US and Ukraine sign minerals and natural resources deal

The US and Ukraine have signed off on a deal that will give Washington access to Ukraine’s vast critical minerals and natural resources.

The announcement on Wednesday finalises an agreement weeks in the making to compensate the US for its help in repelling Russia’s invasion.

The two sides offered only barebone details about the structure of the deal, which they called the United States-Ukraine Reinvestment Fund.

It is expected to give the US access to Ukraine’s valuable rare earth minerals while providing Kyiv a measure of assurance about continued American support in its war with Russia.

In a statement, 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.

“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.”

The announcement comes at a critical moment in the three-year war as Mr Trump has grown increasingly frustrated with both sides.

The signing comes two months after a different but similar agreement was nearly signed before being derailed in a tense Oval Office meeting involving Mr Trump, Vice President JD Vance and Ukrainian President Volodymyr Zelensky.

Mr Trump has long criticised Mr Zelensky, saying he did not “have the cards” to win the war and blaming him for prolonging the killing by not giving up Crimea.

In recent days, however, Mr Trump has rebuked Russian President Vladimir Putin as well, saying he was complicating negotiations with “very bad timing” in launching deadly strikes on Kyiv.

Mr Trump said on Wednesday night on NewsNation that the deal “in theory” means that the US will get more from Ukraine than it contributed.

“I wanted to be protected,” he said, adding that he did not want to look “foolish” by not getting money back for the investment.

For Ukraine, the agreement is seen as key to ensuring its access to future US military aid.

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.”

The US has been seeking access to more than 20 raw materials deemed strategically critical to its interests, including some non-minerals such as oil and natural gas.

Among them are Ukraine’s deposits of titanium, which is used for making aircraft wings and other aerospace manufacturing, and uranium, which is used for nuclear power, medical equipment and weapons.

Ukraine also has lithium, graphite and manganese, which are used in electric vehicle batteries.