭境內進行，烏克蘭政府應確保即使未來通過新法或修法，基金與其合夥人仍享有不低於本協議所保障之待遇。如本協議與烏克蘭法令有所衝突，以本協議優先適用。烏克蘭不得援引其國內法律，作為未履行本協議義務之理由。

第三條：協議目標

1. 本協議之目標及雙方政策，為促進雙方經濟合作，並透過LP協議實現。
2. 本協議旨在強化雙方在烏克蘭長期重建與現代化方面的戰略夥伴關係，以因應俄羅斯全面入侵所造成的毀滅性破壞，實現和平、主權與有韌性的烏克蘭。
3. 雙方認知，烏克蘭重建除財務投資外，亦需結構性、制度性與技術上的轉型，並須符合民主價值、市場原則與法治精神。
4. 雙方進一步確認，本協議體現雙方人民與政府間更廣泛、長期的戰略整合，是美國支持烏克蘭安全、繁榮、重建與融入全球經濟體系的具體展現。
5. 本基金將作為鼓勵透明、負責與前瞻性投資之旗艦機制，推動烏克蘭關鍵產業的復甦策略。

第四條：稅收與關稅

1. 鑑於基金相關經濟活動將於烏克蘭境內進行，烏克蘭政府應採取一切必要行動，確保基金（包括分配予美方夥伴之收入）所獲任何收入、由烏方夥伴支付至基金的任何出資或付款、與基金收益相關的所有其他付款，以及基金支付的所有分配款與其他款項，在任何情況下均不受烏克蘭政府機關課徵稅收、費用、扣繳或其他徵費。
2. 美國政府確認，根據美國《國稅法》第871、872、881與882條，僅來自美國來源或與美國貿易或商業有實質關聯之外國人所得才須繳納聯邦所得稅。由於基金將投資於烏克蘭國內項目，美方預期烏方夥伴不需因基金的收入與分配而負擔美國聯邦稅負或扣繳。
3. 美國政府預期，不會依據1962年《貿易擴張法》第232條或《國際緊急經濟權力法》對根據第八條市場化承購權所取得的貨品課徵關稅，LP協議中另有詳細規範。

第五條：貨幣可兌換性與跨境匯款

1. 烏克蘭政府應確保：所有應以美元支付給基金的款項，皆可無條件、無成本、無延遲地自烏克蘭帳戶兌換為美元並匯出至基金於烏國境內外開立之帳戶，包括：(i) 依LP協議應支付給基金的收益；(ii) 依LP協議應分配的款項；(iii) 支付給普通合夥人之費用與開支。
2. 雙方確認，LP協議中約定如烏方因履行其與主權國或國際金融機構間義務，以及考量宏觀經濟與金融穩定，而有需限制兌換與匯款之例外情況，雙方將本著誠信協商處理。若烏克蘭收支惡化或外匯儲備顯著下滑，威脅其宏觀經濟與金融穩定，則經與美國財政部協商後，烏國可採取臨時保護性限制措施，並應盡可能提供解除限制的時間表。若因任何理由產生額外費用、條件或延遲，烏克蘭政府須賠償基金（包括美方夥伴與普通合夥人）因此產生的損失與開支。
3. 烏克蘭戒嚴期間以及其後三個月內，雙方同意所有兌換與匯款應於LP協議所定範圍內執行。
4. 基金帳戶的開立地點，依LP協議規定辦理。

第六條：出資規定

1. 雙方皆計劃依LP協議條款向基金出資。
2. 烏方將以對未來烏方約定收益的不可撤銷收取權，作為換取基金初始合夥權益的出資形式，並於協議生效日完成。
3. 烏克蘭政府應確保在基金存續期間，烏方約定收益持續撥付予烏方夥伴，再由其撥入基金以落實LP協議。
4. 烏方政府應確保所有來源之約定收益先撥入國家預算專項基金，依法律自動轉撥至烏方夥伴，再轉入基金。
5. 自協議生效日起，若美國對烏提供新的軍事援助（如武器、彈藥、技術或訓練），其對應價值將依LP協議計入美方之資本出資。

第七條：投資機會權益（一）

1. 烏克蘭具授權核發地下資源使用執照或特許的機關，應於該許可與其相關協議中明訂，若持有者有意募集資金，必須依LP協議向基金揭露相關投資資訊。
2. 同樣規範適用於涉及重大基礎設施資產的公私合夥契約、特許經營或其他協議。
3. 上述資訊揭露要求須符合烏克蘭法令及烏方對歐盟承諾義務。如未來烏方須承擔新歐盟義務致影響本條款，雙方將善意協商調整。
4. 若基金正式表示有意參與上述項目，相關協議應要求該案主體：(i) 依LP協議程序與基金進行誠信協商；(ii) 不得提供第三方在經濟條件上更優惠的相似投資機會。

第七條：投資機會權益（二） 2) 有關投資機會權益的具體程序與條件，將詳載於LP協議，並依適用法律與烏方對歐盟義務執行。

第八條：市場化承購權

1. 所有地下資源許可相關協議中，應賦予美方夥伴（或其指定/受讓人）依LP協議條款，在許可期間內以市場條件協商承購權，並應約定受益人不得向第三方提供顯著更優惠的同質或同量產品承購條件。
2. 烏國政府應確保上述許可之授權機關，於授權條件中加入與對方簽約限制相關的條款，以保障雙方戰略利益一致性。
3. 承購權具體條件由LP協議訂定並依法律與歐盟義務實施。如烏方加入歐盟義務有變，雙方將善意協商調整。

第九條：爭端解決

1. 雙方應努力就本協議之解釋與適用達成共識，並透過合作與協商，致力達成雙方皆滿意的解決方案。
2. 若發生爭端，雙方應本著協商原則解決。

第十條：協議修訂

1. 本協議可經雙方書面同意修訂。
2. 經雙方依各自法律程序批准後，修訂案應構成本協議一部分，並於雙方約定日期生效。

第十一條：生效與終止

1. 本協議於雙方換文確認已完成各自內部程序後之最遲日期生效。
2. 雙方確認，本協議須經烏克蘭最高拉達議會批准方可生效。
3. 本協議有效至雙方一致同意終止為止。

簽署地：美國華盛頓哥倫比亞特區，日期：2025年4月30日。 英文與烏克蘭文版本皆具同等效力。

烏克蘭政府代表： 尤莉婭．斯維里登科，第一副總理兼經濟部長

美國政府代表： 史考特．K．H．貝森特，財政部長

The full text of the US, Ukraine minerals agreement (May 1, 2025/基輔獨立報)

Agreement between the Government of Ukraine and the Government of the United States of America on the Establishment of a United States-Ukraine 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 relinquishing 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;

WHEREAS, the United States of America and Ukraine seek to create the conditions necessary to, among other objectives, increase investment in mining, energy, and related technology in Ukraine by third parties including, but not limited to, international investors based in the United States of America, the European Union, and other States supporting Ukraine's defense against Russia's full-scale invasion;

WHEREAS, the United States of America acknowledges Ukraine's intention to avoid conflicts in the drafting of this Agreement with Ukraine's obligations related to European Union accession or agreements with international financial institutions or other official creditors;

WHEREAS, Ukraine has, in accordance with international law, sovereignty over its natural resources located in its territory as well as in its territorial waters, in addition to sovereign rights in its exclusive economic zone and continental shelf, which allow for Ukraine to conclude this Agreement and fulfill the aims of this Agreement;

WHEREAS, Ukraine retains the right to determine the areas within its territory as well as in its territorial waters, exclusive economic zone, and continental shelf to be made available for the exercise of the activities of prospecting, exploring for, and producing natural resources, and the rights to be conveyed in the LP Agreement referenced herein are applicable to the entirety of such areas; and

WHEREAS, this Agreement does not prejudice the rules in Ukraine governing the system of property ownership, including rules related to state-owned property and privatization.

NOW, THEREFORE, the Government of Ukraine and the Government of the United States of America (each a "Party" and together the "Parties") hereby enter into this Agreement on the Establishment of a United States-Ukraine Reconstruction Investment Fund ("Agreement"), as set forth herein.

Article I: Definitions

Each capitalized term used in this Agreement that is not defined in the relevant Article has the meaning set forth in Appendix A.

Article II: Enabling the Establishment of a Partnership

1. It is the policy of the Parties to have the United States International Development Finance Corporation (the "U.S. Limited Partner" or the "U.S. Partner"), an agency of the United States of America backed by the full faith and credit of the United States, and the State Organization "Agency on Support Public-Private Partnership" (the "Ukraine Limited Partner" or the "Ukraine Partner"), an agency of Ukraine representing Ukraine whose obligations are backed by the full faith and credit of Ukraine (together with the U.S. Partner, the "Principals" or the "Limited Partners" or the "Partners"), conclude an agreement, which may be amended from time to time in accordance with its terms (the "LP Agreement") to establish the United States-Ukraine Reconstruction Investment Fund in the form of a limited partnership (the "Partnership").
2. The Government of Ukraine shall take all steps to empower its agencies and instrumentalities to execute and implement this Agreement and the LP Agreement, including by adopting, maintaining, and enforcing legislation as may be required to execute and implement this Agreement and the LP Agreement, including for the purposes of legal stabilization. The Government of the United States of America affirms that it has put in place 2 the necessary measures to allow the relevant United States parties to execute and implement this Agreement and the LP Agreement.
3. In recognition of the fact that the economic activity related to the Partnership will take place in Ukraine, the Government of Ukraine shall ensure that, notwithstanding any new legislation of Ukraine or amendments to legislation of Ukraine that may be adopted in the future, it shall continue to accord to the Partnership and its Limited Partners treatment no less favorable than that required by this Agreement. To that end, the Government of Ukraine shall ensure that in case of any inconsistency between legislation of Ukraine and this Agreement, this Agreement shall prevail to the extent of the inconsistency. Further, the Government of Ukraine agrees that it may not invoke the provisions of its internal law as justification for any failure to perform its obligations under this Agreement.

Article III: Objective of the Agreement

1. It is the objective of this Agreement and the policy of the Parties to further economic cooperation between the Parties, which will be facilitated by the LP Agreement.
2. This Agreement strengthens the strategic partnership between the Parties for the long-term reconstruction and modernization of Ukraine, in response to the large-scale destruction caused by Russia's full-scale invasion of Ukraine and in pursuit of a peaceful, sovereign, and resilient Ukraine.
3. The Parties acknowledge that Ukraine's recovery requires not only financial investment but also structural, institutional, and technological transformation, aligned with democratic values, market principles, and the rule of law.
4. The Parties further affirm that this Agreement is an expression of a broader, long-term strategic alignment between their peoples and governments, and a tangible demonstration of the United States of America's support for Ukraine's security, prosperity, reconstruction, and integration into global economic frameworks.
5. The Partnership is intended to serve as a flagship mechanism for encouraging transparent, accountable, and future-oriented investment into 3 1. critical sectors of Ukraine's economy to support Ukraine's recovery strategy.

Article IV: Taxation and Tariffs

1. In recognition of the fact that the economic activity related to the Partnership will take place in Ukraine, the Government of Ukraine shall take all actions necessary to ensure that any and all income of the Partnership (including any such income allocable to the U.S. Partner), any and all contributions and other payments to the Partnership from the Ukraine Partner, any and all other payments to the Partnership relating to the Partnership's revenues, earnings, and other payments contemplated under the LP Agreement, and all distributions and other payments from the Partnership, in each case, shall not be subject to taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees, or other charges imposed by any Governmental Authority of Ukraine.
2. The Government of the United States of America affirms that under United States Internal Revenue Code Sections 871, 872, 881, and 882, only income of a foreign person from United States sources or income effectively connected to a United States trade or business is subject to United States federal income tax. Given that the Partnership will invest in projects within Ukraine, the Government of the United States of America expects that the Ukraine Partner will not be subject to United States federal income tax or withholdings (including backup withholding) with respect to the Partnership's revenue, earnings, and distributions or other payments from the Partnership.
3. The Government of the United States of America expresses its expectation that it would not impose tariffs pursuant to Section 232 of the Trade Expansion Act of 1962 or the International Emergency Economic Powers Act on any articles obtained pursuant to the market-based offtake rights addressed in Article VIII of this Agreement and set forth more fully in relevant provisions of the LP Agreement.

Article V: Currency Convertibility and Cross-Border Transfers

1. The Government of Ukraine shall ensure the free convertibility of Hryvnia into Dollars and transferability from any relevant account in Ukraine and into such account(s) of the Partnership established inside or outside of Ukraine as the General Partner or any other authorized party acting on behalf of the Partnership may from time to time direct, in each case without cost, condition, or delay, with respect to (i) any and all payments to the Partnership requested in Dollars relating to the Partnership's revenues, earnings, and other payments contemplated under the LP Agreement; (ii) payment of any distributions requested in Dollars under the LP Agreement; and (iii) any payment of fees and expenses to the General Partner or by the General Partner requested in Dollars under the LP Agreement.
2. The Parties take note of the commitment in the LP Agreement to consult in good faith on any exceptions and limitations to the convertibility and transferability arrangement described in the first sentence of Section 1 of this Article V, which may be proposed by the Government of Ukraine in recognition of any agreements, obligations, or treaties between or among sovereign nations and/or international financial institutions under which Ukraine is bound, obligated, or otherwise required to perform, as well as considerations of macroeconomic and financial stability. In the event of a deterioration in the balance of payments or a significant reduction in the level of gold and foreign exchange reserves that threatens Ukraine's macroeconomic and financial stability, the Government of Ukraine, after consulting with the United States Department of the Treasury, may take reasonable protective measures in the form of restrictions on the conversion of Hryvnia into Dollars and the transfer of funds from any relevant account in Ukraine to such account(s) of the Partnership opened inside or outside of Ukraine and will provide, to the extent possible, a time frame for the lifting of such measures. If any costs, conditions, or delays are imposed by the Government of Ukraine at any time and for any reason with respect to such payments, the Government of Ukraine shall indemnify and hold harmless the Partnership (and the U.S. Limited Partner and the General Partner, as applicable) for all losses, costs, and expenses arising therefrom.
3. During the period of martial law in Ukraine and for three (3) months after its cancellation or termination, the Parties agree that the conversion of Hryvnia into Dollars and the transfer of funds from any relevant account in Ukraine to such account(s) of the Partnership opened inside or outside of Ukraine shall be carried out within the limits determined in accordance with the LP Agreement.
4. The location of the bank accounts of the Partnership will be as determined in the LP Agreement.

Article VI: Contributions to the Partnership

1. Each Party plans to make contributions to the Partnership in accordance with the terms of the LP Agreement.
2. In exchange for the initial issuance of partnership interests in the Partnership to the Ukraine Partner, the Government of Ukraine shall ensure that the contribution to the Partnership of the Ukraine Partner is made on the Effective Date in the form of an irrevocable right to receive the Ukraine Agreed Revenue.
3. The Government of Ukraine shall ensure during the term of the Partnership that the Ukraine Agreed Revenue will be remitted to the Ukraine Partner, and that the Ukraine Partner shall remit the Ukraine Agreed Revenue to the Partnership to implement the LP Agreement.
4. In furtherance of Section 3 of this Article VI, the Government of Ukraine shall ensure that all sources of Ukraine Agreed Revenue are remitted to a special fund of the state budget. By operation of law, such Ukraine Agreed Revenue shall be remitted from the special fund of the state budget to the Ukraine Partner, and thereafter be remitted from the Ukraine Partner to the Partnership to implement the LP Agreement.
5. If, after the Effective Date, the Government of the United States of America delivers new military assistance to the Government of Ukraine in any form (including the donation of weapons systems, ammunition, technology or training), the capital contribution of the U.S. Partner will be deemed to be increased by the assessed value of such military assistance, in accordance with the LP Agreement.

Article VII: Investment Opportunity Rights (1)

1. Each Governmental Authority of Ukraine that is authorized to issue a license or special permit for subsoil use for any Natural Resource Relevant Assets shall include in such license or special permit, and in the related agreement on subsoil use conditions or production sharing agreement with 6 subsoil users, a provision requiring the recipient thereof, at any time it is seeking to raise capital, to make relevant investment information available to the Partnership in accordance with the LP Agreement.
2. Each Governmental Authority of Ukraine that is authorized to approve a public-private partnership contract, a concession, or other agreement to construct or operate significant infrastructure relevant assets (as defined in the LP Agreement) shall include in any such contract, concession or other agreement, a provision requiring the recipient thereof, at any time it is seeking to raise capital, to make relevant investment information available to the Partnership in accordance with the LP Agreement.
3. The requirements to make relevant investment information available to the Partnership as set forth in subsections (a) and (b) of this Section 1 are to be carried out in accordance with applicable law and the Ukraine EU Obligations. If, after the signing of this Agreement, Ukraine needs to assume additional obligations related to its European Union accession that could impact this provision, the Parties shall consult and negotiate in good faith to adopt adjustments, as appropriate.
4. Furthermore, when the Partnership expresses formal interest in participating in a project of the kind described in subsection (a) or (b) of this Section 1, the relevant license, special permit, authorization, agreement on subsoil use conditions, production sharing agreement, or agreement with respect to infrastructure relevant assets shall require the recipient thereof to (i) engage in good faith negotiations with the Partnership in accordance with the procedures set out in the LP Agreement, and (ii) refrain from granting to any third party materially more favorable financial or economic terms for a substantially similar investment opportunity as that offered to the Partnership.

Article VII: Investment Opportunity Rights (2)

2) The detailed procedures and conditions for the investment opportunity rights described in this Article VII shall be set forth in the LP Agreement and implemented in accordance with applicable law and the Ukraine EU Obligations.

Article VIII: Market-Based Offtake Rights

1. Each Governmental Authority of Ukraine that is authorized to issue a license or special permit for subsoil use for any Natural Resource Relevant Assets shall include in the terms of such license or special permit and in the related agreement on subsoil use conditions or in a production sharing agreement with subsoil users: (i) a provision allowing the U.S. Partner (or its designee or assignee) to negotiate for, in accordance with the terms of the LP Agreement, offtake rights on market-based commercial terms during the term of such license or special permit; and (ii) a requirement for the recipient to, for a period of time and on conditions to be specified in the LP Agreement, refrain from offering to any third party materially more favorable financial or economic terms for offtake of a substantially similar quality or quantity of product.
2. In recognition of the shared interest in ensuring that this Agreement and the LP Agreement are consistent with the strategic interests of both Parties, the Government of Ukraine shall cause each Governmental Authority of Ukraine that is authorized to issue licenses or special permits for subsoil use for any Natural Resource Relevant Assets to include in the terms of such licenses or special permits certain restrictions on entry into offtake arrangements with counterparties, on terms to be specified in the LP Agreement.
3. The detailed procedures and conditions for such offtake rights are to be set forth in the LP Agreement and implemented in accordance with applicable law and the Ukraine EU Obligations. If, after the signing of this Agreement, Ukraine needs to assume additional obligations related to its European Union accession that could impact this provision, the Parties shall consult and negotiate in good faith to adopt adjustments, as appropriate.

Article IX: Dispute Settlement

1. The Parties shall endeavor to agree on the interpretation and application of this Agreement and shall make every attempt through cooperation and consultations to arrive at a mutually satisfactory resolution of any matter that might affect its operation.
2. To the extent that a dispute arises regarding the interpretation or application of this Agreement, such dispute shall be resolved by mutual consultation.

Article X: Amendment

1. This Agreement may be amended by written agreement of the Parties.
2. When so agreed and approved in accordance with the legal requirements of each Party, an amendment shall constitute an integral part of this Agreement and shall enter into force on such date as the Parties may agree.

Article XI: Entry into Force and Termination

1. This Agreement shall enter into force on the date of the later note in an exchange of notes between the Parties indicating that each Party has completed its internal procedures for entry into force.
2. In the context of Article XI, Section 1, the Parties acknowledge that entry into force of this Agreement requires the ratification of this Agreement by the Verkhovna Rada of Ukraine.
3. This Agreement shall remain in force until such time as the Parties agree to its termination.

Done at Washington, DC, on this 30th day of April, 2025 in the English and Ukrainian languages, both texts being equally authentic.

For the Government of Ukraine: Yuliia Svyrydenko First Deputy Prime Minister of Ukraine, Minister of Economy

For the Government of the United States of America: Scott K. H. Bessent Secretary of the Treasury