US and Ukraine sign natural resources deal and agree to establish investment fund

The US Treasury has announced it has signed a minerals deal with Ukraine and has agreed to establish an America-Ukraine reconstruction investment fund.

For Ukraine, the deal is seen as key to ensuring its access to future US military aid in its war against Russia.

The US Treasury said "in recognition of the significant financial and material support" the US has provided to the "defence of Ukraine... this economic partnership positions our two countries to work collaboratively and invest together to... accelerate Ukraine's economic recovery".

US Treasury secretary Scott Bessent said: "This agreement signals clearly to Russia that the Trump administration is committed to a peace process centered on a free, sovereign, and prosperous Ukraine over the long term."

President Donald Trump indicated in February he wanted access to Ukraine's rare earth materials, describing it as reimbursement for the billions of dollars in aid the US has given to Kyiv.

But talks stalled after a heated Oval Office meeting between him and President Volodymyr Zelenskyy, and reaching an agreement since then has proven difficult amid strained relations between Washington and Kyiv.

On Wednesday, first deputy prime minister Yulia Svyrydenko said she had signed the agreement on creating the investment fund.

She wrote on X: "Together with the United States, we are creating the fund that will attract global investment into our country.

"Its implementation allows both countries to expand their economic potential through equal cooperation and investment.

"The United States will contribute to the fund. In addition to direct financial contributions, it may also provide new assistance - for example air defense systems for Ukraine."

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