US and Ukraine sign critical minerals deal

Ukrainian and US authorities have inked a cooperative economic investment agreement that involves providing the US access to Ukrainian rare earth resources, the Treasury Department stated 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.”

The agreement follows weeks of intensive discussions that at times grew contentious and momentarily halted Washington's assistance to Ukraine.

The US Treasury Department stated Wednesday that both countries had signed the accord. “As the President has said, the United States is committed to helping facilitate the end of this cruel and senseless war,” Treasury Secretary Scott Bessent said in a statement.

Ukraine's economy minister, Yulia Svyrydenko, was in Washington to sign on behalf of the Ukrainian government.

The arrangement includes "full ownership and control" remaining with Ukraine, according to a post she made on X on Wednesday.

“All resources on our territory and in territorial waters belong to Ukraine,” she said, adding: “It is the Ukrainian state that determines what and where to extract. Subsoil remains under Ukrainian ownership — this is clearly established in the Agreement.”

"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.

On Wednesday, Trump stated: "As you know, we are always seeking for rare earth materials.

"They have a lot, and we made a deal, so we can start digging and doing what we have to do.  It's also good for them."

The first deal was supposed to be inked in February, but it broke apart when Trump accused Zelensky of "gambling with World War Three" in a heated dispute.

The accord comes only days after Trump and Ukrainian President Volodymyr Zelensky met on the margins of Pope Francis' burial, while discussions between Moscow and Washington over a possible truce in Ukraine continue.

The most recent Trump-Zelensky conversations looked to be significantly more friendly than their meeting at the White House in February, and resulted in a softening of tone from the US president toward his Ukrainian colleague in the days that followed, as well as stronger criticism of Russia's actions.

A memorandum of understanding prepared under the Biden administration last year said the US would promote investment opportunities in Ukraine’s mining projects to American companies in exchange for Kyiv creating economic incentives and implementing good business and environmental practices.

Ukraine already has a comparable deal with the European Union, which was inked in 2021.