The Verkhovna Rada has terminated the Agreement between Ukraine and the russian federation concerning the encouragement and reciprocal protection of investments

The Verkhovna Rada has terminated the operation of the Agreement between Ukraine and the russian federation concerning the encouragement and reciprocal protection of investments, with 274 members of parliament supporting the decision.

This was announced by MP Yaroslav Zhelezniak.

In the explanatory note to the bill, it is stated that it was created in accordance with an instruction from the Prime Minister of Ukraine, Denys Shmyhal, in line with which the Ukrainian government has set itself the task of urgently terminating the Agreement between the Cabinet of Ministers of Ukraine and the Government of the russian federation, which was ratified by Ukrainian law back in 1999. This became relevant in the context of the ongoing large-scale armed aggression of russia against Ukraine, confirmed not only by internal decisions of the Verkhovna Rada but also by resolutions of the General Assembly of the United Nations.

It is noted that, according to the terms of the Agreement, it was to remain in effect for ten years and automatically renew for subsequent five-year periods, unless either of the Contracting Parties notifies in writing of its intention to terminate the agreement no later than twelve months before its expiration. The draft law provides for the termination of the Agreement, taking into account the unforeseen situation with russia's aggression and corresponding resolutions of international organisations.

Background. Mind previously reported that the Verkhovna Rada has preliminarily approved a law on minimum reserves of oil and petroleum products.