The U.S. reportedly struck a deal with Ukraine Tuesday to jointly develop mineral extraction projects in the nation after weeks of negotiations, according to multiple sources.
The deal would establish a mutual fund that Ukraine would contribute 50% of revenues from state-owned mineral resources, including oil and gas, aimed at investing in extraction projects, according to multiple sources. The deal reportedly does not include explicit security guarantees from the U.S., but Ukrainian officials told the Financial Times that the deal is one of many that will strengthen U.S.-Ukraine bonds.
Ukrainian President Volodymyr Zelenskyy is set to travel to the White House for a signing ceremony Friday, according to Axios.
“The minerals agreement is only part of the picture. We have heard multiple times from the US administration that it’s part of a bigger picture,” Olha Stefanishyna, Ukraine’s deputy prime minister and justice minister told the Financial Times. (RELATED: ‘A Threat To The Rest Of Europe’: Brit Hume Questions Macron’s Deal, Warns It Might ‘Stain’ Global Reputation)
President Donald Trump initially demanded $500 billion in future revenue from exploiting their resources, however Zelenskyy shot the deal down, according to the Financial Times. In the following weeks, the Trump and Zelenskyy’s respective teams came to an agreement, with the final version reportedly drafted Feb. 24.
Zelenskyy would still have to seek approval from the Ukrainian Parliament to implement the measure, according to the Financial Times.
Ukrainian President Volodymyr Zelenskyy gives an interview to Turkish media after his visit to Turkey on February 19, 2024 in Ankara, Türkiye. (Photo by Mert Gokhankoc/ via images via Getty Images)
President Donald Trump announced Feb. 12 that negotiations to end the Ukraine-Russia war were underway following a call with Russian President Vladimir Putin. The war has raged for three years, taking tens of thousands of lives as the frontlines stagnated.
Moreover, Defense Secretary Pete Hegseth said Feb. 12 in Brussels, Belgium that Ukraine joining NATO and returning to its 2014 borders, when it retained control over Crimea and the currently disputed Donbass and Donetsk regions, was not “realistic.”
Since the war began in February 2022, the U.S. has spent more than $130 billion aiding Ukraine. During his campaign, Trump vowed to bring peace to Ukraine and the world, with his team already playing a large role in negotiating a ceasefire between Hamas and Israel in January.
U.S. envoy Gen. Keith Kellogg reportedly played a large role in the deal, Ukrainian and U.S. officials told Axios.
“General Kellogg’s meetings with Zelensky in Kyiv last Wednesday and Thursday were extremely important. Patient, persistent diplomacy can yield results,” a U.S. official familiar with the talks told Axios.
The Ukrainian Foreign Ministry did not respond to the Daily Caller News Foundation’s request for comment. The State Department deferred to the White House, who directed the DCNF to Trump’s comments Tuesday in the Oval Office.
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