By Andreas Stein and Julia Naue
dpa
(TNS)
Washington (dpa) — The United States and Ukraine signed an agreement to create a “reconstruction investment” fund, both governments confirmed on Wednesday.
Specific details of the agreement were not released by the US, but it is believed to give Washington privileged access to Ukrainian resources, including rare earth metals, which are crucial for high-tech industries.
The Ukrainian government hopes that the profits will provide funds for the reconstruction of the war-torn country.
The US Treasury said the economic partnership would allow the two countries “to work collaboratively and invest together to ensure that our mutual assets, talents, and capabilities can accelerate Ukraine’s economic recovery.”
Secretary of the Treasury Scott Bessent said the US was committed to helping facilitate the end of Russia’s full-scale invasion of Ukraine.
“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,” he said.
“President [Donald] Trump envisioned this partnership between the American people and the Ukrainian people to show both sides’ commitment to lasting peace and prosperity in Ukraine,” Bessent said.
“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.”
Ukraine will retain ownership of resources
Ukraine would retain full ownership of all its mineral resources in the agreement with the US, Ukrainian Deputy Prime Minister and Economy Minister Yulia Svyrydenko said.
Svyrydenko, who signed the deal in Washington, said the key provisions of the agreement include that all resources on Ukrainian territory and in territorial waters belonged to Ukraine.
“It is the Ukrainian state that determines what and where to extract,” she wrote on X.
The fund would be jointly managed by both countries, she wrote.
“Neither side will hold a dominant vote — a reflection of equal partnership between our two nations.”
She said the fund would attract global investment in Ukraine.
“Importantly, the Agreement sends a signal to global partners that long-term cooperation with Ukraine — over decades — is not only possible but reliable.”
The Ukrainian parliament will still have to ratify the agreement before it can come into force.
Negotiations on the deal were on the verge of collapse after a historic row in the White House between Ukrainian President Volodymyr Zelensky and US President Donald Trump in February.
Ukraine has been defending itself against Russia’s full-scale invasion with support from Western allies for more than three years.
Since taking office, Trump has scaled back long-term military support for Ukraine and made it clear that he expects something in return.
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