State Audit Service begins audit of US-Ukrainian Recovery Fund
The State Audit Service of Ukraine has begun its annual audit of the implementation of the agreement between Ukraine and the United States on the establishment of the American-Ukrainian Investment Recovery Fund (URIF). Auditors will check the movement of fund-related income and royalties, as well as the fulfillment by state bodies of obligations stipulated in the agreement.
This was reported by the Head of the State Audit Service Alla Basalayeva.
Audits have already begun in several state bodies and institutions involved in the implementation of agreements between Kyiv and Washington.
In particular, the audit covers the Ministry of Economy and Environment, the Public-Private Partnership Support Agency, the State Service of Geology and Mineral Resources, the State Treasury Service, and the State Tax Service.
What exactly will be audited
Auditors are to assess compliance with the terms of the agreement on the Recovery Fund and the limited partnership agreement, as well as check whether Ukrainian authorities fulfill their assigned obligations.
Special attention will be paid to reporting on the collection of the so-called Ukraine-agreed income and related royalty receipts.
The State Audit Service will also examine the internal control system: accounting of such income, its collection, and subsequent transfer to the partnership.
Such an audit is stipulated by the fund's operating rules. According to Cabinet of Ministers Resolution No. 1616 of 10 December 2025, the State Audit Service is to conduct a corresponding audit annually by 1 December of the year following the reporting year.
The fund has already received $150 million in initial capital
The American-Ukrainian Investment Recovery Fund was established on the basis of an agreement signed by Ukraine and the United States on 30 April 2025. The document entered into force on 23 May.
The fund's initial capital is $150 million. Ukraine and the United States contributed $75 million each, with the U.S. funding coming through the U.S. International Development Finance Corporation (DFC).
The fund is to invest in projects related to critical minerals, energy, transport and logistics, information and communication and other strategic technologies.
The management structure includes a supervisory board and four specialized committees: investment, audit, administrative, and project sourcing.
The fund plans to make its first investment decisions in 2026. The Ministry of Economy previously reported that at least three initial projects are expected to be approved by the end of the year.
Thus, the audit launched by the State Audit Service is taking place at the stage when the fund is transitioning from developing operating mechanisms to directly investing funds in Ukraine's recovery projects.
Source: Kommersant Ukrainian, Cabinet of Ministers of Ukraine, Ministry of Economy of Ukraine
