Washington, May 1 - The US and Ukraine announced a historic economic agreement on Wednesday that will ensure US access to its mineral resources in exchange for US military and economic aid to Ukraine. The agreement between the two countries came after weeks of pressure from President Donald Trump, who was seeking compensation in return for billions of dollars in military and economic aid to deter Russian aggression in Ukraine.
US Treasury Secretary Scott Besant said in a video posted on ‘X’ that “this partnership will allow the US to invest with Ukraine, use Ukraine’s development assets, apply American skills, capital and governance standards, which will improve Ukraine’s investment climate and accelerate economic recovery.”
The announcement comes as Trump is in talks with Russian and Ukrainian leaders to end the war and is frustrated by the long-running conflict. The US president has criticized Ukrainian President Volodymyr Zelensky, saying his policies are prolonging the war and killing innocent people. He has also criticized Russian President Vladimir Putin for making it difficult to negotiate a ceasefire.
Both sides have provided only general information about the agreement, but it is hoped that it will give the US access to Ukraine’s valuable and rare minerals, while maintaining American support for Kiev during its ongoing war with Russia. The agreement will not take effect until it is approved by the Ukrainian parliament. Prime Minister Denis Shmyhal said in a televised message on Ukrainian television that Ukraine’s Economy Minister and Deputy Prime Minister Yulia Svirydenko had arrived in Washington on Wednesday to finalize the agreement.
A senior Ukrainian official, speaking on condition of anonymity, said that the main part of the agreement had been agreed, but some obstacles still remained. He said that this agreement is considered important for Ukraine to ensure access to US military assistance in the future.