Ukrainian Sign Minerals Address Us
The deal will launch a reconstruction investment fund for the US and Ukraine to help accelerate Ukraine's economic recovery, Treasury Secretary Scott Bescent said. (Credit: Treasury Secretary Scott Bescent via x)
Ukraine has signed a contract with the United States and continues to work with the Trump administration to end the three-year war with Russia, giving the US access to Ukraine's rare minerals.
Ukrainian Economy Minister and Deputy Prime Minister Julia Swillidenko flew to Washington, D.C. on Wednesday to help finalize the deal.
“On behalf of the Ukrainian government, I have signed an agreement with the US on the establishment of the Freine Reconstruction Investment Fund. With the US, we are creating a fund that attracts global investment in our country,” she writes to X.
President Donald Trump said he hopes Ukrainian rare earth materials are a condition for continuing US support in the war. He described it as a refund of the billions of US military aid given to Ukraine.
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US Treasury Secretary Scott Bescent, Ukrainian Economy Minister and Deputy Prime Minister Julia Swillidenko will sign a mineral contract in Washington, DC on Wednesday (Ministry of Finance)
Discussions about possible deals following a militant meeting between Trump administration officials and Ukrainian President Voldimi Zelensky in an oval office.
The agreement will establish a US-Ukrainian reconstruction investment fund to help Ukraine accelerate its economic recovery, Scott Bescent said.
“The agreement clearly shows Russia that the Trump administration is committed to a peace process centered around Ukraine, where it has long been free, sovereign and prosperous,” Bescent said in a statement. “President Trump envisioned this partnership between the American people and the Ukrainian people to demonstrate both sides' commitment to Ukraine's lasting peace and prosperity.
The US is seeking access to more than 20 raw materials deemed strategically important to its profits, including some non-declarations such as oil and natural gas. Among them are Ukrainian titanium deposits used in the manufacture of aircraft wings and other aerospace manufacturing, and uranium used in nuclear, medical devices and weapons.
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Ukrainian President Voldymi Zelensky, right, President Donald Trump says he is attending the Vatican funeral of Pope Francis on Saturday. (Ukrainian President's Press Office via AP)
Ukraine also has lithium, graphite and manganese, which are used in electric vehicle batteries.
The agreement will establish an equal partnership between the two countries and last for 10 years. Financial contributions to the Joint Fund are made in cash, with only new US military aid counting towards the US share.
Swillidenko said neither party will vote for a majority, reflecting an equal partnership between Ukraine and the United States. The fund is supported by the US government through the US International Development Finance Corporation.
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Unlike previous drafts of the agreement, the agreement is consistent with Ukraine's path to European Union membership. This is an important provision in Kiev.
Under the terms of the contract, the Ukrainian government will decide where which minerals will be extracted, Svyrydenko said.
The Associated Press contributed to this report.
