The United States and Ukraine signed an agreement on minerals. The signature of the Washington Agreement was confirmed on Wednesday afternoon local time, while US Finance Minister Scott Bessent described it as “historical”.
“I am happy to announce the signature of the historical economic partnership agreement,” said Bessent in a video published on the social network X. He added that “this partnership allows the United States to invest together with Ukraine, free up Ukrainian growth assets, mobilize US talent, capital and management standards that improve investment environment in Ukraine and speed up.
Establishment of the investment fund
The Ukrainian Minister of Economy and the first Deputy Prime Minister Julija Svyrydenková also confirmed that she signed an agreement on the name of Ukraine in Washington. Kiev, according to her words, will create an investment fund for the restoration of Ukraine as part of the agreement together with the United States. “We are creating a fund with the United States that will attract global investments to our country,” she wrote on the X platform.
The United States has not yet published the details of the agreement achieved, which will only come into force after approval in the Ukrainian parliament. However, the agreement should provide the US with a preferential approach to new investment projects aimed at developing Ukrainian natural resources, including aluminum, graphite, oil and natural gas, Bloomberg wrote.
Ownership of raw materials in Ukraine
After signing, Svyrydenková explained that Ukraine will retain the full ownership of all minerals in her territory and in her territorial waters in accordance with the agreement. On the X platform, she said she would “determine what and when it will be mined in Ukraine”. At the same time, the investment fund will be equally managed by both countries. “Neither party will have a dominant voting right – a reflection of an equal partnership between our two countries,” she said.
“The important thing is that this agreement signals a global partner that long -term cooperation with Ukraine – for decades – is not only possible, but also reliable,” the DPA agency quotes the Ukrainian Minister.
Terms of military assistance
Shortly before signing, Reuters insisted on the proposal of the agreement and informed that Ukraine had reached the cancellation of the US to repay the US for the military assistance so far, which was still provided by President Joe Biden’s administration. Even Ukrainian Prime Minister Denys Šmyhaľ said before signing that the US side would be able to count only new military aid as its contribution to the investment fund.
