BBC:
The US has signed a deal with Ukraine on the joint exploitation of its energy and mineral resources, after months of tense negotiations.
The two countries have agreed to establish a reconstruction investment fund to spur Ukraine’s economic recovery from its war with Russia.
US Treasury Secretary Scott Bessent said it showed both sides were committed to lasting peace and prosperity in Ukraine. For Kyiv, the deal is seen as essential to accessing US military aid.
Ukraine is believed to have vast reserves of critical minerals like graphite, titanium and lithium. They are highly sought after because of their use in renewable energy, military applications and industrial infrastructure.
The agreement comes amid a US trade war with China, where 90% of the world’s current rare-earth stocks are sourced.
According to the statement from the US Treasury on Wednesday afternoon, the newly created US-Ukraine Reconstruction Investment Fund recognises the “significant financial and material support” the US has given Ukraine since Russia invaded in February 2022.
The US treasury secretary said in a video statement that the deal would help “unlock Ukraine’s growth assets”.
The language of the announcement shows much more solidarity with Ukraine than is usual for the Trump administration.
It refers to “Russia’s full scale invasion” and adds that “no state or person who financed or supplied the Russian war machine will be allowed to benefit from the reconstruction of Ukraine”.
