Auctions for special subsoil use permits in Ukraine continue despite the war, and the state has already received more than $1.5 billion from their sale this year.
Serhii Vlasenko, Acting Head of the State Service of Geology and Subsoil of Ukraine, reported the figure.
“This is the backbone of the state’s economy, because royalty payments amount to UAH 3.9 billion every month. These are significant revenues,” he said.
The war remains the main factor holding back large-scale investment in the extractive sector. According to Vlasenko, some potential foreign investors are afraid even to visit Ukraine.
“Strategic investors are barely entering the market now, because everyone understands the situation: war, uncertainty and wartime risks. Many foreign investors are afraid even to enter Ukraine, let alone invest,” Vlasenko explained.
Meanwhile, the State Geology Service continues to assess the damage Russia’s aggression has caused to Ukraine’s natural resources and subsoil.
“These are enormous figures, tens of trillions across the regions. Enormous resources. Seizing our subsoil is also one of the invaders’ goals, and they are exploiting it in violation of international law,” he stressed.
This year, the state also resumed funding geological studies in Ukraine. The state budget allocates UAH 186 million to developing Ukraine’s mineral resource base. According to Vlasenko, this area had received no funding for five years.
“We launched it this year. The main areas are geological exploration and groundwater monitoring, because the state did not have reliable information about water, without which life is impossible. The third track is completing Ukraine’s geological map,” Vlasenko added.
All technical procedures for the operation of the US–Ukraine Reconstruction Investment Fund are expected to be agreed by the end of 2026. The first investments in Ukrainian subsoil are also expected this year.
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