Washington. The United States and Ukraine signed a long-anticipated agreement Wednesday granting the US access to Ukraine’s rich deposits of critical minerals. The deal, known as the United States-Ukraine Reinvestment Fund, could help sustain military aid to Kyiv amid growing uncertainty over future US support under President Donald Trump.

Few details were disclosed about the fund’s structure, but the agreement is expected to secure American access to Ukraine’s vast reserves of rare earth elements and other critical resources. It also offers Kyiv a measure of reassurance about continued US backing as the war with Russia enters its fourth year.

“This agreement signals clearly to Russia that the Trump administration is committed to a peace process centered on a free, sovereign, and prosperous Ukraine over the long term,” Treasury Secretary Scott Bessent said. “President Trump envisioned this partnership between the American people and the Ukrainian people to demonstrate a mutual commitment to lasting peace and prosperity in Ukraine.”

The announcement comes at a pivotal point in the conflict, as Trump grows increasingly frustrated with both Moscow and Kyiv. It also follows the collapse of a similar agreement two months ago after a contentious Oval Office meeting involving Trump, Vice President JD Vance, and Ukrainian President Volodymyr Zelenskyy.

Trump has repeatedly criticized Zelenskyy, claiming the Ukrainian leader has “no cards” to win the war and blaming him for prolonging the conflict by refusing to cede Crimea. Recently, however, Trump has also taken aim at Russian President Vladimir Putin, accusing him of undermining negotiations with poorly timed attacks on Kyiv.

Speaking Wednesday night on NewsNation, Trump said the deal “in theory” means the US will gain more from Ukraine than it invested. “I wanted to be protected,” he said. “I didn’t want to look foolish, not getting anything back for the investment.”

Ukraine Welcomes 'Equal and Good' Agreement

For Kyiv, the agreement is seen as key to unlocking future US military assistance.

“Truly, this is a strategic deal for the creation of an investment partnership fund,” Ukrainian Prime Minister Denys Shmyhal said. “It is truly an equal and good international deal between the governments of the United States and Ukraine.”

Ukraine’s Economy Minister Yulia Svyrydenko traveled to Washington to finalize the agreement. “Together with the United States, we are creating a fund that will attract global investment to our country,” she posted on X after the signing.

Earlier in the day, Bessent had cast doubt on the timeline, saying Ukraine introduced last-minute changes. “We're sure that they will reconsider,” he said. “We are ready to sign this afternoon if they are.”

Strategic Materials in Play

The US has been seeking access to more than 20 materials deemed strategically critical, including titanium, uranium, lithium, graphite, and manganese --resources essential for aerospace, nuclear energy, and electric vehicle batteries.

Ukraine initially rejected a US draft it viewed as disproportionately favoring American interests. The revised agreement establishes a 10-year equal partnership with contributions made in cash. Only new military aid will count toward the U.S. share; prior assistance will not. The deal also includes provisions ensuring compatibility with Ukraine’s aspirations for European Union membership.

The Ukrainian Cabinet approved the agreement Wednesday, authorizing Svyrydenko to sign it. It still requires ratification by the Ukrainian Parliament before taking effect.

Ceasefire Talks and Rising Casualties

The deal comes amid faltering peace talks. Kremlin spokesman Dmitry Peskov said Russia supports a ceasefire ahead of negotiations but wants key questions addressed first. He said President Putin is willing to engage in direct talks with Ukraine without preconditions.

“We understand Washington wants fast progress, but the Ukrainian crisis is too complex to resolve quickly,” Peskov told reporters.

Trump has grown impatient with the pace of negotiations. Western leaders accuse Putin of stalling as Russian forces continue to seize Ukrainian territory, now nearly one-fifth of the country.

On Tuesday, the US State Department warned that negotiations must accelerate or risk collapse. “Concrete proposals are now needed from both parties,” said department spokesperson Tammy Bruce, citing remarks from Secretary of State Marco Rubio.

Russia rejected a US proposal for a 30-day ceasefire, demanding a halt to Ukrainian mobilization and Western arms deliveries.

Civilian Deaths Mount

Ukrainian civilians continue to suffer. A UN report released Tuesday found 2,641 civilian casualties in the first quarter of 2025, about 900 more than the same period last year. From April 1–24, casualties rose 46 percent year-on-year.

In the latest attack, a Russian drone strike wounded at least 45 civilians in Kharkiv, Ukraine’s second-largest city.

Separately, Ukraine’s Security Service claimed responsibility for drone strikes on Russia’s Murom Instrument Engineering Plant, causing explosions and a fire. The AP could not independently verify the claim.