Landmark minerals deal offers equal gains to both Ukraine and US: Zelensky

KYIV: President Volodymyr Zelensky has described the new minerals agreement with the United States as a deal that brings "equal" benefits to both countries, despite falling short of the explicit security guarantees Kyiv had sought.

He said the long-awaited accord marks a major step in Ukraine’s recovery efforts, opening the door to significant US investment without creating new debt.

But Zelensky said more pressure was needed on Russia after its military response to the minerals accord signed on Wednesday was missile strikes on Kyiv and other towns that left at least two dead and 15 wounded.

The agreement, which has taken months to negotiate, would see the United States and Kyiv jointly develop and invest in Ukraine’s critical mineral resources.

US President Donald Trump initially described the arrangement as "money back" for the wartime aid Ukraine received under his predecessor Joe Biden.

Ukraine said the new agreement is not linked to any past "debt" however. And US officials stressed that the accord signalled US support for Ukraine.

"This agreement signals clearly to Russia that the Trump administration is committed to a peace process centred on a free, sovereign and prosperous Ukraine over the long term," US Treasury Secretary Scott Bessent said in Washington.

The agreement "changed significantly" during negotiations, Zelensky said in his daily address.

"Now it is a truly equal agreement that creates an opportunity for quite significant investment in Ukraine."

"There is no debt in the deal, and a fund — a recovery fund — will be created that will invest in Ukraine and earn money here," he added.

Kyiv and Washington planned to sign the agreement in February, but a White House clash between Trump and Zelensky derailed the talks.

Ukraine hopes the deal will now pave the way for the United States to give security guarantees as it seeks to safeguard against future Russian attacks following Moscow’s three-year invasion.

The agreement still needs to be ratified by Ukraine’s parliament.

‘Be quiet and negotiate’

Under the deal, Ukraine and the United States will establish a joint Reconstruction Investment Fund.

Profits from the agreement will be invested exclusively in Ukraine for the first 10 years, after which profits "may be distributed between the partners," Kyiv said.

The new agreement does not give any specific US security commitments, but Washington argues boosting its business interests in Ukraine will help deter Russia.

Moscow has kept up its attacks on Ukraine unabated, despite Trump’s efforts to broker a ceasefire.

An overnight Russian drone strike on the Ukrainian port city of Odesa killed two people and wounded more than a dozen others, authorities said.

"We need further pressure on Russia to force it to be quiet and to negotiate. The more effective the sanctions are, the more incentives Russia will have to end the war," Zelensky said on Telegram following the attack.

French Foreign Minister Jean-Noel Barrot told AFP on Thursday, after Washington talks with US Secretary of State Marco Rubio, that the European Union is preparing a 17th round of sanctions against Russia, describing President Vladimir Putin as the "sole obstacle" to peace in Ukraine.

A bipartisan group of US senators led by Republican Lindsay Graham and Democrat Richard Blumenthal also last month proposed legislation that would impose sanctions on countries friendly to Moscow if it disrupts efforts to end the war.

Russia rejected a 30-day ceasefire proposed by the United States and Ukraine in March, demanding a halt in Western military aid for Kyiv.

The United States warned that this week would be "critical" in determining whether it would walk away from efforts to broker an end to the three-year war.

Putin has declared a surprise three-day truce from May 8–10, coinciding with Moscow’s large-scale celebrations for the 80th World War II Victory Day celebrations.