Ukrainian President Volodymyr Zelensky has hailed a new minerals agreement with the United States, characterizing it as a “truly equal” partnership that offers mutual advantages to both nations.
His remarks followed just hours after Russian missile strikes resulted in the deaths of two individuals and injuries to 15 others. These strikes were a response to the deal signed on Wednesday, which is designed to jointly develop Ukraine’s vital mineral resources.
The agreement, the result of months of negotiations, will see the United States and Kyiv collaborate on the development of and invest in Ukraine’s critical mineral resources.
US President Donald Trump initially described the arrangement as a “money back” initiative for the wartime assistance Ukraine received under his predecessor, Joe Biden.
However, Ukraine has stated that the new agreement is not tied to any past “debt.” US officials have also emphasized that the accord signifies US support for Ukraine.
“This agreement signals clearly to Russia that the Trump administration is committed to a peace process centred on a free, sovereign and prosperous Ukraine over the long term,” US Treasury Secretary Scott Bessent stated in Washington.
The agreement “changed significantly” during the negotiation process, Zelensky noted in his daily address.
“Now it is a truly equal agreement that creates an opportunity for quite significant investment in Ukraine,” he added. “There is no debt in the deal, and a fund — a recovery fund — will be created that will invest in Ukraine and earn money here.”
Kyiv and Washington had planned to sign the agreement in February, but a clash between Trump and Zelensky at the White House derailed the talks.
Ukraine hopes that the deal will now pave the way for the United States to provide security guarantees as it seeks to protect itself against future Russian attacks following Moscow’s three-year invasion.
The agreement still requires ratification by Ukraine’s parliament.
‘Be quiet and negotiate’
Under the terms of the deal, Ukraine and the United States will establish a joint Reconstruction Investment Fund.
Profits generated from the agreement will be exclusively invested in Ukraine for the initial 10 years, after which profits “may be distributed between the partners,” according to Kyiv.
The new agreement does not include any specific US security commitments, but Washington argues that bolstering its business interests in Ukraine will help deter Russia.
Moscow has continued its attacks on Ukraine unabated, despite President Trump’s efforts to broker a ceasefire.
An overnight Russian drone strike on the Ukrainian port city of Odesa resulted in the deaths of two people and injuries to more than a dozen others, authorities reported.
“We need further pressure on Russia to force it to be quiet and to negotiate. The more effective the sanctions are, the more incentives Russia will have to end the war,” Zelensky stated on Telegram following the attack.
French Foreign Minister Jean-Noel Barrot told AFP on Thursday, following discussions with US Secretary of State Marco Rubio in Washington, that the European Union is preparing a 17th round of sanctions against Russia, describing President Vladimir Putin as the “sole obstacle” to peace in Ukraine.
A bipartisan group of US senators, led by Republican Lindsay Graham and Democrat Richard Blumenthal, also proposed legislation last month that would impose sanctions on countries friendly to Moscow if they disrupt efforts to end the war.
Russia rejected a 30-day ceasefire proposed by the United States and Ukraine in March, demanding a halt to Western military aid for Kyiv.
The United States warned that this week would be “critical” in determining whether it would abandon efforts to broker an end to the three-year war.
Putin has declared a surprise three-day truce from May 8–10, coinciding with Moscow’s large-scale celebrations for the 80th anniversary of World War II Victory Day.
