America has finally signed a deal with Ukraine which will see the US provide economic support to Kyiv in return for access to the country’s natural resources.
Ukrainian deputy prime minister Yulia Svyrydenko flew to Washington to put pen to paper alongside US Treasury Secretary Scott Bessent on Wednesday night.
The deal appeared to have collapsed two months ago after Volodymyr Zelenskyy’s extraordinary Oval Office bust-up with Donald Trump and JD Vance.
However, the US and Ukrainian presidents held a more constructive face-to-face meeting last Saturday in the Vatican, where they were attending the funeral of Pope Francis.
Trump has been pushing for the deal so that America can recoup some of the billions of dollars it has given Ukraine since its war with Russia began more than three years ago.
Under the terms of the agreement, a “United States-Ukraine Reconstruction Investment Fund” will be established to help rebuild the country once the war is over.
Bessent said it would “help accelerate Ukraine’s economic recovery” following the conflict.
“We look forward to quickly operationalising this historic economic partnership for both the Ukrainian and American people,” he said.
In a video posted on X, Bessent said the deal would help “unlock Ukraine’s growth assets” – a reference to valuable minerals like graphite, titanium and lithium, which America will obtain access to.
They can be used in renewable energy, military applications and industrial infrastructure.
Posting on X, Yulia Svyrydenko said the reconstruction fund “will attract global investment into our country”.
She added: “I thank everyone who contributed to this agreement and helped make it stronger. This document is capable of delivering success for both our countries — Ukraine and the United States.”
Speaking following his Vatican talks with Zelenskyy, Trump told the NewsNation network: “I went to them and said, ‘Look, we got to get rare earth.’ They have great rare earth, meaning certain minerals, materials,” said Trump.
“They have things that a lot of places don’t have. It’s a big asset that they have.”
Reacting to the US-Ukraine deal, foreign secretary David Lammy said: “The UK welcomes steps taken by the US and Ukraine to sign an economic partnership.
“The UK’s support for Ukraine remains steadfast. With our 100-year partnership, we are deepening economic and security ties for the future generations of both of our countries.”
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