By Lehlohonolo Lehana.
Ukraine and the United States (US) have signed an agreement to provide Washington with access to valuable rare minerals and fund reconstruction efforts in the war-torn country.
The two countries signed the accord in Washington, DC, on Wednesday after months of fraught negotiations, with uncertainty persisting until the last moment following reports of 11th-hour proposals to change aspects of the deal.
The deal aims to provide an economic incentive for the US to continue to invest in Ukraine’s defence and reconstruction – as well as to address Washington’s concerns over the amount of aid it has already contributed.
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 technology and infrastructure.
“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,” said Scott Bessent, the US treasury secretary, in a statement.
“President Trump envisioned this partnership between the American people and the Ukrainian people to show both sides’ commitment to lasting peace and prosperity in Ukraine. 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.”
Ukraine’s first deputy prime minister, Yulia Svyrydenko, confirmed in a social media post that she had signed the agreement on Wednesday. “Together with the United States, we are creating the fund that will attract global investment into our country,” she wrote. The deal still needs to be approved by Ukraine’s parliament.
The initial agreement was due to be signed in February, but fell apart following a heated exchange at the White House when Donald Trump accused Volodomyr Zelensky of “gambling with World War Three”.
The breakthrough comes days after Trump and Zelensky held a face-to-face meeting on the sidelines of Pope Francis’ funeral, and as talks between Moscow and Washington over a possible ceasefire in Ukraine grind on.
The agreement comes amid a US trade war with China, where 90% of the world’s current rare-earth stocks are source.