Washington: The United States and Ukraine have finalized a significant agreement granting the U.S. access to Ukraine's rare minerals. This development follows extensive negotiations, with President Donald Trump highlighting the economic incentives for continuing military support to Kiev.
According to Islamic Republic News Agency, the agreement, signed on Wednesday, establishes a joint investment fund aimed at supporting Ukraine's reconstruction and economic recovery. Under the deal, the U.S. will share revenues from the future sale of Ukraine's minerals, while Ukraine has committed 50% of its natural resource revenue to reconstruction efforts.
U.S. Treasury Secretary Scott Bessent stated that the agreement signals a commitment from the Trump administration to a peace process focused on a free and prosperous Ukraine. Despite these declarations, the deal is not expected to significantly affect the ongoing conflict between Ukraine and Russia.
The deal follows a history of strained relations between Trump and Ukrainian President Volodymyr Zelensky, including a contentious February meeting where Trump and Vice President JD Vance urged Zelensky to sign an earlier version of the agreement. Prior to that meeting, Zelensky accused the Trump administration of forcing him into an agreement that could burden future generations of Ukrainians with debt.
Trump had previously expressed a desire for the deal to include repayment for roughly $175 billion in military aid provided to Ukraine. While the newly signed deal is reportedly more favorable to Ukraine, it lacks guarantees of future U.S. security assistance, which remains a priority for Kiev.
Ukraine holds 22 of the 50 materials classified as critical by the U.S. Geological Survey, including rare earth elements crucial for electronics, clean energy technologies, and military applications. This agreement is seen as a strategic move by Washington to secure these resources while bolstering its position in negotiations for a potential ceasefire between Ukraine and Russia.