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Ukraine, US sign additional agreements for minerals deal, Economy Ministry says

3 min read
Ukraine, US sign additional agreements for minerals deal, Economy Ministry says
The U.S. Capitol dome is seen through American and Ukrainian flags on the East Plaza of the U.S. Capitol on April 23, 2024, as the Senate considers aid to Ukraine and Israel. (Bill Clark / Getty Images)

Ukraine and the U.S. signed two additional agreements on May 13 to formally launch a joint Reconstruction Investment Fund as part of the deal for Ukraine's mineral resources, Ukraine's Economy Ministry said on May 13 during a briefing.

The move follows Ukraine's ratification of the minerals agreement earlier this week, as well as Zelensky's signing of the ratified deal. Ukraine's parliament also on May 13 approved in the first reading changes to the budget code necessary for the fund to operate in Ukraine.

The documents concerning the establishment and operation of the fund were signed between Ukraine's Public-Private Partnerships Agency and the U.S. International Development Finance Corporation (DFC), a key agency of the U.S. government for foreign investment.

The Reconstruction Investment Fund will be jointly managed by Kyiv and Washington under an equal partnership model. Both sides have declined to publicly disclose operational specifics.

Ukraine's Economy Minister Yuliia Svyrydenko wrote in a post on Facebook that Ukraine had "completed all the necessary procedures to launch the American-Ukrainian Reconstruction Fund," adding that she had passed along a communique to Julie Davis, U.S. chargé d'affairs in Ukraine.

"There are no provisions on debt in the agreement and there is an obligation to invest exclusively in Ukraine," she wrote. "This is another clear signal: Ukraine is on its way to strategic investment."

The minerals agreement, signed on April 30, allows the U.S. special access to projects involving Ukraine's reserves of lithium, titanium, and other critical minerals. These resources are considered critical to global supply chains for the defense, aerospace, and green energy industries.

A map showing the location of critical raw materials in Ukraine. (The Kyiv Independent)

Prime Minister Denys Shmyhal previously said future U.S. military aid could be counted as contributions to the fund, but stressed that past assistance would not be included.

The agreement emerged after months of difficult talks that strained relations between the U.S. and Ukraine. Plans to sign the deal in late February collapsed following a heated White House argument between President Volodymyr Zelensky and U.S. President Donald Trump.

The final version excluded controversial provisions from earlier drafts that experts warned could have exploited Ukraine's resources. However, it does not include explicit security guarantees from the U.S., a long-standing priority for Kyiv.

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