The United States and Ukraine have signed an agreement granting Washington access to some of the war-torn country’s natural resources.
Months in preparation, the agreement creates an investment fund that Ukraine hopes will solidify US aid as the country continues its struggle against Russia, three years after the invasion.
Ukraine has now made the agreement public, and both sides have issued statements, reports BBC.
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However, Washington appears to have made a concession. Ukrainian Prime Minister Denys Shmyhal stated that the agreement does not dictate that Ukraine pay any “assumed debt.”
Trump has hailed the agreement as a win for his side, stating that the US would receive “much more in theory” than the billions given to Ukraine by his predecessor, Joe Biden.
The language used by the United States in the announcement of the agreement is notably harsher towards Russia than usual for the Trump administration.
The agreement refers to the “full-scale invasion of Russia,” and the US Department of the Treasury added that “no state or individual that financed or supplied Russia’s war machine will be allowed to benefit from the reconstruction of Ukraine.”
This will likely encourage Kyiv, which has been pushing for more pressure to be exerted on Russia in negotiations between Moscow and Washington concerning a potential ceasefire.
Despite the majority of the discussions around the agreement being focused on Ukraine’s mineral wealth, the agreement also includes provisions for oil, natural gas, and other hydrocarbons.
In all cases, the resources remain under Ukraine’s ownership, though the US will have shared access.
The inclusion of oil and gas has been seen as a softening of Ukraine’s stance, as these were not part of earlier drafts of the agreement.
Ukraine has long aspired to join the European Union, and the accession talks officially began last June.
There were concerns in Kyiv that the agreement on resources might hinder Ukraine’s ability to join the EU, especially if it gave preferential treatment to US investors, as Kyiv and Brussels already share a strategic partnership for raw materials.
However, the agreement’s text clarifies that the US accepts Ukraine’s goal of joining the EU and recognizes the need for the agreement not to conflict with this.
It also states that should Ukraine need to revisit the agreement’s terms due to “additional obligations” as part of its EU membership, the US is committed to negotiating in good faith.
Furthermore, Kyiv states that the US will support additional transfers of investments and technology to Ukraine, including from the EU and other countries.
The US has characterized the agreement as crucial for continuing its military support for Ukraine.
Ukrainian First Deputy Prime Minister Yulia Svyrydenko, who flew to Washington DC to sign the agreement, said that it is expected that the US will contribute new support in the future, such as air defense systems.
This could mark a shift in Trump’s strategy—who has sought to reduce military support for Ukraine since returning to the White House.
An unresolved question is what the agreement ultimately means for the state of the war. The Kremlin has yet to respond to the agreement.
