Washington, DC [US], May 1 (HBTV): The United States and Ukraine have signed an economic partnership agreement granting Washington access to Ukraine’s rare earth minerals in exchange for the creation of a joint investment fund in the country, CNN reported.
According to the US Treasury Department, the agreement was signed on Wednesday after several weeks of intense negotiations that had previously delayed US aid to Ukraine.
US Treasury Secretary Scott Bessent stated, ‘As the President has said, the United States is committed to helping facilitate the end of this cruel and senseless war.’ He added, ‘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.’ Bessent also clarified that no state or individual that financed or supported Russia’s war efforts would benefit from Ukraine’s reconstruction.
Ukraine’s Economy Minister Yulia Svyrydenko signed the agreement on behalf of the Ukrainian government during her visit to the US. In a post on X, she wrote, ‘On behalf of the Government of Ukraine, I signed the Agreement on the Establishment of a United States–Ukraine Reconstruction Investment Fund. Together with the United States, we are creating the Fund that will attract global investment into our country.’
She further emphasised, ‘It is the Ukrainian state that determines what and where to extract. Subsoil remains under Ukrainian ownership – this is clearly established in the Agreement.’
The signing came after a last-minute dispute over documentation nearly derailed the agreement. Ukrainian President Volodymyr Zelenskyy was initially expected to sign the deal during his February visit to the US. However, that visit was cut short after a contentious Oval Office meeting.
One of the main sticking points during negotiations was whether the US would offer security guarantees. President Trump reportedly insisted that Ukraine sign the deal first, with discussions on security guarantees to follow. At that time, Zelenskyy criticised the draft agreement, suggesting it was akin to being asked to ‘sell’ his nation.
Following the February visit, Trump suspended US aid to Ukraine, a move that has since been reversed. The temporary suspension prompted Ukraine’s European allies to pledge increased support.
Trump later described the deal as Ukraine ‘paying back’ for the aid provided by the US since the beginning of Russia’s military action in 2022.
While the full details of the agreement remain undisclosed, Ukrainian Prime Minister Denys Shmyhal stated on Sunday that the agreement ‘will not include assistance provided before its signing.’ Speaking again on Wednesday, he described it as a ‘strategic agreement on the establishment of an investment partnership fund.’
Shmyhal explained that the US and Ukraine will make equal contributions to the fund and share management responsibilities equally. He also noted that new military aid from the US may be counted as part of its contribution to the fund.
(ANI)