Ukraine hopes mineral deal will secure US protection.

Ukraine signed a mineral and profit-sharing deal with the United States last night in Washington DC following two months of testy negotiations.

- SAM KILEY

The agreement will give the United States preferential access to new Ukrainian minerals deals and fund investment in Ukraine’s reconstruction.

Previous versions of the deal presented by Donald Trump’s negotiators insisted that Ukraine pay back the aid the US had given it over the last three years of war. The latest version, according to Ukraine’s prime minister Denys Shmyhal, no longer makes that demand.

Mr Shmyhal said the reworked agreement has become a “real partnership deal”, which could consider future US aid as part of contributions to a joint investment fund.

Yulia Svyrydenko, Ukraine’s first deputy prime minister in charge of economic affairs, landed in DC yesterday to sign the deal. Ms Svyrydenko said the partnership will be equal, on a 50/50 basis, confirming that the agreement includes no debt obligation to the US.

She said the accord allowed Ukraine to “determine what and where to extract” and that its subsoil remains owned by Ukraine. The country is rich in natural resources including rare earth metals which are used in consumer electronics, electric vehicles and military applications, among others.

The US Treasury Department said: “In recognition of the significant financial and material support that the people of the United States have provided to the defense of Ukraine since Russia’s full-scale invasion, this economic partnership positions our two countries to ... accelerate Ukraine’s economic recovery.”