Ukraine signs precious minerals deal with U.S.

U.S. Secretary of the Treasury Scott Bessent announced the newly signed agreement in a statement Wednesday evening. Bessent said the deal served as a signal to Russia that the United States is committed to facilitating an end to the war that would result in a free, sovereign, and prosperous Ukraine. The deal is designed to help rebuild Ukraine while ensuring that no individual or state who assisted Russia's war efforts would benefit from the reconstruction, Bessent insisted.

The announcement came after Ukrainian Deputy Prime Minister Yulia Svyrydenko reportedly arrived in Washington, D.C. earlier in the day to finalize the agreement. Ukrainian President Volodymyr Zelenskyy originally traveled to the United States in February to sign the deal, which fell through after a televised Oval Office spat with President Donald Trump and Vice President J.D. Vance.

Ukraine and the United States were also scheduled to talk sanctions on Wednesday, according to a Tuesday statement from Zelenskyy. The discussion will focus on applying pressure to Russia’s network in order to push them into a peace deal, he wrote. Zelenskyy reiterated the need for an unconditional ceasefire from Russia and seemed to call into question whether Ukraine would honor Putin’s recently announced truce next week. Russia called a three-day ceasefire for its annual Victory in Europe Day, or V-E Day, celebration in Moscow. Putin is concerned about whether or not he can have his military parade, but he should be more worried about the ongoing war, Zelenskyy added.

What exactly is the mineral deal? The deal allows the United States to access Ukraine’s supply of natural minerals as a means to reimburse American funding to combat Russia’s invasion. The deal establishes the United States-Ukraine Reconstruction Investment Fund owned by both countries, into which Ukraine would contribute a significant portion of the proceeds from its government-owned natural resources like minerals, oil, and gas. Officials have not yet fully released the details of the deal.

Dig deeper: Read Elizabeth Russell’s report about the latest peace deal between Russia and Ukraine.