The US and Ukraine have signed a deal over access to Ukraine’s mineral resources – further solidifying President Donald Trump’s backing in ceasefire talks with Russia.
It comes after the US President appeared to turn on Putin after he was spotted chatting with Volodymyr Zelensky at Pope Francis’ funeral – having a private talk about a potential peace deal to end Russia’s terror invasion of Ukraine. The deal, signed on Wednesday, will give the US privileged access to new investment projects to develop Ukraine’s natural resources – including aluminium, graphite, oil and natural gas. It’s has been considered a crucial step in gaining Trump’s backing towards ceasefire talks with Russia – and building goodwill toward Kyiv as his administration pushes to bring the war to an end.
The US Treasury announced it signed the deal with Ukraine on Wednesday evening, agreeing to establish an America-Ukraine reconstruction investment fund. For Ukraine, the deal is seen as key in making sure it has access to future US military aid in its war against Russia.
The US Treasury said: “in recognition of the significant financial and material support” the US has provided to the “defence of Ukraine […] this economic partnership positions our two countries to work collaboratively and invest together to […] accelerate Ukraine’s economic recovery”. US treasury secretary Scott Bessent said: “This agreement signals clearly to Russia that the Trump administration is committed to a peace process centered on a free, sovereign, and prosperous Ukraine over the long term.”
In February, Trump hinted at his desire for access to Ukraine’s rare earth materials, framing it as compensation for the billions of dollars in US aid provided to Kyiv. But negotiations broke down after a tense Oval Office meeting between the Trump and President Zelensky, and efforts to reach a deal had faltered amid strained US-Ukraine relations. On Wednesday, Ukraine’s First Deputy Prime Minister Yulia Svyrydenko announced she had signed an agreement to establish the investment fund.
Svyrydenko said on X: “Together with the United States, we are creating the fund that will attract global investment into our country. Its implementation allows both countries to expand their economic potential through equal cooperation and investment. 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.”
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