This article is from the source 'bbc' and was first published or seen on . The next check for changes will be

You can find the current article at its original source at https://www.bbc.com/news/articles/c5ypw7pn9q3o

The article has changed 9 times. There is an RSS feed of changes available.

Version 2 Version 3
US and Ukraine sign critical minerals deal US and Ukraine sign critical minerals deal
(about 2 hours later)
US Treasury Secretary Scott Bessant (l) and Ukraine's First Deputy Prime Minister Yulia Svyrydenko (r) sign the natural resources dealUS Treasury Secretary Scott Bessant (l) and Ukraine's First Deputy Prime Minister Yulia Svyrydenko (r) sign the natural resources deal
The US has signed a much-anticipated natural resources deal with Ukraine, which the treasury department said would help with its post-war reconstruction efforts. The US has signed a deal with Ukraine on the joint exploitation of its energy and mineral resources, after months of tense negotiations.
President Donald Trump repeatedly pushed for the agreement as a prerequisite to offering any future security guarantees to Kyiv, as Ukraine fights against Russia's invasion. The two countries have agreed to establish a reconstruction investment fund to spur Ukraine's economic recovery from its war with Russia.
In a statement, the US said the agreement "signals to Russia" that the Trump administration is "committed to a peace process centred on a free, sovereign, and prosperous" Ukraine. US Treasury Secretary Scott Bessent said it showed both sides were committed to lasting peace and prosperity in Ukraine. For Kyiv, the deal is seen as essential to accessing US military aid.
The deal will see the the creation of a joint Ukrainian-US investment fund to search for minerals, and set outs how revenues would be split. Ukraine is believed to have vast reserves of critical minerals like graphite, titanium and lithium. They are highly sought after because of their use in renewable energy, military applications and industrial infrastructure.
The agreement comes amid a US trade war with China, where 90% of the world's current rare-earth stocks are sourced.
According to the statement from the US Treasury on Wednesday afternoon, the newly created US-Ukraine Reconstruction Investment Fund recognises the "significant financial and material support" the US has given Ukraine since Russia invaded in February 2022.According to the statement from the US Treasury on Wednesday afternoon, the newly created US-Ukraine Reconstruction Investment Fund recognises the "significant financial and material support" the US has given Ukraine since Russia invaded in February 2022.
Latest updates and details of the deal The US treasury secretary said in a video statement that the deal would help "unlock Ukraine's growth assets".
"President Trump envisioned this partnership between the American people and the Ukrainian people to show both sides' commitment to lasting peace and prosperity in Ukraine," Treasury Secretary Scott Bessent said in the statement. The language of the announcement shows much more solidarity with Ukraine than is usual for the Trump administration.
"And to be clear, no state or person who financed or supplied the Russian war machine will be allowed to benefit from the reconstruction of Ukraine," he added. It refers to "Russia's full scale invasion" and adds that "no state or person who financed or supplied the Russian war machine will be allowed to benefit from the reconstruction of Ukraine".
He said in a video statement that the deal would help "unlock Ukraine's growth assets".
Ukraine's Deputy Prime Minister Yulia Svyrydenko flew to Washington on Wednesday after an apparent breakthrough in negotiations.
Watch: US signs historic natural resources deal with Ukraine says Scott BessentWatch: US signs historic natural resources deal with Ukraine says Scott Bessent
In a post on X, Svyrydenko - standing outside the treasury building in Washington - said that the fund created by the agreement would "attract global investment into our country." Ukraine's Deputy Prime Minister Yulia Svyrydenko - who flew to Washington to ink the deal on Wednesday - said in a post on X that the new fund would "attract global investment into our country".
The announcement comes after a delay, which US authorities said was a result of Ukraine attempting to negotiate already-agreed-upon aspects of the deal. Listing the deal's provisions, she said it would involve projects in minerals, oil and gas, although the resources would remain the property of Ukraine.
"We are ready to sign this afternoon if they are," Bessent said earlier on Wednesday, adding that Ukraine "decided to make last-minute changes" to the agreement. The partnership will be equal, on a 50:50 basis, she added, and must be ratified by lawmakers in Kyiv.
On Wednesday afternoon, a US source familiar with the talks criticised Ukraine for seeking to reopen some terms that had apparently been finalised over the weekend. Under the deal the US would contribute new assistance to Kyiv, she added, including, for example, air defence systems.
Both US and Ukrainian teams worked through the night on Friday into Saturday to agree the documents, as well as into the early morning on Wednesday, the source told the BBC. President Donald Trump has repeatedly pushed for the agreement as a prerequisite to offering any future security guarantees to Kyiv.
They added that the sticking points had included governance of the fund, the transparency mechanism, and steps to ensure that all funds would be fully traceable. Crucially, the draft of the deal indicates Ukraine will be giving Washington access to some of its natural resources in return for future US security assistance.
"Nothing's been removed," Bessent said earlier when asked about any changes to the deal. "It's the same agreement that we agreed to on the weekend. No changes on our side." But that is significantly less than what Trump had wanted, which was to get paid back for all US military assistance given since the start of the war in 2022.
Ukrainian President Volodymyr Zelensky has managed to eke out some concessions from Washington.
The deal was delayed after US authorities said Ukraine was trying to make last-minute changes.
On Wednesday afternoon, a US source familiar with the talks criticised Kyiv for seeking to reopen some terms that had apparently been finalised over the weekend.
The source said sticking points had included governance of the fund, issues with transparency, and steps to ensure that all funds would be fully traceable.
Technical documents were signed last week by representatives of both countries.Technical documents were signed last week by representatives of both countries.
Donald Trump and Volodymyr Zelensky spoke face-to-face while they were in Rome for the funeral of Pope Francis at the weekendDonald Trump and Volodymyr Zelensky spoke face-to-face while they were in Rome for the funeral of Pope Francis at the weekend
Ukraine is believed to have vast reserves of critical rare minerals like graphite, titanium and lithium beneath its soil. They are highly sought after because of their use in renewable energy, military applications and industrial infrastructure. The initial agreement was due to be signed in February, but fell apart following a heated exchange at the White House when Trump accused Zelensky of "gambling with World War Three".
The Trump administration's push for access to another country's mineral wealth comes amid a growing trade war with China, where 90% of the world's current rare-earth stocks are sourced. The breakthrough comes days after Trump and Zelensky held a face-to-face meeting on the sidelines of Pope Francis' funeral, and as talks between Moscow and Washington over a possible ceasefire in Ukraine grind on.
The draft of the deal appeared to give the US sweeping access to Ukrainian industries beyond minerals. Phoning into the NewsNation network on Wednesday evening, Trump said he had pressed Zelensky at Vatican City to seal the deal.
While it did not specify security support that Washington would be willing to provide in return, it stated that the deal was "a tangible demonstration of the United States of America's support for Ukraine's security". "I was telling him that it's a very good thing if we can produce a deal that you sign it," he said, "because Russia is much bigger and much stronger. Russia is just chugging forward."
The agreement comes days after Trump and Ukrainian President Volodymyr Zelensky held a face-to-face meeting on the sidelines of Pope Francis' funeral, and as talks between Moscow and Washington over a possible ceasefire in Ukraine continue. The US president said the deal would recuperate the multi-billion dollar US assistance to Ukraine since the war began and "much more in theory".
The latest Trump-Zelensky talks appeared to be far more amicable than their meeting at the White House in February, and led to a softening in tone from the US president towards his Ukrainian counterpart in the days that followed, as well as an increased level of criticism of Russia's attacks. "So I went to them and said, 'Look, we got to get rare earth.' They have great rare earth, meaning certain minerals, materials," said Trump.
Speaking on Wednesday, Trump said: "As you know, we're looking for rare earth [minerals] all the time. "They have things that a lot of places don't have. It's a big asset that they have."
"They have a lot, and we made a deal, so we can start digging and doing what we have to do. It's also good for them."
The initial agreement was due to be signed in February, but fell apart following the heated exchange between the two leaders, when Trump accused Zelensky of "gambling with World War Three".