Because of the ongoing technical-level discussions with the United States over a minerals agreement, Ukraine has attempted to convince the European Union that it would not abandon its ambition for membership. It ought to be an agreement of partnership, so on equal conditions for both sides,” Ukrainian Prime Minister Denys Shmyhal stated Wednesday while in Brussels.
A joint investment fund would provide the United States a “right of first offer” and unparalleled influence over Ukraine’s natural resources, according to the agreement’s broad provisions, which were leaked to the media last month.
According to the FT and Bloomberg, the fund’s board would contain five members: three selected by the US and two appointed by Ukraine. In fact, this would offer Washington an effective veto power on major decisions on new projects about roads, railroads, ports, mines, oil, gas and the extraction of essential minerals.
According to Bloomberg, Ukraine would have to submit all new projects for evaluation “as early as practicable” to the fund. Ukraine would be unable to offer the project to other partners with “materially better” circumstances if it were rejected. Furthermore, until the financial and military assistance given to Ukraine is fully repaid, the US would be entitled to all fund revenues, as well as a 4% yearly return.
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