The United States and Ukraine announced on Wednesday the creation of a new reconstruction and investment fund, formalizing an economic agreement between the two countries that seek to give the United States access to the process of Ukraine mineral reserves.
The agreement concludes months of tense negotiations on whether the United States will continue to provide support to Ukraine, as it tries to negotiate the end of its three -year war with Russia. The agreement intends to provide Ukraine an implicit security agreement while approaching President Trump’s concerns that the United States has provided kyiv with a blank check to the Russian invasion test.
“This agreement clearly indicates to Russia that the Trump administration is committed to a peace process focused on a free, sovereign and prosperous long -term Ukraine,” said Treasury Secretary Scott Besent, in a statement. “President Trump imagined this association between the American people and the Ukrainian people to show the commitment of both parties” with the lasting peace and prosperity in Ukraine. “
He added: “And to be clear, no state or person who finances or supplies the Russian war machine can benefit from the reconstruction of Ukraine.”
The Trump administration did not immediately provide details about the agreement, and it was not clear what Loean was for the future of US military support for Ukraine. Despite the fanfare, the agreement will be of little importance if the fight between Ukraine and Russia persists.
While the announcement did not mention the minerals of Ukraine, a spokesman for the Department of the Treasury said that the agreement referred to the Natural Resources Pact that the theme of the negotiations had.
The Department of the Treasury said that the United States International Development Finance Corporation would work with Ukraine to finish the details of the agreement.
In a publication on Telegram, the Prime Minister of Ukraine, Denys Shmyhal, wrote that the two countries would have the same voting rights on the fund and that Ukraine would retain total control over his subsoil, infrastructure and natural resources. He also said that the earnings of the investment fund would be reinvirmed in Ukraine.
“Thanks to this agreement, we can attract attractive resources for reconstruction, begin economic growth and receive the latest partner technologies and a strategic investor in the United States,” said Shmyhal, according to a translation of his position.
The agreement had been delayed after an explosive meeting at the Oval office at the end of February between President Trump and President Volodymyr Zensky of Ukraine. In the two months since then, the main point of conflict in the negotiations focused on whether the US help given to Ukraine since Russia launched its large -scale invasion in February 2022 Woobre treated as a debt of Ukraine.
Trump said Ukraine should pay the money. Ukrainian officials said that accepting to make it financially punish the country for generations.
Ukraine initially proposes to attract US investment in mining in Ukraine as an incentive for the United States to support any peace agreement with security guarantees to avoid Russian aggression in the future.
But conversations about the agreement were controversial for their beginnings in February. Besids said Ukraine needed to pay the United States for his help, Trump has also said that Ukraine should look in Europe, not in the United States, any security guarantee.
The previous drafts had revolved between what critics called a blatant extortion of Ukraine by the Trump administration and the versions that included points sought by Ukraine, as references to the support of the United States for postwar security guarantees. Without them, says Ukraine, Russia could quickly violate any high fire or restart war after regrouping and rearm.
Trump and Mr. Zensky were destined to sign an agreement in the White House in February. But instead of signing it, Mr. Trump and vice president JD Vance rebuked the Ukrainian leader in front of television cameras, saying that he was not grateful enough for US assistance. Mr. Zensky was asked to leave.
Then, the Trump administration briefly suspended the delivery of all US military aid and exchange of intelligence for Ukraine. Trump said Mr. Zensky “should appreciate” more “restart negotiations.
Mr. Zensky appeared with an overture the next day, calling the “unfortunate” oval office meeting.
Some inside and outside Ukraine have seen the agreement as nothing more than the United States that take advantage of Ukraine agency in the US weapons and financial support to gain control or valuable natural resources, without offering strong guarantees in return. American negotiators have said that US investment would dissuade future aggression.
In a memorandum of intention to conclude the agreement, signed on April 16, Ukraine and the United States described an agreement to form a fund for investment in postwar reconstruction.
In addition to the opening opportunities for US companies in mining, oil or natural gas, the fund could direct the reconstruction work, which is expected to be a multimillion -dollar business if a fire is reached, to the American companions.
But Mr. Zensky has made it clear that the mineral agreement is not an end in itself. Wrapping the agreement aims to clean the way to more consistent conversations about the military support of the United States and on the terms of a possible fire with Russia, he said.
“We see this agreement as a step towards greater safety and solid security guarantees, and I really hope it works effective,” Zensky said in March in an X publication.
The Ukrainian authorities say that the country has deposits of more than 20 critical minerals; A consulting firm valued them as valer billion dollars. But they may not be easy to extract, and the Maps of the Soviet era describe where critical deposits have a new modernized leg or all legs are thoroughly.
Ukraine now wins around $ 1 billion a year in royalties of natural resources, well below the hundreds of billions of dollars, Mr. Trump said he expected the United States to obtain the agreement.
The income exchange agreement comes at a dangerous time for Ukraine: Russian forces have said the advantage in the battlefield, and Trump has approached President Vladimir V. Putin or Russia.
A fire cessation agreement proposed by the United States, at least the terms made by Russia’s favorites. He would force kyiv to abandon his aspirations to join NATO, sacrifice Ukraine only vague security guarantees and see the United States officially recognizing Crimea as Russian. Ukraine has rejected that agreement.
The Trump administration has repeatedly threatened to get away from peace negotiations. On Sunday, Trump said he wanted a high fire agreement in two weeks or less, said that a little more time could be acceptable.
But Trump has also insisted that the mineral agreement should be signed. On Friday, he said that Ukraine arrived at least three weeks late in the signing of the Mineral Agreement with the United States “hopefully, will be signed immediately,” he wrote about Truth Social.
There was some uncertainty about the agreement on Wednesday, since Ukrainian officials arrived in Washington and indicated that they were looking for some late changes.
Duration A meeting of the Cabinet at the White House, Besent expressed optimism that the agreement, which said in principle on the weekend, would soon be signed.
“The Ukrainians decided last night to make some last minute changes,” said Berrot. “We are sure that they will reconsider that and we are ready to sign this afternoon.”
Cassandra Vinagragra” Méheut constant and Oleksandra Mykolyshyn Contributed reports.
