A landmark minerals deal between Ukraine and the United States offers "equal" benefits for both sides and opportunities for investment in Ukraine and the modernization of its industry, Ukrainian President Volodymyr Zelenskyy said on May 1.
Zelenskyy hailed the deal in a video posted on Telegram but also said more pressure on Russia is needed.
He and US Treasury Secretary Scott Bessent underlined that talks between Zelenskyy and US President Donald Trump in Rome during Pope Francis's funeral on April 26 played an important role in securing a deal.
"In fact, now we have the first result of the Vatican meeting, which makes it truly historic," Zelenskyy said.
The two leaders met one-on-one while seated informally in St. Peter's Basilica to try to revive faltering efforts to end Russia's war with Ukraine.
The accord, which was signed in Washington on April 30, establishes a joint investment fund for Ukraine's reconstruction and would see the United States and Kyiv jointly develop and invest in Ukraine's critical mineral resources.
SEE ALSO: Trump, Zelenskyy Talk Peace Deal On Sidelines Of Pope Francis FuneralTrump initially described the deal as "money back" for billions of dollars in military aid that Ukraine has received since Russia launched its full-scale invasion in February 2022. But Ukraine said the agreement is not linked to any past "debt,” and Bessent stressed that the accord signaled support for 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," Bessent said.
The agreement establishes the United-States-Ukraine Reconstruction Investment Fund, which Bessent said in a news release is a historic economic partnership.
The deal will show Russia that there is “no daylight between the Ukrainian people and the American people, between our goals," Bessent said on Fox Business Network on May 1.
It gives Trump the ability to now negotiate with Russia on even a stronger basis, he added.
The Ukrainian parliament must still approve the pact. Prime Minister Denys Shmyhal met parliamentary factions on May 1 as some members complained they had not seen the text of the agreement or been properly consulted.
First Deputy Prime Minister Yulia Svyrydenko, who signed the accord for Ukraine, told reporters in an online briefing that ratification would happen in the next few weeks
Zelenskyy said he hoped there would be no delays in securing parliament's approval, though some lawmakers said they expected it to take longer than a week.
Some technical details must be completed before a joint US-Ukraine investment fund can become operational, Svyrydenko said.
"We really need to be more sustainable and more self-sufficient, and this is a real tool that can help us achieve this goal," she said, adding that the two sides did not expect the agreement to begin generating revenue this year.
SEE ALSO: Why China Is Flexing Its Dominance Of Rare Earth Minerals In US Trade WarSvyrydenko, who is also Ukraine's economy minister, said the agreement "can provide success for both our countries" and "will attract global investment into our state" in highlighting its key points in a post on Facebook.
Svyrydenko said the investment fund will be filled with income exclusively from new licenses. This involves 50 percent of the funds from new licenses for critical materials and oil and gas projects, which will come into Ukraine's budget once the fund is established.
The agreement states that all resources on Ukraine's territory and in territorial waters belong to Ukraine, and Kyiv alone will determine where and what to extract. It also does not change Ukraine's European integration course, Svyrydenko added.
Ukrainian Foreign Minister Andryi Sybiha wrote on X that he had briefed EU foreign policy chief Kaja Kallas about the agreement.
"This marks an important milestone in Ukraine–US strategic partnership aimed at strengthening Ukraine’s economy and security," he said in his post.
Military Aid
Beyond its monetary aspects, Ukraine also sees the agreement as key to ensuring its access to future US military aid.
Roman Kostenko, a Ukrainian lawmaker and special forces commander, told Current Time that the question of security guarantees in connection with the US-Ukraine minerals deal "remains open."
"Perhaps there were certain nuances that prevented their inclusion in the minerals deal, even though it was a demand from our side," he added.
On April 29, the US Congress website published a notice from a senior official in the State Department's Bureau of Legislative Affairs on the certification of a proposed license for the export of defense articles which included "defense services to Ukraine in the amount of $50 million or more."
According to the Ukrainian media outlet the Kyiv Post, the White House approved the license shortly after the two countries signed the agreement on mineral resources.
SEE ALSO: Rubio Says Ukraine Peace Deal 'Closer' As Kyiv Calls For More Pressure On RussiaThe US is seeking access to more than 20 raw materials deemed strategically critical to its interests. Among them are 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 deposits of lithium, graphite, and manganese, which are used in electric vehicle batteries.
Trump said the deal “in theory” means that the US will get more from Ukraine than it contributed.
“I wanted to be protected,” he said in an interview on NewsNation, adding that he didn’t want to be looking “foolish” by not getting money back for the investment.
Trump said earlier at a cabinet meeting that the American presence will "keep a lot of bad actors out of the country or certainly out of the area where we're doing the digging."