Ukraine, U.S. sign economic deal sought by Trump as payback for war support
Global News
Trump indicated in February that he wanted access to Ukraine’s rare earth materials as a condition for continued U.S. support in the war.
The U.S. and Ukraine announced on Wednesday an economic deal after a weeks-long press by U.S. President Donald Trump calling on Ukraine to compensate Washington for billions in military and economic assistance to help Ukraine repel the Russian invasion.
Treasury Secretary Scott Bessent said in a video posted to X that “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.”
Ukraine’s Economy Minister Yulia Svyrydenko confirmed to The Associated Press that the deal has been signed in Washington. In a post on X, she said “Together with the United States, we are creating the Fund that will attract global investment to our country.”
Trump indicated in February that he wanted access to Ukraine’s rare earth materials as a condition for continued U.S. support in the war, describing it as reimbursement for the billions of dollars in aid the U.S. has given to Kyiv. But talks stalled after a tense Oval Office meeting of U.S. and Ukrainian leaders, and reaching an agreement since then has proven difficult and strained relations between Washington and Kyiv.
Bessent said Wednesday during a Cabinet meeting at the White House that the Trump administration was ready to sign off on a deal, but that there was still work to do.
“The Ukrainians decided last night to make some last-minute changes,” Bessent said when asked about reports that Ukraine was ready to agree to the pact. “We’re sure that they will reconsider that. And we are ready to sign this afternoon if they are.”
He didn’t elaborate as to the late changes he said Ukraine made.
The U.S. is seeking access to more than 20 raw materials deemed strategically critical to its interests, including some non-minerals such as oil and natural gas. Among them are Ukraine’s deposits of titanium, which is used for making aircraft wings and other aerospace manufacturing, and uranium, which is used for nuclear power, medical equipment and weapons. Ukraine also has lithium, graphite and manganese, which are used in electric vehicle batteries.
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