The U.S. and Ukraine announced Wednesday that they have signed a long-awaited agreement on rare-earth minerals that establishes a joint investment fund in the war-torn nation.
The agreement was signed in Washington, D.C., after months of pressure by President Donald Trump for Ukraine to compensate the U.S. for billions in military and economic assistance following Russia’s invasion in February 2022.
The agreement was expected give the U.S. access to Ukraine’s vast rare earth minerals in exchange for security guarantees against future Russian aggression. The deal was initially agreed to in February, but the signing was delayed following a much-publicized spat between President Donald Trump and Ukraine President Volodymyr Zelenskyy at the White House on Feb. 28.
“Thanks to President Trump’s tireless efforts to secure a lasting peace, I am glad to announce the signing of today’s historic economic partnership agreement between the United States and Ukraine establishing the United States-Ukraine Reconstruction Investment Fund,” Treasury Secretary Scott Bessent said in a video posted on X. “This partnership allows the United States to invest alongside Ukraine to unlock Ukraine’s gross assets, mobilize American talent, capital and governance standards that will improve Ukraine’s investment climate an accelerate Ukraine’s economic recovery.”
Bessent added the U.S. International Development Finance Corporation “will participate and help to establish this fund in collaboration with the government of Ukraine.”
“I am grateful to everyone who worked for the agreement and made it more meaningful,” said Ukraine First Deputy Prime Minister Yulia Svyrydenko, according to The Kyiv Independent. “Now the document is such that it can ensure success for both our countries — Ukraine and the United States.”
The “Reconstruction Investment Fund” will be jointly managed by Kyiv and Washington, with both sides contributing, the Independent reported. Ukraine Prime Minister Denys Shmyhal said future military aid from the U.S. can count as contributions to the fund, but prior assistance is not included.
He added Ukraine will retain “full control over subsoil, infrastructure, and natural resources” but that the U.S. will help attract additional investments and technologies to Ukraine. The establishment of the fund also will not interfere with Ukraine’s path to membership in the European Union.
“Today’s agreement signals clearly to Russian leadership that the Trump administration is committed to a peace process centered on a free, soverign and prosperous Ukraine over the long term. It’s time for this cruel and senseless war to end. The killing must stop and both the United States and the government of Ukraine look forwared to quickly operationalizing this historic econommic parternship for both the Ukranian and American people.”
The latest version of the deal, reviewed by The Washington Post, does not provide any concrete security guarantees to Ukraine, but it stated that Kyiv and Washington agree it affirms a “long-term strategic alignment” between the countries and U.S. “support for Ukraine’s security, prosperity, reconstruction, and integration into global economic frameworks.”
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