Zelensky welcomes the minerals agreement signed with the United States

Ukrainian President Volodymyr Zelensky said Thursday that the minerals deal he signed with the United States offers fair benefits for both sides, despite falling short of the explicit security guarantees Kiev had sought.

The United States and Ukraine signed an agreement in Washington establishing an investment fund for the reconstruction of the war-torn country and granting President Donald Trump 's administration access to Ukraine's mineral resources.

The Republican tycoon initially described the pact as a "payback" for the aid the United States provided to Ukraine under his predecessor Joe Biden, but Kiev says the new agreement is not tied to any past "debts" from the war years.

"The agreement has changed significantly" during the negotiations, Zelensky said in his daily address.

"This is now a truly fair agreement that creates significant investment opportunities in Ukraine," he added.

Zelensky emphasized in his message: "There is no debt in the agreement, and a fund (a recovery fund) will be created to invest in Ukraine and generate profits here," he noted.

Kyiv and Washington had planned to sign the agreement weeks ago, but tensions erupted following a verbal confrontation between Trump and Zelensky in the Oval Office of the White House in late February, which temporarily derailed the talks.

Ukraine hopes the agreement will pave the way for security guarantees from Washington as it seeks to protect itself from future Russian attacks following Moscow's invasion, which has now lasted three years.

The text still needs to be ratified by the Ukrainian Parliament .

Shut up and negotiate

Under the terms of the agreement announced Wednesday, Ukraine and the United States will establish a joint Reconstruction Investment Fund.

The profits will be invested exclusively in Ukraine for the first 10 years, after which they "may be distributed among the partners," Kiev said.

The new agreement does not impose any specific security commitments on the United States, but Washington argues that boosting its commercial interests in Ukraine will help deter a Russian attack.

Moscow has continued its attacks on Ukraine , despite Trump's efforts to broker a ceasefire.

A Russian drone strike overnight on the Ukrainian port city of Odessa killed two people and wounded more than a dozen others, authorities said.

"We need more pressure on Russia (...) to force it to negotiate. The more effective the sanctions are, the more incentive Russia will have to end the war," Zelensky said on Telegram after the attack.

In March, Russia rejected a 30-day truce proposed by the United States and Ukraine and demanded an end to Western military aid to kyiv.

Washington warned that this week would be crucial in determining whether it would continue trying to mediate to end the three-year war or withdraw.

"We have so many problems, and I would say even bigger problems," insisted US Secretary of State Marco Rubio on Thursday in a statement to Fox News. "I would say what happens with China is more important in the long run for the future of the world," he argued.

Shortly before, Vice President JD Vance said he was "optimistic" about the options for halting the fighting, but warned that it would ultimately depend on kyiv and Moscow.

"It's up to them to take the final step," he said in comments reported by Fox News. "It will be up to them to reach an agreement and stop this brutal, brutal conflict."

On Monday, Russian President Vladimir Putin unexpectedly declared a three-day truce, from May 8 to 10, coinciding with Moscow's large-scale celebrations of World War II Victory Day.

According to various estimates, Ukraine accounts for approximately 5% of the world's mineral resources, although not all of them are exploited or easily exploitable.

Others are located in territories occupied by Moscow or threatened by the advance of Russian forces.

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