Zelensky declares mineral agreement signing as the initial outcome of negotiations with Trump during discussions at the Vatican.
In an off-the-cuff conversation on May 1st, Ukrainian President Volodymyr Zelensky announced the U.S.-Ukraine minerals deal as a significant achievement from his recent sit-down with Uncle Sam in the Vatican. He referred to it as a "historic" development fleshed out during his tete-a-tete with Prez Trump back in April.
This impromptu meeting took place inside St. Peter's Basilica after a chance encounter at the funeral of the late pontiff. During the 15-minute chat, Zelensky pleaded with Trump to revisit his initial plan for an unconditional ceasefire as the cornerstone for kick-starting peace talks, a stance that both Kyiv and Washington back but Putin's crew had rejected up until now.
This face-to-face rendezvous marked the first time the two leaders locked horns since their feisty dust-up in the Oval Office during February. Back then, Trump and VP JD Vance blindsided Zelensky over what they perceived as a lack of gratitude for the U.S.'s unwavering support.
Zelensky touted the minerals agreement as one that's now on equal footing for both sides, opening up the possibility of substantial investment in Ukraine and modernization of its production facilities, along with an overhaul of its legal framework.
Signed on April 30th in Washington by Ukraine's First Deputy PM, Yuliia Svyrydenko, and U.S. Treasury Secretary, Scott Bessent, this new fund operates like a limited partnership between the U.S. International Development Finance Corporation and Ukraine's Agency for Supporting Public-Private Partnerships.
Future resources for the fund come solely from new license fees, with half of the income generated from lithium, titanium, oil, and gas extracts going towards it after the fund's creation, according to Svyrydenko. The minerals deal, now awaiting approval from Ukraine's parliament, includes a list of 57 vital minerals, ensures compliance with Ukrainian and EU regulations, and quashes earlier worries about sovereignty and conflicts with existing EU agreements.
Ukrainian officials hinted that parliamentary votes could happen during sessions between May 13th and 15th, as long as all procedures are wrapped up in time.
Though the current deal doesn't guarantee any security assurances, Svyrydenko mentioned in a private message that "additional assistance—like air defense systems for Ukraine—could potentially materialize from this partnership."
Zelensky celebrated this accord as "a fair-play partnership" and hinted at more U.S. backing to come. "We're hoping for more wins from our Vatican talks," he added.
It's worth noting that this U.S.-Ukraine minerals deal, officially labelled as the "Agreement on the Establishment of a United States-Ukraine Reconstruction Investment Fund," has Ukraine retaining full ownership of its natural resources, infrastructure, and subsoil assets, with no debt obligations incurred. The joint investment fund pools resources from both governments and focuses on reconstruction projects, aiming to accelerate Ukraine’s postwar recovery by focusing on energy, infrastructure, and critical mineral supply chains.
Zelensky, in a private message, suggested that "additional assistance," such as air defense systems for Ukraine, could potentially materialize from the U.S.-Ukraine partnership.
The U.S.-Ukraine minerals deal, officially named the "Agreement on the Establishment of a United States-Ukraine Reconstruction Investment Fund," was celebrated by Zelensky as a "fair-play partnership," with hopes for more U.S. backing to come.
During his conversation with Trump inside St. Peter's Basilica, Zelensky pleaded for a revisit of the initial plan for an unconditional ceasefire as a cornerstone for peace talks.
Yulia Svyrydenko, Ukraine's First Deputy PM, mentioned that treasury resources for the fund come solely from new license fees, with half of the income generated from lithium, titanium, oil, and gas extracts going towards it after the fund's creation.
