The article, prepared by the Ukrainian law firm Vasyl Kisil & Partners and the international law firm K&L Gates, reviews the first year of implementation of the U.S.–Ukraine Minerals Agreement and the launch of the U.S.–Ukraine Reconstruction Investment Fund. It explains that the Fund has become operational, received over 200 applications, and made its first investment — unexpectedly, not in minerals or energy, but in a defense-technology company, suggesting a broader investment mandate than initially expected. The article also highlights remaining legal uncertainty around production sharing agreements for solid minerals, especially whether they can cover midstream processing, and notes that delayed PSA reform increases regulatory risks for investors.
