The minerals deal, signed on Wednesday, will give the US privileged access to new investment projects to develop Ukraine’s natural resources.
U.S. President Donald Trump (R) and Ukrainian President Volodymyr Zelensky meet in the Oval Office at the White House on February 28, 2025 in Washington, DC. (Image: Getty)
A deal over access to Ukraine’s mineral resources has been signed with the US – boosting President Donald Trump’s backing in ceasefire talks with Russia.
After the US President was spotted chatting with Volodymyr Zelensky in a private conversation at Pope Francis’ funeral about a potential peace deal to end Russia’s invasion of Ukraine, it appears Trump has turned on Putin.
The deal, signed on Wednesday, will give the US privileged access to new investment projects to develop Ukraine’s natural resources – including aluminium, graphite, oil and natural gas, reports the Mirror.
It’s said to be considered a crucial step in gaining Trump’s backing in ceasefire talks with Russia – and building goodwill toward Kyiv as his administration pushes to bring the war to an end.
The US Treasury announced it signed the deal with Ukraine on Wednesday evening, agreeing to establish an America-Ukraine reconstruction investment fund. For Ukraine, the deal is seen as key move to gain 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 centred on a free, sovereign, and prosperous Ukraine over the long term.”
In February, Trump hinted framed his desire for access to Ukraine’s rare earth materials as compensation for the billions of dollars in US aid provided to Kyiv. However, negotiations broke down after a tense Oval Office meeting between Trump and Zelensky – which descended into a shouting match – and efforts to reach a deal had faltered amid strained US-Ukraine relations.
Then, on Wednesday, Ukraine’s First Deputy Prime Minister Yulia Svyrydenko announced she had signed an agreement to establish the investment fund.
Svyrydenko said 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.”
Ukrainian Prime Minister Denys Shmyhal said: “Truly, this is a strategic deal for the creation of an investment partner fund. This is truly an equal and good international deal on joint investment in the development and restoration of Ukraine between the governments of the United States and Ukraine.”