'New form of commitment': Ukraine, US sign minerals deal after two-month delay

+Text Size

Small
Medium
Large

The United States and Ukraine on Wednesday formalized minerals agreement after a two-month delay, signaling a shift in Washington’s approach to supporting Kyiv. Described by the Donald Trump administration as a “new form of commitment” to Ukraine following the cessation of military aid, the deal marked a strategic pivot toward economic and resource-based cooperation.

“Both sides’ commitment to lasting peace and prosperity in Ukraine. This agreement signals clearly to Russia that the Trump administration is committed to a peace process centered on a free, sovereign and prosperous Ukraine over the long term,” US treasury secretary Scott Bessent said as he announced the deal.

Ukrainian Prime Minister Denys Shmygal described the newly signed minerals agreement with the States as “good, equal, and beneficial.” He later announced via Telegram that the two nations would jointly establish a Reconstruction Investment Fund, with equal 50 percent voting rights for both sides.

“Ukraine retains full control over its subsoil, infrastructure and natural resources,” he said.

Ukrainian President Volodymyr Zelenskyy was originally scheduled to sign the minerals agreement at the White House, but the plan was abruptly scrapped following a televised confrontation that led to his dismissal from the meeting.

Ukraine is believed to hold around 5% of the world’s total mineral and rare earth reserves, though much of this potential remains untapped, with several key sites now under Russian control. According to France’s Bureau of Geological and Mining Research, Ukraine possesses roughly 20% of the world’s graphite—an essential component in electric vehicle batteries. The country is also a major source of manganese and titanium and claims to hold the largest lithium deposits in Europe.

More than three years into the war, Russia now occupies about 20% of Ukrainian territory, with the conflict having claimed tens of thousands of lives, including many civilians.

TOI World Desk

At TOI World Desk, our dedicated team of seasoned journalists and passionate writers tirelessly sifts through the vast tapestry of global events to bring you the latest news and diverse perspectives round the clock. With an unwavering commitment to accuracy, depth, and timeliness, we strive to keep you informed about the ever-evolving world, delivering a nuanced understanding of international affairs to our readers. Join us on a journey across continents as we unravel the stories that shape our interconnected world.Read More

End of Article