WASHINGTON — On Wednesday, the United States and Ukraine formalized an agreement that secures American access to Ukraine’s extensive mineral supplies. This partnership, which has been under negotiation for months, aims to facilitate continuous military assistance to Kyiv amidst fears that former President Donald Trump may lessen support during peace talks with Russia.
The newly formed collaboration, known as the United States-Ukraine Reinvestment Fund, was unveiled with minimal information regarding its structure. However, it is anticipated that the U.S. will gain access to Ukraine’s crucial rare earth minerals, offering some assurances of ongoing American support amid Ukraine’s protracted conflict with Russia.
In a press release, Treasury Secretary Scott Bessent emphasized, “This agreement distinctly communicates to Russia that the Trump administration is dedicated to a peace process focused on a free, sovereign, and prosperous Ukraine in the long term.” He added, “President Trump envisioned this alliance between the American and Ukrainian people to demonstrate a mutual commitment to long-lasting peace and prosperity in Ukraine.”
This announcement occurs at a pivotal moment in the three-year conflict, as Trump has increasingly shown displeasure with both parties. The agreement was signed two months after a similar deal was postponed during a tense Oval Office meeting with Vice President JD Vance and Ukrainian President Volodymyr Zelenskyy.
Trump has previously criticized Zelenskyy, doubting his capability to win the war and accusing him of prolonging the conflict by not conceding Crimea. Nevertheless, in recent days, Trump has also criticized Russian President Vladimir Putin, citing his actions as complicating negotiations with poor timing of deadly assaults on Kyiv.
During a NewsNation interview on Wednesday night, Trump remarked that the deal “in theory” implies the U.S. will gain more from Ukraine than it has invested, stating, “I wanted to be protected” and that he didn’t want to appear “foolish” if the U.S. didn’t recoup its investments.
For Ukraine, this agreement is crucial in securing future U.S. military aid. Prime Minister Denys Shmyhal hailed the partnership as a strategic move that builds an investment collaborator fund, describing it as an “equal and good international deal” on mutual investment for Ukraine’s development and recovery.
Ukraine’s Economy Minister, Yulia Svyrydenko, traveled to Washington to conclude the agreement. She publicly celebrated the signing, stating, “Together with the United States, we are establishing a Fund that will draw global investment to our nation.”
Earlier on Wednesday, Bessent shared in a White House Cabinet meeting that despite Ukrainian promises of a near-finalized deal, there were still outstanding issues. He mentioned the Ukrainians’ last-minute changes but remained optimistic about reaching an agreement that afternoon.
The U.S. is targeting more than 20 specific materials vital to American interests, including oil and natural gas. Key among these are Ukraine’s titanium, crucial for aerospace applications, and uranium, which is critical for energy, medical, and defense sectors. Ukrainian deposits of lithium, graphite, and manganese, vital for electric vehicle batteries, are also of interest.
After evaluating the initial U.S. draft, Ukraine sought alterations to ensure a fairer distribution of benefits. The adjusted version envisages a ten-year partnership with equitable contributions and only counts new U.S. military aid towards America’s contribution, preserving Ukraine’s ambitions within the European Union.
The Ukrainian Cabinet authorized Svyrydenko to sign this deal, but the Ukrainian Parliament’s ratification is still pending before activation.
Amid these negotiations, Russia’s Kremlin expressed a need for clarity before committing to a ceasefire. Kremlin spokesman Dmitry Peskov emphasized the complexity of the crisis, signaling readiness for talks but pointing out unresolved issues necessary before peace negotiations can accelerate.
Trump’s impatience with the slow negotiations has been evident, as Western European leaders accuse Putin of delays while Russia continues territorial advances. Since its invasion started in February 2022, Russia has seized a significant portion of Ukrainian land.
Aside from political maneuvering, the U.S. State Department has urged urgency, warning of potential withdrawal from talks if progress stalls. Russia has dismissed a U.S. proposal for a 30-day ceasefire, linking it to halting Ukraine’s military mobilization and cutting Western arms supplies.
As discussions continue, the humanitarian toll of the conflict becomes ever more apparent. A recent U.N. report highlights escalating civilian casualties, noting a 46% increase compared to last year during the same period.
The unyielding strife continues, evidenced by a recent Russian drone strike injuring numerous civilians in Kharkiv. Meanwhile, Ukrainian forces reportedly targeted a military production facility in Russia, though independent verification remains pending.