Zelensky: Minerals Deal Signing First Outcome Of Vatican Trump Meeting
Ukrainian President Volodmyr Zelensky says the April 30 signing of the “minerals deal” establishing a joint reconstruction fund with the United States is the first “tangible” outcome of his one-on-one meeting with President of the United States Donald Trump at the Vatican on April 26.
In a May 1 video address, Zelensky said the deal was “now truly an equal partnership” that would allow “substantial” investment in Ukraine, significant modernisation of Ukraine’s industries, and modernization of legal practices. He added that his team wanted “no delays” in submitting the deal to lawmakers in the Verkhovna Rada for ratification.
“In fact, this is the first tangible outcome of that Vatican meeting, making it historic”, said Zelensky. “We look forward to other outcomes from that conversation — it was a meaningful meeting, and President Trump and I used every minute to the fullest.”
The “minerals deal”, signed in Washington D.C. by Ukrainian First Deputy Prime Minister Yuliia Svyrydenko and U.S. Treasury Secretary Scott Bessent, will create a reconstruction fund owned in equal 50% shares by the U.S. International Development Finance Corporation and Ukraine’s Agency for Supporting Public-Private Partnership.
According to Svyrydenko, Ukraine retains sovereignty over its critical materials, oil, and gas under the deal, with fifty percent of revenues from new licenses issued by Ukraine to mine them to go into the fund.
The deal also stipulates that it will adhere to Ukraine’s obligations to the European Union, with the agreement capable of being revised by mutual agreement should Ukraine “assume additional obligations related to its European Union accession”.
While the agreement does not provide Ukraine with security guarantees from the United States, it does remove debt obligations for previously delivered military aid, something the Trump administration has pushed for. However, the value of future deliveries of military aid will be counted as U.S. investment in the reconstruction fund.
The April 26 meeting was the first in person meeting between Zelensky and Trump following a February 28 visit to the White House, with the United States halting and then resuming military and intelligence aid following a failed attempt to get Zelensky to agree to the version of the “minerals deal” presented to him during an on-camera meeting.