Fresh Spin: USA and Ukraine Firm Up Partnership Over Minerals
U.S. gains access to Ukraine's rare minerals secured through deal with the Trump administration, promising support for peace process: Bessent's report
The United States-Ukraine Reconstruction Investment Fund is all set to supercharge Ukraine's economic resurgence, affirming Treasury Secretary Scott Bessent.
In a stroke to fortify their cooperation, Ukraine recently inked a deal with the United States, granting America access to Ukraine's rare minerals - an ongoing collaborative effort with the Trump administration in their struggle against Russia's three-year conflict.
Ukrainian Economy Minister and Deputy Prime Minister Yulia Svyrydenko jetted off to Washington D.C. midweek to finalize the deal. On the social media platform X, she announced, "I signed the Agreement on Establishment of a United States-Ukraine Reconstruction Investment Fund. Together with the United States, we're building the Fund that will attract global investment into our nation."
When President Trump first took office, he signaled his interest in Ukraine's rare earth elements as a condition for continued U.S. support in the war, referring to it as recompense for the billions of dollars of U.S. military aid bestowed upon Ukraine.
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The US-Ukraine Reconstruction Investment Fund agreement, however, did not come without a hitch. Tensions flared after a testy meeting between Trump administration officials and Ukrainian President Volodymyr Zelenskyy in the Oval Office. Conflicts subsided following subsequent discussions, leading to the agreement to establish the fund.
The partnership will set resources in motion to expedite Ukraine's economic recovery. Pivotal to this relationship, the United States seeks access to more than 20 strategically critical raw materials, including titanium, valuable for aerospace manufacturing, and uranium, with applications in nuclear power, medical equipment, and armaments. Ukraine boasts substantial reserves of lithium, graphite, and manganese – in-demand constituents for electric vehicle batteries.
The deal, a 10-year joint venture, asserts an equal partnership between the two nations. Cash contributions and only fresh U.S. military aid will count toward the American share. Neither party will hold a majority vote, symbolizing an equitable collaboration between Ukraine and the United States, as outlined by Svyrydenko. The fund benefits from the support of the U.S. government through the U.S. International Development Finance Corporation.
The agreement assures Ukraine's commitment to European Union membership and empowers the Ukrainian government to decide what minerals to extract and where.
The Associated Press contributed to this report.
Louis Casiano is a reporter for our website Digital. Send us your story tips at [email protected].
- The United States-Ukraine Reconstruction Investment Fund is aimed at boosting Ukraine's economic recuperation, as confirmed by Treasury Secretary Scott Bessent.
- Ukraine recently signed a deal with the United States, which provides America access to Ukraine's rare minerals, including lithium, a critical component for electric vehicle batteries.
- Ukrainian Economy Minister and Deputy Prime Minister Yulia Svyrydenko highlighted the signed agreement on the social media platform X, stating, "I signed the Agreement on Establishment of a United States-Ukraine Reconstruction Investment Fund."
- President Trump, during his tenure, expressed interest in Ukraine's rare earth elements as a condition for continued U.S. support in the war, viewing it as recompense for the billions of dollars of U.S. military aid provided.
- The US-Ukraine Reconstruction Investment Fund agreement faced challenges following a testy meeting between Trump administration officials and Ukrainian President Volodymyr Zelenskyy in the Oval Office.
- The partnership will allocate resources to speed up Ukraine's economic recovery, with the United States seeking access to more than 20 strategically significant raw materials, such as titanium for aerospace manufacturing and uranium for nuclear power, medical equipment, and armaments.
- The 10-year joint venture between the two countries stipulates equal partnership, with cash contributions and fresh U.S. military aid comprising the American share, and neither party holding a majority vote.
- The agreement underscores Ukraine's pledge to the European Union membership and allows the Ukrainian government to determine minerals to extract and their locations.
- The policy and legislation aspects of this partnership, along with the ongoing war and conflicts in the region, will significantly influence the general news landscape and the business and finance industry, particularly the oil-and-gas and renewable-energy industry.
