US and Ukraine Finalise Minerals Agreement: On Wednesday, the United States and Ukraine finalised a deal granting the U.S. access to Ukraine’s substantial reserves of critical minerals and natural resources.
This agreement, referred to as the United States-Ukraine Reinvestment Fund, comes after weeks of negotiations aimed at compensating the U.S. for its support in countering Russia’s invasion.
Details regarding the deal remain sparse, but it is anticipated to allow the U.S. to tap into Ukraine’s valuable rare earth minerals, while also providing Kyiv with some assurance of ongoing American assistance amid its protracted conflict with Russia.
“This agreement demonstrates to Russia that the Trump administration is dedicated to a peace process focused on a free, sovereign, and prosperous Ukraine in the long run,” stated Treasury Secretary Scott Bessent.
“President Trump envisioned this partnership between the nations as a testament to both countries’ commitment to enduring peace and prosperity in Ukraine.”
The announcement arrives at a pivotal time in the ongoing three-year war, as Trump has expressed growing frustration with both parties involved. This signing follows an earlier attempt to secure a similar agreement that faltered during a tense Oval Office meeting involving President Trump, Vice President JD Vance, and Ukrainian President Volodymyr Zelenskyy.
Trump has frequently criticized Zelenskyy for lacking the necessary strategy to win the war, accusing him of prolonging hostilities by not conceding Crimea. Recently, Trump has also criticized Russian President Vladimir Putin for complicating negotiations with poorly timed military strikes on Kyiv.
In an interview on NewsNation Wednesday night, Trump remarked that the deal, “in theory,” would ensure that the U.S. receives more from Ukraine than what it contributed. “I wanted to be protected,” he noted, emphasizing his desire to avoid appearing “foolish” by not recouping funds for the investment.
For Ukraine, this agreement is viewed as crucial for securing future U.S. military assistance.
“Indeed, this is a strategic deal for establishing an investment partnership fund,” remarked Prime Minister Denys Shmyhal. “This represents a genuinely equitable international agreement for mutual investment in Ukraine’s development and recovery between our two governments.”
Ukrainian Economy Minister Yulia Svyrydenko travelled to Washington on Wednesday to finalise the agreement.
“Together with the United States, we are establishing a Fund that will attract global investment to our country,” she stated in a post on X following the signing.
Earlier, during a Cabinet meeting at the White House, Bessent mentioned there was still work to be done after Ukrainian officials indicated the deal was nearly complete. “The Ukrainians decided last night to make some last-minute changes,” Bessent said when questioned about the status of the agreement. “We’re confident they will reconsider that, and we are prepared to sign this afternoon if they are ready.”
He did not provide specifics about the late modifications made by Ukraine.
The U.S. has been seeking access to over 20 raw materials that are strategically critical, including resources such as oil and natural gas. Among these are Ukraine’s titanium deposits, essential for aerospace manufacturing, and uranium, which is vital for nuclear power and medical applications. Additionally, Ukraine possesses lithium, graphite, and manganese, all crucial for electric vehicle batteries.
After expressing concerns that the initial U.S. draft of the deal favored American interests, Ukraine proposed new provisions to address these issues.
According to Shmyhal, the revised agreement would establish an equal partnership lasting ten years. Contributions to a joint fund would be made in cash, with only new U.S. military aid counting toward the American share; assistance provided prior to the agreement would not be included. Unlike an earlier version, the deal would not hinder Ukraine’s bid for European Union membership—a key requirement for Kyiv.
The Ukrainian Cabinet approved the agreement on Wednesday, granting Svyrydenko the authority to sign it in Washington. However, the deal still requires ratification by the Ukrainian Parliament before it can be enacted.
These negotiations occur amidst slow progress in efforts by Washington to end the war.
Putin has supported calls for a ceasefire prior to peace talks, stating, “but before it is done, it is necessary to address a few questions and clarify some nuances,” according to Kremlin spokesman Dmitry Peskov. He added that Putin is also open to direct discussions with Ukraine without preconditions to seek a peace resolution.
“We understand that Washington desires swift progress, but we hope for an understanding that resolving the Ukrainian crisis is far too intricate to be accomplished quickly,” Peskov stated during his daily briefing with reporters.
Trump has voiced his dissatisfaction with the sluggish pace of negotiations aimed at ceasing hostilities. Western European leaders have accused Putin of stalling while attempting to seize additional Ukrainian territory. Since Russia’s full-scale invasion began on February 24, 2022, it has captured nearly one-fifth of Ukraine.
Trump has long characterised the war as a waste of lives and taxpayer dollars—a sentiment he reiterated during his Cabinet meeting on Wednesday. This stance could jeopardize crucial military support for Ukraine and lead to stricter economic sanctions against Russia.
On Tuesday, the U.S. State Department attempted once more to urge both parties to expedite their negotiations, warning that the U.S. might withdraw from discussions if no progress is made. “We are at a point where tangible proposals must be presented by both parties on how to conclude this conflict,” stated department spokeswoman Tammy Bruce, relaying Secretary of State Marco Rubio’s message.
Russia has effectively dismissed a U.S. proposal for an immediate and complete 30-day ceasefire, making it conditional on halting Ukraine’s mobilization efforts and Western military supplies to Kyiv.
Russian Foreign Minister Sergey Lavrov claimed Wednesday that Ukraine had only accepted an unconditional truce because it was being pushed back on the battlefield, where larger Russian forces hold an advantage.
In the meantime, a U.N. report presented Tuesday in New York indicated that Ukrainian civilians have been killed or injured in attacks daily this year.
The U.N. Human Rights Office confirmed that during the first three months of this year, it had verified 2,641 civilian casualties in Ukraine—nearly 900 more than during the same period in the previous year.
Furthermore, between April 1-24, civilian casualties in Ukraine rose by 46% compared to the same weeks in 2024, the report noted.
The relentless nature of the conflict shows no signs of abating. A nighttime Russian drone assault on Ukraine’s second-largest city, Kharkiv, resulted in at least 45 civilian injuries, according to Ukrainian officials.
Additionally, on Wednesday, the Ukrainian Security Service reported that its drones targeted the Murom Instrument Engineering Plant in Russia’s Vladimir region overnight, causing five explosions and a fire at the military site.
This claim remains unverified by independent sources.
