Latest news with #Ukraine-US
Yahoo
13-06-2025
- Business
- Yahoo
Former US envoy for Ukraine Volker: Minerals deal won't bring Ukraine money soon but will shift rhetoric in US
Former US Special Envoy for Ukraine Kurt Volker has said that the newly signed Ukraine-US agreement on cooperation in the field of minerals and natural resources will not yield immediate financial results but plays an important political role. Source: Volker on 13 June during the GLOBSEC-2025 forum in Czechia Details: Volker recalled that the agreement involves the creation of a Recovery Fund, which is expected to receive revenues from future natural resource extraction licences in Ukraine. However, he noted that "the reality is: nothing will go into this fund... for years and years". Instead, he explained that the main purpose of the deal is to shift the narrative in the US – moving away from portraying Ukraine as a charity case and towards a vision in which it can "repay" the aid and provide compensation in the future. Volker stated that "the Biden administration has been spending taxpayers' money limitlessly and having no strategy". Meanwhile, now, he added, there is a strategy, and "a way Ukraine can pay them [the US – ed.] back". He stressed that any financial return from this initiative would only be possible after the war ends and following years of investment in the extraction sector. Commenting on the investment outlook, Volker stated that large parts of Ukraine remain safe for business and that many of the barriers to investors stem not from the war but from the country's business climate. Volker said that it is necessary to clearly identify what is hindering economic development and remove these obstacles. Background: On 8 May, Ukraine's parliament ratified the so-called minerals agreement with the US and approved the creation of a joint Ukrainian-American reconstruction investment fund. President Volodymyr Zelenskyy signed the law on 12 May. On 13 May, Ukraine signed two commercial agreements with the US International Development Finance Corporation as part of the implementation of the ratified investment fund deal. On 4 June, Ukraine's parliament approved amendments to the Budget Code to enable the implementation of the US-Ukraine mineral resources agreement. Support Ukrainska Pravda on Patreon!
Yahoo
08-05-2025
- Business
- Yahoo
Ukrainian Parliament votes for ratification of minerals deal with US
The Verkhovna Rada (Ukrainian Parliament) has voted to ratify the agreement on establishing a joint investment fund between Ukraine and the United States. Source: meeting of the Verkhovna Rada on 8 May Details: A total of 338 MPs voted to ratify the agreement on the establishment of a joint investment fund between Ukraine and the United States. This story is developing – we'll bring you the latest updates as they happen. Background: On 1 May, Ukraine's Economy Minister Yuliia Svyrydenko and US Treasury Secretary Scott Bessent signed the minerals deal. On 2 May, the Ukrainian government submitted the Kyiv-Washington agreement on the establishment of the Reconstruction Investment Fund to parliament for ratification. On 6 May, the Foreign Policy Committee supported the ratification of the Ukraine-US minerals deal as a basis and as a whole. On 8 May, the Verkhovna Rada was to vote on the ratification of the mineral deal with the US. Taras Kachka, Deputy Minister of Economy and Trade Representative of Ukraine, said that the US should make the first contribution to the joint investment fund with Ukraine. Support Ukrainska Pravda on Patreon!
Time of India
04-05-2025
- Politics
- Time of India
Zelenskyy's Art Of The Deal: How the Ukrainian president took a page out of Trump's book and got a win-win minerals agreement
In Bob Woodward's 2024 book War that covers the wars in Ukraine and Gaza apart from the race for the 2024 US presidential polls, the veteran journalist reveals a key trait of Trump that anchors his 'art of the deal'. Woodward says that Trump believes in never folding no matter what the circumstances are. His mantra is simply to stick to his position, never admit defeat or wrong even when that is evident, and wait it out till opinions about him change. To Trump, those who fold are 'losers'. And it is by this mantra that Trump has conducted himself both in the business world and in politics. But something curious happened this week. Another leader appears to have successfully used Trump's art of the deal on Trump himself. This is none other than Ukrainian president Volodymyr Zelenskyy. Here's how things played out. After Trump returned to the White House, the Ukraine-US minerals deal was seen to be a necessary arrangement to underpin the military-economic relationship between Kyiv and Washington that had evolved over three years of the Ukraine war. Trump framed this as a deal to recover the 'billions of dollars' the US had given to Ukraine as military aid. Kyiv, however, saw the deal differently – its aim was to tie American investments to Ukraine's security and future reconstruction. Then came the big White House spat between Trump and Zelenskyy in February just before the deal was to be inked. Here, recall how Zelenskyy stood strong despite being ganged up on by Trump and JD Vance. Trump said, 'You don't have the cards'. Zelenskyy replied, 'I am not playing cards'. After the spat, Zelenskyy left leaving the deal unsigned. Subsequently, Trump tried to pile up the pressure on Zelenskyy. US military aid and intelligence sharing were temporarily stopped. Russia used this opportunity to make gains in Kursk that Ukrainian forces had controlled since last August. On the deal, Trump made exaggerated claims that US had provided Ukraine with more than $300 billion in military aid, and Kyiv should repay. Zelenskyy flatly refused and said that US security assistance was guaranteed to Ukraine under the 1994 Budapest Memorandum and that Kyiv wouldn't be paying for any military assistance over the last three years. Washington produced a new draft of the deal that required Kyiv to contribute all income from the use of natural resources by Ukrainian state and private enterprises to a joint investment fund, give the US first rights to buy the extracted resources, and allow the US to recoup all the money it had given Ukraine since 2022 plus interest at a 4% annual rate. Zelenskyy replied that he wouldn't treat US military assistance as loan and couldn't sell his country. As technical teams from both sides gave the deal its final shape, it became clear that sensible voices were eventually prevailing. The final agreement created a joint Reconstruction Investment Fund on a 50-50 basis. Both Ukraine and US will invest in the fund equally. Kyiv with capitalise the fund through licences on future projects in minerals, oil and gas. All resources will be owned by Ukraine. No ongoing projects are included. There is no debt obligation on part of Ukraine. There are no hurdles to Ukraine joining EU. US future military aid to Ukraine will count as American contribution to the fund. All profits the fund makes from future mining and drilling activities in Ukraine will be reinvested in Ukraine's reconstruction. US will have first rights to buy the extracted resources and US companies will naturally be the first to get reconstruction contracts. Today, our government team reported on the economic partnership with the United States. We have an agreement. It has been signed and will be submitted to the Verkhovna Rada for ratification. And we are interested in having no delays with it. All our representatives did a good… — Volodymyr Zelenskyy / Володимир Зеленський (@ZelenskyyUa) May 1, 2025 This is a truly win-win, sensible deal. It upholds Ukraine's minerals sovereignty. Incentivises US military aid to Ukraine. And gives American companies the first rights to buy the minerals and get reconstruction contracts. Importantly, the joint fund will also attract American companies and technologies to mining and exploration, something which is really needed. And profits are expected to come in 10 years down the line. So the deal locks America into Ukraine's future development, serving as a form of guarantee for Ukraine's sovereignty and future in the context of the war. Looked at this way, Zelenskyy actually got the deal he wanted. And he actually took a page out of Trump's book and didn't cave, stuck to his guns and protected his country's interests. In fact, Trump should be proud. Zelenskyy just perfected his art of the deal. Facebook Twitter Linkedin Email Disclaimer Views expressed above are the author's own.
Business Recorder
03-05-2025
- Business
- Business Recorder
Zelenskiy says he discussed air defence, sanctions with Trump in Vatican meeting
KYIV: Ukrainian President Volodymyr Zelenskiy said he discussed air defence systems and sanctions on Russia with Donald Trump on the sidelines of Pope Francis' funeral at the Vatican, in what he called the best meeting the two had ever had. In comments released by his presidential administration, Zelenskiy also said he and the U.S. president agreed that a 30-day ceasefire between Kyiv and Moscow was the correct first step towards ending the war in Ukraine. He said he raised the topic of sanctions with Trump at the impromptu meeting last week, and that Trump's response on this question was 'very strong'. Zelenskiy did not give specifics. He also said the critical minerals deal signed by the two countries on Wednesday was mutually beneficial, and that it would allow Ukraine to defend future U.S. investments, as well as its own territory and people. The accord, heavily touted by Trump, will give the United States preferential access to new Ukrainian minerals deals and unleash U.S. investment in Ukraine's reconstruction. Zelenskiy said that the money would, at least initially, be reinvested and not leave Ukraine. 'Only if the parties then, in the future, agree that in 20 years the fund is fine, things are being built, there is production,' he said, appearing to refer to the possibility of withdrawals in the longer term. Zelensky hails Ukraine-US mineral deal as 'truly equal' The deal aims to establish a fund to manage investments and hold profits. Zelenskiy said there will be a 3-3 split between Ukrainian and U.S. appointees on the plan's supervisory board, which would choose its director. On the security element of the deal, Zelenskiy highlighted the importance of more effective air defences that have remained one of Kyiv's main requests to its allies throughout Russia's three-year-old full-scale invasion. Air defences 'And so we are ready for air defence systems to be a contribution (to the fund). I told him about the number (of systems that we need) - he told me that they will work on it, (that) these things are not free.' Zelenskiy said that $30 billion of military aid allocated in 2024 by the U.S. Congress was due to be supplied in 2025 and 2026, $15 billion of it each year. It was not clear if his remark included aid already supplied in 2025. His comments raised the issue of whether the amount allocated for 2026 could, as a result of the minerals agreement, be brought forward to this year, and then counted towards the U.S. contribution to the deal's fund. 'Ukraine will then return its half bit by bit, and this is what the agreement is about,' Zelenskiy said. 'What is historic about this event is that the Americans can come to the Ukrainian market for the first time.' The minerals agreement was reached at a time when the U.S. says it is growing increasingly frustrated by the failure of Moscow and Kyiv to come to the table for peace talks. Kyiv says it wants an immediate unconditional ceasefire for at least 30 days. Russian President Vladimir Putin has said he agrees in principle, but that there are many issues that need to be clarified before that can happen. Responding to Moscow's offer of a three-day ceasefire around May 9, when Russia celebrates its World War Two victory over Nazi Germany, Zelenskiy said he was ready as long as the truce would be 30 days in length. He said Ukraine, given continued war with Russia, could not guarantee the safety of any foreign dignitaries who came to Moscow for the traditional May 9 victory parade there. 'We cannot be responsible for what happens on the territory of the Russian Federation. They are responsible for your security, and therefore we will not give you any guarantees.' In response, Dmitry Medvedev, hardline deputy chairman of Russia's Security Council, said nobody could guarantee the Ukrainian capital Kyiv would survive to see May 10 if Ukraine attacked Moscow on May 9.
Time of India
02-05-2025
- Politics
- Time of India
My Take 5 (edition 45): The week that was in international affairs
Welcome back to another edition of My Take 5, your weekly roundup of international news. This week we are discussing the Pahalgam terror attack and its fallout, China's support for Pakistan, the Ukraine-US minerals deal, Liberals' surprising win in Canada, and 50 years since the end of the Vietnam war. So let's get to it. Pahalgam terror attack: In the worst terror attack in years, 26 tourists were gunned down by terrorists in Kashmir's Pahalgam. The attack has not only shocked the nation but also posed a serious challenge for security agencies. That despite Kashmir's formidable security dragnet the terrorists were able to slip through and cause mayhem against tourists – when targeting tourists has been a rarity in Kashmir – certainly points to serious lapses. Those lapses need to be thoroughly investigated and the probe report made public as soon as possible so that future Pahalgams are averted. This much we owe to the victims of the massacre and their grieving families, as well as to the state of Jammu & Kashmir that was on the path to normalcy after the nullification of its special status in 2019. Read full story on TOI Facebook Twitter Linkedin Email Disclaimer Views expressed above are the author's own.
