A natural resources deal between Ukraine and the U.S. was agreed upon and signed on Wednesday that establishes a Reconstruction Investment Fund.
The agreement says that future American military assistance to Ukraine will count as part of the U.S. investment into a joint reconstruction investment fund that will be used to pour money into Ukraine’s natural resources.
The deal encompasses more than rare earth minerals, and includes other natural resources such as oil, natural gas, gold and copper.
“All resources on our territory and in our territorial waters belong to Ukraine. It is the Ukrainian state that determines where and what to extract,” said Ukraine’s Economy Minister Yulia Svyrydenko, who signed the deal on behalf her country.
Svyrydeko also noted the deal complied with Ukraine’s constitution and Ukraine’s campaign to join the European Union.
One key concession Ukraine received in the deal cancels Trump’s idea that Ukraine should pay back Washington for aid already received.
Ukraine however did concede demands that the U.S. provide security guarantees. Scott Bessent insists that it still gives Trump skin in the game and an incentive to keep the U.S. tethered to Ukraine’s security.
“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,” Treasury Secretary Scott Bessent said in a statement. He added: “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.” — NYT
