Ukrainian President Volodymyr Zelenskiy said the critical minerals deal signed with the US was mutually beneficial, as it would allow Ukraine to defend future U.S. investments, as well as its own territory and people.
The accord, heavily touted by Trump, will give the United States preferential access to new Ukrainian minerals deals and unleash U.S. investment in Ukraine’s reconstruction.
The deal aims to establish a fund to manage investments and hold profits. Zelenskiy said there will be a 3-3 split between Ukrainian and U.S. appointees on the plan’s supervisory board, which would choose its director.
On the security element of the deal, Zelenskiy highlighted the importance of more effective air defences that have remained one of Kyiv’s main requests to its allies.
“And so, we are ready for air defence systems to be a contribution (to the fund). I told him about the number (of systems that we need) – he told me that they will work on it, (that) these things are not free.”
Zelenskiy said that $30 billion of military aid allocated in 2024 by the U.S. Congress was due to be supplied in 2025 and 2026, $15 billion of it each year. It was not clear if his remark included aid already supplied in 2025.
His comments raised the issue of whether the amount allocated for 2026 could, as a result of the minerals agreement, be brought forward to this year, and then counted towards the U.S. contribution to the deal’s fund.
“Ukraine will then return its half bit by bit, and this is what the agreement is about,” Zelenskiy said. “What is historic about this event is that the Americans can come to the Ukrainian market for the first time.”
The minerals agreement was reached at a time when the U.S. says it is growing increasingly frustrated by the failure of Moscow and Kyiv to come to the table for peace talks.
Kyiv says it wants an immediate unconditional ceasefire for at least 30 days. Russian President Vladimir Putin has said he agrees in principle, but that there are many issues that need to be clarified before that can happen.
