Key Events
British Foreign Secretary David Lammy welcomes the deal between the United States and Ukraine. He said in his post on X:
The UK welcomes the steps taken by the United States and Ukraine to sign an economic partnership. Britain's support for Ukraine remains unwavering. Through our 100-year partnership, we are deepening the economic and security relationships for future generations of our country.
Hello, welcome our live coverage of Ukraine, which shares revenue from minerals and rare earths with the United States after months of negotiations.
The deal “clearly states to Russia that the Trump administration will be a peace process centered on freedom, sovereignty and prosperity for a long time,” U.S. Treasury Secretary Scott Betting said in announcing it.
He added: "It is important to be clear that no state or person that fundes or provides Russian war machine will benefit from the reconstruction of Ukraine."
Prime Minister of Ukraine Denys Shyhalsaid on state television that the agreement must be approved by the Ukrainian parliament, which is "good, equal and beneficial".
In an article on social media, he said the two countries would establish a reconstruction investment fund with both sides having 50% of the voting rights, and made it clear that Kiev would not be required to repay any "debt" for the United States during the war.
The deal is the source of enormous friction between the United States and Ukraine, including a catastrophic meeting in February Donald Trump and Volodymyr Zelenskyy Trump and his vice president JD VanceScreaming to Ukrainian leaders in front of live TV cameras.
Before the meeting, Zelenskyy claimed that the United States forced him to sign more than $50 billion (£3.95 billion) of mineral wealth - about four times the United States' contribution to Kiev since the beginning of the war, Zelenskyy said it would require 10 generations of Ukrainians to repay.
Here is a review of key developments:
Yulia Svyrydenko, Ukraine’s first deputy prime minister, signed the fund in Washington, said Ukraine would retain “all resources that belong to Ukraine in our territory and territorially.” She said the ownership of state-owned companies will not change and revenue will come from new licenses for key materials and oil and gas projects, rather than from projects that have already begun.
"They will continue to belong to Ukraine" will not change the ownership of state-owned companies, she said.. These include companies such as Ukraine (Ukrnafta), Ukraine’s largest oil producer and nuclear energy producer, Energoatom.
Svyrydenko said the revenue will come from new licenses for key materials and oil and gas projects, rather than projects that have already begun. In the United States or Ukraine, there is no tax on the fund's income and contributions, "making the investment the biggest result."
Ukrainian Prime Minister Denys Shmyhal said in an article on social media that the agreement is based on five key principles, including the parties' right to equal voting and Ukraine's no debt obligations. He also said the fund would not be a barrier to Ukrainian EU joining negotiations.
Until the last moment, will the United States and Ukraine manage to sign the deal. Washington reportedly signed other agreements with Ukraine, including the structure of investment funds, or "going home." Bessent later said that despite Ukraine's last-minute changes, the United States was ready to sign.