US, Ukraine sign joint minerals deal
The Trump administration signed a deal with Ukraine giving the US access to its mineral wealth


What happened
Treasury Secretary Scott Bessent and Ukrainian Deputy Prime Minister Yulia Svyrydenko Wednesday signed a deal to share Ukraine's mineral wealth through a new joint partnership, the United States-Ukraine Reconstruction Investment Fund. The 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," Bessent said in a statement.
Who said what
The minerals deal, sealed after "months of fraught negotiations," was intended to give President Donald Trump a "personal stake" in Ukraine's fate "while addressing his concerns that the United States has provided Kyiv with a blank check to try to withstand Russia's invasion," The New York Times said. Unlike earlier drafts, which "critics called a brazen extortion of Ukraine," the final deal stipulates that only future U.S. military aid can be counted toward America's 50% contribution to the fund. The partnership will finance investments to extract Ukraine's oil, gas, titanium, uranium and rare earth minerals, and the revenue will be split 50/50.
What next?
The agreement, which still needs ratification by Ukraine's parliament, looks like a "win-win," Heidi Crebo-Rediker of the Council on Foreign Relations told The Wall Street Journal. "The U.S. will have a vested interest in the geology that the Ukrainians will be fighting for." But "Trump cannot force private U.S. firms to make expensive and potentially unprofitable investments" in Ukrainian mineral projects, The Washington Post said, especially during a war.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
Israel's Western allies pull back amid Gaza escalation
speed read Britain and the EU are reconsidering allegiance with Israel as the Gaza siege continues
-
Trump drops ceasefire demand after Putin call
speed read Following a phone call with Russia's president, Trump backed off an earlier demand that Putin agree to an immediate ceasefire with Ukraine
-
Pro-EU centrist beats Trump acolyte in Romania vote
speed read The mayor of Bucharest, Nicusor Dan, defeated hard-right nationalist George Simion in the race for Romania's presidency
-
Israel-US 'rift': is Trump losing patience with Netanyahu?
Today's Big Question US president called for an end to Gaza war and negotiated directly with Hamas to return American hostage, amid rumours of strained relations
-
Kurdish PKK militia to disband for Turkey talks
speed read The Kurdistan Workers' Party will disarm after four decades of armed conflict with Turkey, putting an end to 'one of the longest insurgencies in the Middle East'
-
US, China agree to lower tariffs for 90 days
speed read US tariffs will fall to 30% from 145%, while China will cut its tax on US imports to 10% from 125%
-
On VE Day, is Europe alone once again?
Today's Big Question Donald Trump's rebranding of commemoration as 'Victory Day for World War Two' underlines breakdown of post-war transatlantic alliance
-
India strikes Pakistan as tensions mount in Kashmir
speed read Pakistan's Prime Minister Shehbaz Sharif called it an 'act of war'