US and Ukraine sign mineral resources agreement
The U.S. and Ukraine have signed the deal to create the United States-Ukraine Reconstruction Investment Fund -- the long-awaited deal that gives the U.S. rights to Ukrainian rare earth minerals, both sides announced Wednesday.
“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," Treasury Secretary Scott Bessent said in a press release. "President Trump envisioned this partnership between the American people and the Ukrainian people to show both sides’ commitment to lasting peace and prosperity in Ukraine. And 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.”
Ukrainian Minister of the Economy Yulia Svyrydenko said in a post on X, "Together with the United States, we are creating the Fund that will attract global investment into our country."
In a video discussing the deal posted on X, Bessent gave more details about the deal.
"This partnership allows the United States to invest alongside Ukraine to unlock Ukraine's growth assets, mobilize American talent, capital and governance standards that will improve Ukraine's investment climate and accelerate Ukraine's economic recovery," Bessent said in the video.
Both sides were ready to sign the agreement on critical minerals and other resources earlier but the U.S. said it wanted the main minerals resources agreement signed and the creation of an investment fund document signed at the same time, Ukrainian Prime Minister Denys Shmyhal and a source in the Ukrainian president's office said.
Ukraine had planned to separate the signing dates, as the creation of the fund agreement was still being finalized, the source added.
"Now they'll be rushing to finish it," the source said.
Ukraine said it was ready to sign but ran into a last-minute snag when the U.S. requested it sign both the mineral resources agreement and the investment fund agreement at the same time, a Ukrainian official told ABC News. The U.S. refuted that series of events in comments during President Donald Trump’s Cabinet meeting Wednesday, saying it was "ready to sign" the agreement but the Ukrainians decided on Tuesday night to "make some last-minute changes," Bessent said.
"Our side is ready to sign," Bessent said.
When asked what was changed, Bessent said there have been "no changes on our side."
Trump then put the mineral resources agreement into "context," talking about the amount of money the U.S. has given to Ukraine's war effort. But he seemed optimistic about the prospect of the agreement coming together.
"But we haven't really seen the fruits of that deal yet. I suspect we will," Trump said.
Trump and Ukrainian President Volodymyr Zelenskyy were originally set to sign the minerals deal in late February, but the plan was derailed following a tense exchange between the two men in the Oval Office.
This is a developing story. Please check back for updates.
