Ukraine and U.S. sign long-awaited minerals deal

Ukraine and the U.S. on Wednesday signed a deal heavily promoted by U.S. President Donald Trump that will give the United States preferential access to new Ukrainian minerals deals and fund investment in Ukraine's reconstruction.

The two countries signed the accord in Washington after months of sometimes fraught negotiations, with uncertainty persisting until the last moment with word of an eleventh-hour snag.

The accord establishes a joint investment fund for Ukraine's reconstruction as Trump tries to secure a peace settlement in Russia's three-year-old conflict with Ukraine.

The agreement is central to Kyiv's efforts to mend ties with Trump and the White House, which frayed after he took office in January. Ukrainian officials have hoped that the deal would ensure continued U.S. support for Ukraine's defense against Russia.

U.S. Treasury Secretary Scott Bessent and Ukrainian Economy Minister Yulia Svyrydenko were shown signing the agreement in a photo posted on X by the Treasury, which said the deal "clearly signals the Trump Administration's commitment to a free, sovereign, prosperous Ukraine."

Svyrydenko wrote on X that the accord provides for Washington to contribute to the fund.

"In addition to direct financial contributions, it may also provide NEW assistance - for example air defense systems for Ukraine," she said. Washington did not directly address that suggestion.

The U.S. has been Ukraine's single largest military donor since 2022 with aid of more than 64 billion euros ($72 billion), according to the Kiel Institute in Germany.

Before the signing, Trump repeated on Wednesday that the U.S. should get something for its aid to Kyiv, thus the effort to secure a deal for Ukraine's plentiful deposits of rare earth minerals.

In announcing the deal, the U.S. Treasury said the partnership recognized "the significant financial and material support that the people of the United States have provided to the defense of Ukraine"

Large reserves

Ukraine is rich in natural resources including rare earth metals which are used in consumer electronics, electric vehicles and military applications, among others. 

Ukraine also has large reserves of iron, uranium and natural gas.

Svyrydenko said Ukraine has no debt obligations to the United States under the agreement, a key point in the lengthy negotiations between the two countries.

The deal also, she said, complied with Ukraine's constitution and Ukraine's campaign to join the European Union, key elements in Ukraine's negotiating position.