(WBAP/KLIF) — KYIV, Ukraine (AP) — The U.S. and Ukraine announced on Wednesday an economic deal after a weekslong press by 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.”
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
KYIV, Ukraine (AP) —
Ukraine is ready to sign an agreement that would give the U.S. access to its valuable rare minerals in the hopes of ensuring continued American support for Kyiv in its grinding war with Russia, senior Ukrainian officials said Wednesday.
Ukraine’s economy minister and deputy prime minister, Yulia Svyrydenko, flew to Washington on Wednesday to help finalize the deal, Prime Minister Denys Shmyhal said during an appearance on Ukrainian television. Although the main part of the agreement had been settled, there were still hurdles to overcome, said a senior Ukrainian official who spoke on condition of anonymity because the official wasn’t authorized to discuss the matter publicly.
For Ukraine, the agreement is seen as key to ensuring its access to future U.S. military aid.
“Truly, this is a strategic deal for the creation of an investment partner fund,” Shmyhal said. “This is truly an equal and good international deal on joint investment in the development and restoration of Ukraine between the governments of the United States and Ukraine.”
U.S. President Donald 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.
Treasury Secretary Scott 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.
After Kyiv felt the initial U.S. draft of the deal disproportionately favored American interests, it introduced new provisions aimed at addressing those concerns.
According to Shmyhal, the latest version would establish an equal partnership between the two countries and last for 10 years. Financial contributions to a joint fund would be made in cash, and only new U.S. military aid would count toward the American share. Assistance provided before the agreement was signed would not be counted. Unlike an earlier draft, the deal would not conflict with Ukraine’s path toward European Union membership — a key provision for Kyiv.
The Ukrainian Cabinet approved the agreement Wednesday, empowering Svyrydenko to sign it in Washington. Once signed by both sides, the deal would need to be ratified by the Ukrainian Parliament before it could take effect.
(Copyright 2025 WBAP/KLIF Newsroom News. All rights reserved. Contains material from the Associated Press.)
