A Call for Transparency: Concerns of Ukrainian Citizens on the U.S.-Ukraine Re-construction Fund Agreement.

Appeal to the Verkhovna Rada of Ukraine on the U.S.-Ukraine Reconstruction Investment Fund Agreement

Dear Members of the Verkhovna Rada of Ukraine,

Dear Speaker of the Verkhovna Rada,

We, the citizens of Ukraine, call on you to thoroughly review the 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, signed on April 30, 2025, before its ratification. We express deep concern about the potential consequences of this agreement for Ukraine’s sovereignty, economic stability, and the rights of the Ukrainian people, as enshrined in the Constitution of Ukraine.

In our view, the agreement poses several risks that require your careful consideration:

1. Unequal Benefits for the Ukrainian and American Peoples

The preamble of the agreement states that "the American people desire to invest alongside Ukraine in a free, sovereign, and secure Ukraine." However, the agreement grants the American side access to our natural resources, including rare earth minerals, through market-based offtake rights (Article VIII), tax exemptions (Article IV), and the convertibility of revenues into dollars (Article V). This creates opportunities for American companies to profit, having already benefited significantly from arms supplies to Ukraine. In contrast, the Ukrainian people are left with vague promises of "strategic partnership" and "support for reconstruction," without concrete security guarantees or mechanisms to reinvest revenues into our economy. We consider this unfair and request that the agreement ensures tangible benefits for every Ukrainian citizen.

2. Lack of Transparency and Access to Key Documents

Many critical details of the agreement, including the management of the fund, revenue distribution, and investment opportunities, are outlined in a separate "Limited Partnership Agreement" (LP Agreement), which has not been made public. This lack of transparency creates a risk of hidden conditions that may disadvantage Ukraine. We insist on full transparency: the Verkhovna Rada must demand the publication of this document and hold public hearings so that citizens can assess how the agreement will affect their rights and interests.

3. Tax Exemption of the Fund – Loss of State Revenue

According to Article IV, the fund’s activities are exempt from taxes, levies, and other payments in Ukraine. This means the state will not receive direct tax revenues from the extraction of our natural resources, which belong to the Ukrainian people under Article 13 of the Constitution of Ukraine. At a time when our country is enduring war and economic hardship, such losses are unacceptable. We propose:

·        Establishing a mandatory percentage of the fund’s revenues to be allocated to social needs (healthcare, education, housing reconstruction).

·        Considering the issuance of fund securities that could be distributed among the population, making every citizen a direct beneficiary of resource extraction revenues.

·        Creating a transparent mechanism to reinvest the fund’s revenues into Ukraine’s economy to prevent their outflow abroad.

4. Risk of Economic Dependency

Article V of the agreement obliges Ukraine to ensure the "free convertibility of hryvnia into dollars" for all fund payments. In the current conditions of economic instability, this could place additional pressure on our foreign exchange reserves and worsen the financial situation. We request the Verkhovna Rada to assess whether these terms are exploitative and could lead to a loss of control over our resources.

5. Protection of the Constitutional Rights of the Ukrainian People

Ukraine’s natural resources belong to the Ukrainian people (Article 13 of the Constitution of Ukraine), and their use must serve the interests of citizens. However, the agreement lacks specific mechanisms to ensure that revenues from resource extraction benefit the people rather than foreign companies or elites. We demand that the Verkhovna Rada:

·        Facilitates public discussion of the agreement and takes into account the opinions of citizens before ratification.

·        Incorporates clear provisions into the agreement or legislation to guarantee that the fund’s revenues benefit Ukrainian citizens.

6. Exclusion of the European Union and the United Kingdom

According to available data, Europe collectively (including the EU as an institution and bilateral agreements with European countries) has provided more financial support to Ukraine than the United States. Specifically, the EU has contributed approximately $145 billion, of which only 35% are loans, while the UK signed a $2.8 billion (£2.26 billion) loan agreement with Ukraine on March 1, 2025, making it one of the largest donors. The EU has also actively supported Ukraine’s reconstruction through initiatives like the Ukraine Recovery Conference, where significant funds were allocated.

Notably, the UK’s Homes for Ukraine program, implemented by the Department for Levelling Up, Housing and Communities, has provided shelter to over 100,000 Ukrainians since its launch in March 2022. The British government has spent hundreds of millions of pounds supporting sponsors who host refugees, demonstrating not only financial commitment but also significant humanitarian support for Ukraine.

The agreement declares its goal to "facilitate Ukraine’s recovery and modernization" while promoting "democratic values, market principles, and the rule of law." These goals fully align with the interests of the EU and the UK, which also advocate for a free and democratic Ukraine integrated into the European community. The preamble of the agreement acknowledges Ukraine’s intention to avoid conflicts with its EU accession obligations. However, the EU and the UK are not mentioned as parties or participants in the fund, raising serious questions about adherence to the principles of equality and the rule of law.

We believe that excluding key donors like the EU and the UK contradicts the principles of equal partnership, especially given Ukraine’s aspiration to join the EU, where equality and the rule of law are core values. This exclusion may also create tensions with our European partners, weakening overall support for Ukraine during the war.

We request that the Verkhovna Rada:

·        Insists on including the EU and the UK in the fund’s structure as participants or observers to ensure their involvement in decision-making.

·        Holds consultations with European partners and publishes the LP Agreement to avoid conflicts and ensure transparency.

·        Considers establishing an international coordination body to guarantee the participation of all donors in Ukraine’s recovery process.

7. International Support for Our Appeal

We have also sent appeals to the UK Foreign, Commonwealth & Development Office, UN Secretary-General António Guterres, and the UN Country Coordinator for Ukraine, Maksym Solovey, to draw attention to the exclusion of the EU and the UK from the agreement. We aim to highlight the need for equality, transparency, and the rule of law in Ukraine’s recovery process. We believe the international community must unite to ensure a fair approach that considers the interests of all key donors.

We request that the Verkhovna Rada takes these actions into account and:

·        Actively cooperates with international partners to ensure an inclusive approach to the agreement’s implementation.

·        Advocates for the creation of an international coordination body to guarantee the participation of all donors in Ukraine’s recovery.

Dear Members of the Verkhovna Rada, we urge you to prioritize the interests of the Ukrainian people. This agreement must not only attract investments but also ensure real benefits for every Ukrainian citizen. We do not seek to create conflicts between partner countries but wish to remind all governments of their responsibilities to their people. Ukrainian citizens are not indifferent to their future and actively engage in processes that impact our country. We hope for your responsibility and transparency in addressing this matter.

Sincerely,

Citizens of Ukraine (, including I)