Friday, May 2 2025 | Time 10:34 Hrs(IST)
WorldPosted at: May 1 2025 9:17AM


US & Ukraine sign long-awaited natural resources deal

Washington, May 1 (UNI) The US has signed a deal with Ukraine on the joint exploitation of its energy and mineral resources, after months of tense negotiations, an official said.
The two countries have agreed to establish a reconstruction investment fund to spur Ukraine's economic recovery from its war with Russia.
US Treasury Secretary Scott Bessent said it showed both sides were committed to lasting peace and prosperity in Ukraine. For Kyiv, the deal is seen as essential to accessing US military aid.
Ukraine is believed to have vast reserves of critical minerals like graphite, titanium and lithium. They are highly sought after because of their use in renewable energy, military applications and industrial infrastructure.
The agreement comes amid a US trade war with China, where 90% of the world's current rare-earth stocks are sourced, BBC reported.
According to the statement from the US Treasury on Wednesday afternoon, the newly created US-Ukraine Reconstruction Investment Fund recognises the "significant financial and material support" the US has given Ukraine since Russia invaded in February 2022.
The language of the announcement shows much more solidarity with Ukraine than is usual for the Trump administration, according to media reports.
It refers to "Russia's full-scale invasion" and adds that "no state or person who financed or supplied the Russian war machine will be allowed to benefit from the reconstruction of Ukraine".
The Kremlin has not yet responded to the agreement.
Ukraine's Deputy Prime Minister Yulia Svyrydenko - who flew to Washington to ink the deal on Wednesday - said in a post on X that the new fund would "attract global investment into our country".
Listing the deal's provisions, she said it would involve projects in minerals, oil and gas, although the resources would remain the property of Ukraine.
The partnership will be equal, on a 50:50 basis, she added, and must be ratified by lawmakers in Kyiv.
Under the deal, the US would contribute new assistance to Kyiv, she added, including, for example, air defence systems.
President Donald Trump has repeatedly pushed for the agreement as a prerequisite to offering any future security guarantees to Kyiv.
Crucially, the draft of the deal indicates Ukraine will be giving Washington access to some of its natural resources in return for future US security assistance.
But that is significantly less than what Trump had wanted, which was to get paid back for all US military aid given since the start of the war.
Ukrainian President Volodymyr Zelensky has managed to eke out some concessions from Washington.
The deal was delayed after US authorities said Kyiv was trying to make last-minute changes.
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Tags: #US & Ukraine sign long-awaited natural resources deal
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