US-Ukraine: Minerals agreement signed after months of tension
The US and Ukraine have finally signed a minerals agreement following months of escalating tension and negotiation.
According to Al Jazeera on April 30th, the two states came together in Washington DC to sign the agreement which would provide the US with access to valuable rare minerals in exchange for support in reconstruction efforts in Ukraine.
The agreement is a signal to Russia that the Trump administration was “committed to a peace process centred on a free, sovereign, and prosperous Ukraine over the long term,” according to US Treasury Secretary Scott Bessent.
“President Trump envisioned this partnership between the American people and the Ukrainian people to show both sides’ commitment to lasting peace and prosperity in Ukraine,” he added.
The terms of the deal appear relatively vague but it seems that the US will contribute directly to the United States-Ukraine Reconstruction Investment Fund, or through military aid, in exchange for 50 percent of revenues from the exploitation of natural resources.
However, America will be waiting 10 years to reap the benefits of this deal as, for the first 10 years, all revenues will be exclusively invested in Ukraine, after which “profits may be distributed between the partners,” according to Ukraine’s Ministry of Economy.
Some analysts have said this deal is both a diplomatic and political win for the US and Ukraine. For Trump, the finalization of the deal is a political win. For Ukraine, negotiators stood their ground and eventually all overreaching US demands were dropped, culminating in a deal equally beneficial to both sides.
The deal will come in to effect only after the Ukrainian parliament ratifies it.
The deal acts as a turning point in US-Ukrainian relations which have not been smooth-sailing in recent months following the explosive row in the Oval Office between JD Vance, Trump and Zelenskyy.
During the meeting, Vice President JD Vance accused Zelensky of showing disrespect, driving relations between the two allies to the lowest levels. Trump added, “you’re not in a good position. You don’t have the cards right now. With us, you start having cards.” Zelensky retaliated arguing he wasn’t playing cards but was very serious before Trump interrupted.
Zelensky had travelled to the US sign a deal that would see Ukraine and the US jointly develop Ukraine’s rich natural resources in exchange for support but, in the most public display of a shifting attitude, the meeting ended with US aides telling the Ukrainian President and his accompanying delegation that it was time to leave. The following day Trump suspended military aid to Ukraine.
According to some analysts, at least, the deal also seems to arise amid deteriorating relations between Trump and Russian President Vladimir Putin which has come as a surprise to many following the years of Trumpian ambivalence, at the very least and admiration at the very most, towards Putin.
However, in recent days Trump appears frustrated at the lack of cooperation from Russia to end the war and rebuked Russian President Vladimir Putin as well, saying he was complicating negotiations with “very bad timing” in launching deadly strikes on Kyiv.
Al Jazeera, Maghrebi
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