U.S. and Ukraine sign critical minerals deal after weeks of fraught negotiations

The U.S. and Ukraine have sealed a deal that grants the Trump administration access to Ukraine's critical minerals in return for American assistance against Russian invasion.

Park Hyo-been has the latest.

A new economic partnership was signed between the U.S. and Ukraine on Wednesday, establishing a joint investment fund focused on natural resource extraction and post-war reconstruction of Ukraine.

The agreement, called the "reconstruction investment fund," allows both countries to co-invest in Ukraine's critical growth assets, including oil, gas, and rare earth minerals.

U.S. Treasury Secretary Scott Bessent said the deal sends a clear message to Russia—that the U.S. is committed to a peaceful, sovereign, and prosperous Ukraine.

He added that President Trump sees this as a long-term partnership between the American and Ukrainian people.

Also, the U.S. Treasury used the phrase "Russia's full-scale invasion," marking the administration's first official acknowledgment of Russia's responsibility for the war.

The newly signed investment fund will be jointly managed by the U.S. and Ukraine, with neither side holding a controlling vote.

Ukraine's economy minister, Yulia Svyrydenko, said the fund aims to attract Western capital for energy and mineral development, while ensuring that resources remain under Ukrainian ownership and control.

The partnership will be equal and free of debt obligations to the U.S., with Kyiv overseeing all extraction decisions.

In return, Washington will likely provide new assistance, including air defense systems.

Earlier on Wednesday, President Trump said the agreement would help the U.S. recover part of the 66.5 billion U.S. dollars in military aid it has sent to Ukraine since 2022.

"Rare earth is called rare for a reason, and they have a lot, and we made a deal where our money is secure, where we can start digging and doing what we have to do."

However, Svyrydenko clarified that "the agreement includes no provisions regarding any Ukrainian debt obligations to the United States."

The deal was signed days after Trump met Ukrainian President Volodymyr Zelenskyy at Pope Francis' funeral.

Trump described the meeting as "beautiful" and said Zelenskyy "wants to make a deal" to end the war.

The agreement reflects a growing focus on aligning post-war reconstruction with long-term economic collaboration — a partnership that may shape the next phase of U.S.-Ukraine relations.

Park Hyo-been, Arirang News.