Ukraine and the United States have signed an economic agreement that will provide Washington with access to valuable rare minerals.
The two countries signed the accord in Washington, DC, on Wednesday after weeks of fraught negotiations, with uncertainty persisting until the last moment following word of an 11th-hour snag.
“In recognition of the significant financial and material support that the people of the United States have provided to the defense of Ukraine since Russia’s full-scale invasion, this economic partnership positions our two countries to … accelerate Ukraine’s economic recovery,” the US Department of the Treasury said.
“Together with the United States, we are creating the Fund that will attract global investment into our country,” First Deputy Prime Minister Yulia Svyrydenko wrote on X.
“Its implementation allows both countries to expand their economic potential through equal cooperation and investment,” she wrote. “The United States will contribute to the fund. In addition to direct financial contributions, it may also provide NEW assistance – for example air defense systems for Ukraine.”
Earlier, Ukraine’s Prime Minister Denys Shmyhal told national TV it was a “good” deal.
“This is truly a good, equal and beneficial international agreement on joint investments in the development and recovery of Ukraine,” Shmyhal said
Ukraine and the US had planned to sign the agreement weeks ago, but a fiery clash between Trump and Ukrainian counterpart Volodymyr Zelenskyy in the White House temporarily derailed talks.
Joint fund
Ukraine has been pushing for security guarantees as part of any deal to halt Russia’s three-year invasion.
The Trump administration has argued that boosting US business interests in Ukraine will help deter Russia from future aggression in the event of a ceasefire.
It was not clear if the minerals deal included any security guarantees for Ukraine.
The deal will not be linked to any “debts” for previous assistance Kyiv has received, and will create a “50/50” joint fund split between Kyiv and Washington, a senior source in the Ukrainian presidency said, as cited by the AFP news agency.
“It ensures the equality of the parties. An investment fund will be created to invest in reconstruction. It is envisaged that there will be contributions from us and the United States,” the source added.
When Washington provides new military aid, this will be counted as its contribution to the joint fund, the Reuters news agency reported, citing a draft of the agreement.
However, the draft does not spell out how the joint fund’s revenues will be spent, who benefits, or who controls decisions about the spending.
According to the draft, the US, or other entities it designates, will get preferential – but not exclusive – access to new permits, licences and investment opportunities in the field of Ukrainian natural resources. Existing deals are not covered.
Previous iterations of the deal during negotiations had said that it would include Ukrainian natural gas infrastructure, which is one of Ukraine’s most valuable assets, sources with knowledge of the matter said earlier this month.
Gas infrastructure was not covered by the draft cited by Reuters on Wednesday.
