US Treasury Secretary Scott Bessent says pact is signal to Russia that US supports a \u2018free, sovereign, and prosperous Ukraine\u2019.<\/p>\n
Ukraine and the United States have signed an agreement to provide Washington with access to valuable rare minerals and fund reconstruction efforts in the war-torn country.<\/p>\n
The two countries signed the accord in Washington, DC, on Wednesday after months of fraught negotiations, with uncertainty persisting until the last moment following reports of 11th-hour proposals to change aspects of the deal.<\/p>\n
The agreement marks a breakthrough in US-Ukraine ties after relations reached a nadir following a spectacular blow-up between US President Donald Trump and Ukrainian President Volodymyr Zelenskyy during their meeting at the White House in February.<\/p>\n
Announcing the agreement, US Treasury Secretary Scott Bessent said the creation of the United States-Ukraine Reconstruction Investment Fund was a signal to Russia that the Trump administration was \u201ccommitted to a peace process centred on a free, sovereign, and prosperous Ukraine over the long term\u201d.<\/p>\n
\u201cPresident Trump envisioned this partnership between the American people and the Ukrainian people to show both sides\u2019 commitment to lasting peace and prosperity in Ukraine,\u201d Bessent said in a statement.<\/p>\n
\u201cAnd to be clear, no state or person who financed or supplied the Russian war machine will be allowed to benefit from the reconstruction of Ukraine.\u201d<\/p>\n
The Trump administration did not provide further details of the deal.<\/p>\n
Ukraine\u2019s Ministry of Economy said the US would contribute to the fund directly or through military assistance, and Kyiv would contribute 50 percent of revenues from the exploitation of natural resources.<\/p>\n
The ministry said all of the fund\u2019s resources would be exclusively invested in Ukraine for the first 10 years, after which \u201cprofits may be distributed between the partners\u201d.<\/p>\n
The US and Ukraine would have equal decision-making power over the fund, the ministry said, with the deal only covering future US military assistance, not past aid.<\/p>\n
\u201cWe are gaining not only investment, but also a strategic partner committed to working with us to drive economic growth and innovation,\u201d Ukrainian Minister of Economy Yulia Svyrydenko said in a statement.<\/p>\n
\u201cThis agreement is the outcome of extensive negotiations, and I am grateful to both negotiating teams for their professionalism and dedication. Together, we have developed a mutually beneficial framework. It also reflects the US commitment to lasting peace in Ukraine and recognition of Ukraine\u2019s contribution to global security.\u201d<\/p>\n
In a Telegram post shortly before the deal was signed, Ukrainian Prime Minister Denys Shmygal said the deal would leave Kyiv with \u201cfull control over subsoil, infrastructure, and natural resources\u201d, and not interfere with its bid to join the European Union.<\/p>\n