Zelensky says minerals deal with US ‘truly equal’

Kyiv: Ukrainian President Volodymyr Zelensky said Thursday that a minerals deal signed with the United States offered “equal” benefits for both sides, despite falling short of the explicit security guarantees Kyiv had asked for.

The agreement, which was signed on Wednesday, 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, but Kyiv says the new agreement is not linked to any past “debt”.

During the negotiations, “the agreement changed significantly”, 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 weeks ago, but a fiery clash between Trump and Zelensky in the White House temporarily derailed talks.

Ukraine hopes the deal will eventually pave the way for security guarantees from Washington, 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.

Under the terms of the deal announced on Wednesday, 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 place any specific security commitments on the United States, 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.

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 US warned that this week would be “critical” in determining whether it would continue trying to broker an end to the three-year war or walk away.

On Monday, Russian President Vladimir Putin declared a surprise three-day truce from May 8-10, coinciding with Moscow’s large-scale World War II Victory Day celebrations.