Ukraine and the US have finally announced an agreement on the joint exploitation of Kyiv’s energy and mineral resources. The deal involves establishing a “Reconstruction Investment Fund” for Ukraine, to spur Kyiv’s economic recovery from its war with Russia.
The fund will be owned 50/50 by both parties, with US military aid counting as contributions. Ukraine will retain full control over its resources and infrastructure. Additionally there will be zero tariffs between the two countries, with the US committing to bring in additional partners.
US Treasury Secretary Scott Bessent said it showed both sides were committed to lasting peace and prosperity in Ukraine.
Yuri Sak, a Ukrainian government adviser, described the deal as a “success” for Ukraine.
He told BBC Radio 4’s Today programme: “It’s a deal about investment, it’s about mutually beneficial projects and we have to view this deal as part of the wider negotiating process and as such it’s a success.”
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