From February feud to April pact: U.S., Ukraine sign minerals deal

Ukraine and the U.S. on Wednesday signed a deal that will give the United States preferential access to new Ukrainian minerals deals and fund investment in Ukraine's reconstruction.

U.S. Treasury Secretary Scott Bessent and Ukrainian First Deputy Prime Minister Yulia Svyrydenko were shown signing the agreement in a photo posted on X by the Treasury, which said the deal "clearly signals the Trump Administration's commitment to a free, sovereign, prosperous Ukraine."

Bessent said it showed "both sides' commitment to lasting peace and prosperity in Ukraine."

The deal establishes a joint investment fund for Ukraine's reconstruction as U.S. President Donald Trump tries to secure a peace settlement in the Russia-Ukraine conflict.

Svyrydenko wrote on X that the accord provides for Washington to contribute to the fund.

"In addition to direct financial contributions, it may also provide NEW assistance – for example, air defense systems for Ukraine," she said.

In Kyiv, Prime Minister Denys Shmygal said on national television that the agreement was "good, equal and beneficial."

Noting that the reconstruction investment fund has each side having 50 percent voting rights, Shmygal said in a post on Telegram that "Ukraine retains full control over its subsoil, infrastructure and natural resources."

"The fund's profits will be reinvested exclusively in Ukraine," Shmygal said.

The agreement was due to be signed in February but was derailed after Trump's Oval Office clash with Ukrainian President Volodymyr Zelenskyy on February 28. Since then, there have been multiple rounds of negotiations between the two sides. 

Tracking major negotiations between U.S. and Ukraine

On February 28, Zelenskyy visited the White House and met with Trump. The two sides engaged in a heated argument, which resulted in the failure to sign a minerals agreement.

Subsequently, representatives from both countries held multiple rounds of talks in Saudi Arabia.

On March 28, Ukraine stated that it had received a new draft of the minerals agreement from the U.S., which was "completely different" from the previous version.

On April 11 and 12, the Ukrainian delegation traveled to the U.S. for "technical" discussions on the agreement's content.

On April 17, Svyrydenko posted on X that Ukraine and the U.S. had signed a memorandum of intent on the minerals agreement.

On April 18, the Ukrainian government released the text of the memorandum of intent on the minerals agreement.

(With input from agencies)