The State Audit Service will conduct an annual audit of the fund provided by the Subsoil Agreement
27 August 2025 14:22
The State Audit Service of Ukraine will conduct an annual audit of the activities of the American-Ukrainian Investment Restoration Fund, which was established to finance critical projects in the field of mineral resources development. This was announced by the Chairman of the State Audit Service Alla Basalaeva, "Komersant Ukrainian" informs.
“Now we have developed a procedure for the audit within the framework of international agreements, which takes into account the peculiarities of the audit activity and interaction with the management bodies of the Fund, in particular the Audit Commission. At the same time, the Revision Commission is allowed to attract international experts and to check the correctness of crediting contributions”,
– noted Basalaeva.
According to the head of the department, a number of governmental working meetings with the U.S. side have already taken place. Now the work on the form of the report on control over the activities of the Fund and the completeness of the reflection of information in it is underway.
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About the investment fund
The U.S.-Ukraine Recovery Investment Fund was established on the basis of the agreement signed by Ukraine and the United States on April 30, 2025. The Fund will become a key instrument for attracting investments in the development of the Ukrainian economy and deepening the strategic partnership between the two countries.
The fund’s resources will be invested exclusively in Ukraine – in mining projects or infrastructure rehabilitation. Under the terms of the agreement, the first 10 years of profits will not be distributed, but will be fully reinvested in the Ukrainian economy. The fund is managed on a parity basis between Ukraine and the USA.
The Ukrainian Ministry of Economy, Environment and Agriculture says that the investment fund will contribute to the introduction of innovations, technological development and recovery of the country’s economy.
Subsoil agreement between the USA and Ukraine
on April 30, Ukraine and the United States concluded an agreement on cooperation in the natural resources sector. The centerpiece of this agreement was the creation of a joint investment mechanism to attract international funds for Ukraine’s recovery.
The document guarantees that Ukraine retains full sovereignty over its natural resources. The Ukrainian state retains exclusive ownership rights to all minerals both on land and in sea waters. The decision on the places and methods of extraction is made exclusively by the Ukrainian government.
The investment fund will operate on a parity basis – both countries will have equal shares and equal management rights. This ratio is intended to ensure a balanced partnership without dominance of one of the parties.
The agreement does not deal with privatization or reorganization of state-owned enterprises. Major energy companies such as Ukrnafta and Energoatom continue to be state-owned. The agreement also does not create any debt obligations of Ukraine to the U.S. side, is in line with the Basic Law of the state and does not contradict the course of European integration.
Limited Partnership Agreement
Together with the agreement, they signed another document – a limited partnership agreement, the content of which remains unclear. MPs ratified the subsoil agreement without knowing the provisions of this accompanying agreement. It was reported that this document describes the legal mechanism of a limited partnership between the US Corporation for International Development Finance (USAID-affiliated entity) and the Ukrainian Agency for Public-Private Partnership Support.
This document has not yet been published.
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