Media reports say the United States yesterday signed a deal with Ukraine on the joint exploitation of its energy and mineral resources.

The two countries have agreed to establish a reconstruction investment fund to spur Ukraine's economic recovery from its war with Russia.

The document was inked by US Treasury Secretary, Mr. Scott Bessent, and Ukraine’s Deputy Prime Minister, Ms. Yulia Svyrdenko, in Washington on April 30.   

The BBC cited US Treasury Secretary Scott Bessent as saying that it showed both sides were committed to lasting peace and prosperity in Ukraine.  For Kyiv, the deal is reportedly seen as essential to accessing US military aid.

Ms. Svyrdenko reportedly in a post on X that the new fund would “attract global investment into our country.”

Listing the deal's provisions, she said it would involve projects in minerals, oil and gas, although the resources would remain the property of Ukraine.

The partnership will be equal, on a 50:50 basis, she added, and must be ratified by lawmakers in Kyiv.

Under the deal, the US would contribute new assistance to Kyiv, she added, including, for example, air defense systems.

The BBC notes that according to the statement from the US Treasury, the newly created US-Ukraine Reconstruction Investment Fund recognizes the “significant financial and material support” the US has given Ukraine since Russia invaded in February 2022.

The US Treasury Secretary reportedly said in a video statement that the deal would help “unlock Ukraine's growth assets.”

It was noted that “no state or person who financed or supplied the Russian war machine will be allowed to benefit from the reconstruction of Ukraine.”

Reuters reports that Ukraine is believed to have vast reserves of critical minerals like graphite, titanium and lithium and they are highly sought after because of their use in renewable energy, military applications and industrial infrastructure.

The deal heavily promoted by U.S. President Donald Trump will the United States preferential access to new Ukrainian minerals deals and fund investment in Ukraine's reconstruction, according to Reuters. 

The Kremlin has not yet responded to the agreement.