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The US Treasury has announced it has agreed to establish an American-Ukrainian reconstruction investment fund.
For Ukraine, the economic deal was seen as possibly key to ensuring its access to future US military aid in its war against Russia.
President Trump had previously called for Kyiv to compensate Washington for billions of dollars in assistance to help repel the Kremlin’s forces.
A senior Ukrainian official said on Wednesday that the US will make “direct financial contributions” to the fund and “may also provide new assistance” such as air defence systems for Ukraine.
The US Treasury said “in recognition of the significant financial and material support” the US has provided to the “defence of Ukraine… this economic partnership positions our two countries to work collaboratively and invest together to… accelerate Ukraine’s economic recovery”.
US treasury secretary Scott Bessent said: “This agreement signals clearly to Russia that the Trump administration is committed to a peace process centered on a free, sovereign, and prosperous Ukraine over the long term.”
He also said “this partnership allows the US to invest alongside Ukraine, to unlock Ukraine’s growth assets, mobilise American talent, capital and governance standards that will improve Ukraine’s investment climate and accelerate Ukraine’s economic recovery”.
Mr Trump indicated in February he wanted access to Ukraine’s rare earth materials, describing it as reimbursement for the billions of dollars in aid the US has given to Kyiv.
But talks stalled after a heated Oval Office meeting between him and President Zelenskyy, and reaching an agreement since then has proven difficult amid strained relations between Washington and Kyiv.
President Trump and President Zelenskyy met before the Pope’s funeral last weekend. Pic: Ukrainian Presidential Press Office via AP
What raw materials does Ukraine have?
The US is seeking access to over 20 raw materials seen as strategically critical to its interests, including some non-minerals such as oil and natural gas.
Among them are Ukraine’s deposits of titanium, which is used for making aircraft wings and other aerospace manufacturing, and uranium, which is used for nuclear power, medical equipment and weapons.
Ukraine also has lithium, graphite and manganese, which are used in electric vehicle batteries.
On Wednesday, Ukraine’s first deputy prime minister Yulia Svyrydenko said she had signed the agreement to create the investment fund.
She wrote on X: “Together with the United States, we are creating the fund that will attract global investment into our country.
“Its implementation allows both countries to expand their economic potential through equal cooperation and investment.
“The United States will contribute to the fund. In addition to direct financial contributions, it may also provide new assistance – for example air defence systems for Ukraine.”
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Ukrainian Prime Minister Denys Shmyhal said: “Truly, this is a strategic deal for the creation of an investment partner fund.
“This is truly an equal and good international deal on joint investment in the development and restoration of Ukraine between the governments of the United States and Ukraine.”
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