Ukrainian President Volodymyr Zelensky on Thursday praised the recent mineral deal with the United States as a “truly equal agreement,” reported AFP.
In his daily speech, Zelensky welcomed the revamped deal that had been under negotiation for months and was postponed because of a feud with US President Donald Trump.
Zelensky says No Debt, Only Investment
“Now it is a truly equal agreement that creates an opportunity for quite significant investment in Ukraine. There is no debt in the deal, and a fund, a recovery fund, will be created that will invest in Ukraine and earn money here,” he said.
Both parties signed the deal on Wednesday, which will seek to develop the critical mineral resources in Ukraine. The agreement had changed significantly with compromises on both ends.
Trump had previously said that the agreement was how the US would receive their money back after sending wartime assistance to Ukraine during its current conflict with Russia. But President Zelensky has denied that there were any provisions on debt or repayment in the new deal.
Security Guarantees Not Explicitly Included
Ukraine had also requested security commitments as part of the agreement but these have not been verbally stated within the agreement between the two countries. Washington has maintained that this would be an automatic deterrent for Russia by increasing business interests in Ukraine.
Economic Recovery and EU Ambitions
The mineral agreement, long in the making, provides the United States with first crack at investment projects involving Ukraine’s aluminum, graphite, oil and natural gas reserves, Bloomberg reported.
Additionally, through a reconstruction fund, the majority of the earnings of these projects will be used to rebuild infrastructure in Ukraine that has been damaged by Russian missile attacks and military campaigns.
The agreement also fits into Ukraine’s ambitions to become a member of the European Union, a non-negotiable requirement for Kyiv.
