Ukraine’s deputy prime minister has revealed key details of the ‘historic’ minerals deal which was reached on Wednesday, following months of sometimes fraught negotiations.
Yulia Svyrydenko, who signed the agreement alongside US Treasury Secretary Scott Bessent in Washington, says the agreement would have knock-on effects for Ukraine.
Through the deal, the countries will create a joint fund to invest in Ukraine's reconstruction, with a draft saying Washington would get preferential access to new Ukrainian resource deals.
“It is important that the agreement will become a signal to other global players that it is reliable to cooperate with Ukraine in the long term - for decades,” Ms Svyrydenko said.
The deal comes as overnight attacks killed several people. Russian drone strikes on the Black Sea port city of Odesa in the early hours of Thursday killing two and injuring 15, emergency services said. Russia also reported that Ukrainian strikes in the Russian-controlled part of Kherson killed seven.
Earlier, Ukraine's top military commander Oleksandr Syrskyi has said Russian forces have significantly increased the intensity of fighting in eastern Ukraine as Vladimir Putin is publicly talking about wanting a ceasefire.
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Key Points
- Ukrainian deputy prime minister reveals key parts of the agreement
- Ukraine and US announce they have reached vital minerals deal
- Full text of US-Ukraine agreement published by Kyiv
- Why is the minerals deal signed between Ukraine and US crucial?
- US treasury chief Bessent hails 'historic' deal
Analysis: Trump gets his deal, but what does Zelensky get in return?
15:48
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Rachel Clun
Mark Almond writes that the minerals deal Ukraine agreed with the US is less humiliating than the one Zelensky initially refused to sign, but it doesn’t necessarily leave Ukraine better off.
US hails 'first of its kind' minerals deal
15:15
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Rachel Clun, Reuters
White House press secretary Karoline Leavitt has called the US and Ukraine minerals deal “a first of its kind economic partnership for the reconstruction and long term economic success of Ukraine.”
“President Trump has been clear from the beginning he wants the killing in this brutal war to end. This agreement shows how invested the president is in securing a truly lasting peace,” she said in a press briefing.
US treasury secretary Scott Bessent said the agreement was a full economic partnership between American and Ukraine that will give president Donald Trump a stronger negotiating position.
The deal will show "Russian leadership that there is no daylight between the Ukrainian people and the American people, between our goals," Mr Bessent said in an interview with Fox Business Network.
Putin thanks UAE for help with prisoner-of-war swap
15:08
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Rachel Clun, Reuters
Russian President Vladimir Putin has thanked United Arab Emirates President Sheikh Mohammed bin Zayed Al Nahyan for helping to mediate prisoner exchanges between Russia and Ukraine.
The Kremlin said Mr Putin and Sheikh Mohammed spoke by phone on Thursday.
Mr Putin also hosted the United Arab Emirates’ deputy prime minister and the minister of interior, Russia’s foreign ministry said.
Where Ukraine's key critical mineral deposits lie
14:54
,
Rachel Clun
Ukraine is sitting on one of Europe’s largest deposits of critical minerals, most of which remain untapped. Here are some of the key locations:
US-Ukraine deal can be altered
14:39
,
Rachel Clun
The agreement can be amended if both countries agree, the full document of the US-Ukraine minerals agreement said.
It will remain in force “until such time as the Parties agree to its termination,” the agreement said, and both sides agreed to resolve any disputes over the deal “by mutual consultation”.
“The Parties shall endeavor to agree on the interpretation and application of this Agreement and shall make every attempt through cooperation and consultations to arrive at a mutually satisfactory resolution of any matter that might affect its operation.”
What natural resources are included in the deal?
14:24
,
Rachel Clun
In the agreement, the US will gain an interest in any new project involving Ukraine’s natural resources.
The list is long, and includes rare earth minerals including lithium, graphite and titanium, as well as tin, zinc, copper and gold.
Natural gas is also on the list, as is oil.
In total more than 50 commodities are included in the agreement.
US acknowledges Ukraine's efforts to 'strengthening international peace'
14:09
,
Rachel Clun
In the full text of the deal signed yesterday between Washington and Kyiv, the US has recognised Ukraine’s efforts towards peace.
The document says: “the United States of America and Ukraine recognise the contribution that Ukraine has made to strengthening international peace and security by voluntarily relinquishing the world's third largest arsenal of nuclear weapons.”
The deal also says both sides have agreed that any income from the fund will not be taxed, including tariffs.
Analysis: How the deal gives Trump a win
13:55
,
Sam Kiley
World affairs editor Sam Kiley says the US-Ukraine mineral deal is good for both countries:
On Wednesday, US President Donald Trump said that he didn’t want to look “foolish” in sending US aid to defend Ukraine against Russia’s invasion.
The new deal gives him a “win” – he had been made to feel that America will gain from its investment in Kyiv, which amounts to about $130 billion.
Nonetheless, by striking the mineral deal, Trump has been prised away from the embrace of Putin because he sees more immediate financial and personal profit now in Kyiv.
He is fickle and fissile and there will be many opportunities to accidentally drive him back into the arms of Moscow where he feels safe and celebrated after years of flattery by the Kremlin.
He has not acted on principle in defending a young democracy against a foreign invasion and he has not agreed the deal because it binds America back into the fabric of Europe after ripping it out.
But he is on board – which means Volodymyr Zelensky has outplayed the master manipulator Putin.
Inside Trump and Zelensky’s intimate meeting at Pope’s funeral before deal breakthrough
13:40
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Rachel Clun
Insiders have revealed details of the Vatican exchange between the two world leaders, and how it may have helped create a diplomatic breakthrough and boost Ukraine’s fortunes in the ongoing war with Russia.
What is the US-Ukraine minerals deal? | Independent Explains
13:26
,
Rachel Clun
World affairs editor Sam Kiley explains what the deal means.
Rubio joins praise for US-Ukraine deal
13:13
,
Rachel Clun
US secretary of state Marco Rubio has joined the chorus of praise for the US-Ukraine minerals deal.
“Thanks to @POTUS's leadership, today the US and Ukraine signed the Reconstruction Investment Fund Agreement—a milestone in our shared prosperity and an important step in ending this war,” he wrote on X.
The deal was also hailed as a “milestone” by Ukraine’s foreign minister earlier today.
Full text of US-Ukraine agreement published
13:01
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Rachel Clun
Ukraine has published in full the reconstruction investment fund agreement, which was signed after two months of negotiations between the Kyiv and the US.
In it, the countries acknowledge that the US “has provided significant financial and material support to Ukraine since Russia's full-scale invasion of Ukraine in February 2022”.
It also states that the American people “desire to invest alongside Ukraine in a free, sovereign, and secure Ukraine”, and the US and Ukraine both want “a lasting peace in Ukraine and a durable partnership between their two peoples and governments”.
We are going through the full text of the agreement, and will bring you more detail shortly.
Downing Street welcomes US and Ukraine economic partnership
12:48
,
Rachel Clun
Sir Keir Starmer has welcomed the US and Ukraine signing an economic partnership under which the US will provide support for the war-torn country.
Asked about the deal, the prime minister’s official spokesman said: “We welcome steps taken by the US and Ukraine to sign an economic partnership.
“I think the Ukrainian foreign minister has said it's an important milestone.
“And as you know, we have our own 100-year partnership, which the prime minister signed in January with Ukraine, and we're continuing to work with Ukraine to deepen our economic and security ties for future generations of both of our countries.”
The spokesman said it signals clearly to Russia that the Trump administration is committed to a peace process “centred on a free, sovereign and prosperous Ukraine over the long term”.
US treasury secretary says deal shows there is 'no daylight' between US and Ukraine
12:36
,
Reuters
Treasury Secretary Scott Bessent says the new US-Ukraine minerals deal shows there is “no daylight” between the goals of the two countries.
In an interview on Thursday, Bessent said the deal was full economic partnership that will allow President Donald Trump to negotiate with Russia on a stronger basis.
The deal will show "Russian leadership that there is no daylight between the Ukrainian people and the American people, between our goals," Bessent said in an interview with Fox Business Network.
Bessent language on Ukraine ‘important’, Downing Street says
12:23
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Archie Mitchell
Downing Street has welcomed US Treasury Secretary Scott Bessent’s description of “Russia's full scale invasion”.
After a significant change in tone on the conflict from Donald Trump’s administration, showing significantly more support for Ukraine, Sir Keir Starmer’s official spokesman said the description used by Mr Bessent was “very important”.
The spokesman said: “We've always been very clear where the fault in this illegal invasion lies, and the fact that this war could come to an end today, if President Putin rolled back his troops.”
Ukraine's foreign minister hails US deal as a 'milestone'
12:08
,
Rachel Clun
Ukraine’s foreign minister Andrii Sybiha has hailed the US minerals deal as a “milestone agreement”.
Mr Sybiha said he spoke with the European Union’s vice president and top foreign affairs official Kaja Kallas about the deal.
“This marks an important milestone in Ukraine–US strategic partnership aimed at strengthening Ukraine’s economy and security,” he said on social media on Thursday.
“We discussed recent diplomatic efforts and the next steps to achieve a fair and lasting peace.”
Mr Sybiha said the pair also discussed the EU and Ukraine agenda.
“We also exchanged updates on the preparations for the EU foreign ministers’ visit to Ukraine on May 9th. Grateful to the EU for its solidarity and steadfast support,” Mr Sybiha said.
Watch: Devastating aftermath of Russian drone attack on Odesa as minerals deal struck
11:53
,
Rachel Clun
Emergency workers put out fires and helped civilians from damaged apartment buildings following a Russian strike on the Ukrainian port city of Odesa overnight.
Zelensky reiterates call for tougher stance on Russia
11:37
,
Rachel Clun
Volodymyr Zelensky has repeated his regular call for greater pressure on Russia to end the war.
“Continued pressure on Russia is essential to force it into silence and negotiations,” the Ukrainian president said.
“The more effective the sanctions, the more incentives Russia will have to end the war. The stronger Ukraine’s defence and our Air Defence Forces are, the more lives we will be able to save — and the sooner we will be able to guarantee lasting security. I thank everyone around the world who is helping.”
Zelensky blasts Russia for continuing to ignore ceasefire talks
11:22
,
Rachel Clun
Ukraine’s president has highlighted numerous overnight drone attacks by Russia to call out Moscow for continuing to ignore a ceasefire proposal.
Volodymyr Zelensky said that as well as Odesa, Russia launched 170 drone attacks on Kyiv, the Sumi region, Kropyvnytskyi and its area, as well as the Kharkiv and Cherkasy regions.
“For over 50 days now, Russia has been ignoring the American proposal for a full and unconditional ceasefire,” he said.
“There were also our proposals — at the very least, to refrain from striking civilian infrastructure and to establish lasting silence in the sky, at sea, and on land. Russia has responded to all this with new shelling and new assaults.”
Ukrainian president shares condolences for people killed in Odesa overnight
11:07
,
Rachel Clun
Ukraine’s president Volodymyr Zelensky has expressed his condolences for the two people killed in a Russian attack on the Black Sea port city of Odesa overnight.
“In Odesa, debris is still being cleared at the residential building hit by a Russian drone,” he said, adding the city was attacked by 21 drones in total.
“Tragically, there have been fatalities. My condolences to the families and loved ones. All those affected are receiving the necessary assistance.”
How will the US-Ukraine fund work?
10:52
,
Rachel Clun
Central to the agreement between the US and Ukraine is a joint fund, and Ukraine’s deputy prime minister Yulia Svyrydenko has detailed how that will work.
The US will make contributions, including cash, but Ms Svyrydenko said they can also provide assistance such as new air defence systems.
Ukraine will also contribute 50 per cent of government revenues from new rents on new commodities licences, she said, and Kyiv can also make additional contributions beyond that.
“The Fund will then invest in mineral and oil and gas projects, as well as related infrastructure or processing,” she said.
“The specific investment projects to which the funds will be directed will be determined jointly by Ukraine and the United States. Importantly, the Fund can invest exclusively in Ukraine.”
The fund is a long-term investment, she said.
“We expect that for the first 10 years, the fund's profits and revenues will not be distributed, but can only be invested in Ukraine - in new projects or reconstruction,” Ms Svyrydenko said.
“This is a cooperation for decades to come.”
Analysis: Ukraine has prised Trump away from the Kremlin
10:37
,
Sam Kiley
World affairs editor Sam Kiley writes that the minerals deal is a triumph of diplomacy for Kyiv:
Dmitri Medvedev, the former Russian president, said the deal means Ukraine “will have to pay for military supplies with the national wealth of a disappearing country”. It does not.
It does mean that, for the first time this year, the US now sees Ukraine as a financial asset.
Switching the White House perception of the country - as one that brought the Russian invasion on itself, was risking World War III, and is losing the war - to one where American financial skin is in the game has been a triumph of Ukrainian diplomacy.
Read the full analysis below
Ukraine details eight key points in deal
10:22
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Rachel Clun
Ukraine’s deputy prime minister Yulia Svyrydenko has highlighted eight key points in the deal. They are:
- Full ownership and control of Ukraine’s natural resources remains with Kyiv.
- It is an equal, 50/50 partnership, and neither country will have a majority vote.
- State-owned companies will continue to belong to Ukraine.
- No debt obligations of Ukraine to the US are mentioned.
- It complies with Ukraine’s constitution and does not change its course on EU integration.
- The fund’s income will only come from new projects.
- The US will help attract investment and technology from other companies and EU nations.
- The fund’s income and contributions will not be taxed.
Ukraine’s Deputy PM says deal will show the world that Kyiv is a reliable partner
10:07
,
Rachel Clun
Yulia Svyrydenko said the new deal between the US and Ukraine will help show other international partners that Ukraine is reliable, attracting further investment.
The countries signed a deal on Wednesday to create a jointly-owned fund that will give the US preferential access to any new mineral deals, and help fund investment in Ukraine's reconstruction.
After signing the deal in Washington, Ms Svyrydenko said the deal would have knock-on effects.
“It is important that the agreement will become a signal to other global players that it is reliable to cooperate with Ukraine in the long term - for decades,” she said.
The US has agreed to help attract additional investment through the Development Finance Corporation (DFC), she said.
“[The] DFC will help us attract investments and technologies from funds and companies in both the US and the EU and other countries that support our fight against the Russian enemy,” Ms Svyrydenko said.
“Technology transfer is an important component of the agreement, because we need not only investments, but also innovations.”
Ukrainian deputy prime minister reveals key parts of the agreement
09:52
,
Rachel Clun
Ukraine’s first deputy prime minister has revealed core details in the new agreement between Kyiv and Washington.
The agreement, which gives the US preferential access to new Ukrainian minerals deals and fund investment in Ukraine’s reconstruction, comes after two months of at times heated negotiations.
Yulia Svyrydenko was in Washington to sign the deal on Wednesday, and revealed some of the key details on social media.
They include Ukraine retaining ownership of all resources within the country, minimal legislative changes, and no debt obligations, she said.
“All resources on our territory and in territorial waters belong to Ukraine. It is the Ukrainian state that determines where and what to extract,” she said in a translated post on X.
“The agreement does not mention any debt obligations of Ukraine to the U.S. The implementation of the agreement will allow both countries to increase their economic potential through equal cooperation and investment.”
Ms Svyrydenko said the agreement also would not affect its course on integrating with the European Union.
Seven killed in Ukraine strike in Kherson region, Russia says
09:41
,
Rachel Clun, Reuters
Seven people have been killed in a Ukrainian strike in a Russian-controlled part of the Kherson region, a Russian official has said.
It comes after Ukraine’s emergency services reported two were killed and 15 were injured in Russian strikes on the Black Sea port city of Odesa overnight.
Russia's Medvedev says Ukraine minerals deal means Trump has forced Kyiv to pay for US aid
09:29
,
Reuters
Russian security official Dmitry Medvedev said on Thursday that the signing of a minerals deal between Ukraine and the United States meant US President Donald Trump had finally forced Kyiv to pay for US aid.
"Now they will have to pay for military supplies with the national wealth of a disappearing country," Medvedev, a former Russian president, wrote on Telegram.
UK welcomes deal between US and Ukraine
09:16
,
Rachel Clun, PA
Foreign secretary David Lammy has welcomed the new agreement between the US and Ukraine.
Late on Wednesday, the US Treasury announced a “reconstruction investment fund” for Ukraine, with Ukrainian Prime Minister Denys Shmyhal describing it as “truly an equal and good international deal”.
Writing on X on Thursday, Mr Lammy said: The UK welcomes steps taken by the US and Ukraine to sign an economic partnership.
“The UK’s support for Ukraine remains steadfast. With our 100-year partnership, we are deepening economic and security ties for the future generations of both of our countries.”
Russia and North Korea build bridge to link countries
09:01
,
Rachel Clun, Reuters
Russia and North Korea have started building a bridge over a border river, a project hailed by both countries as the beginning of a road linking the two nations.
The bridge will be 1 kilometre (0.6 miles) long and is expected to take 1 year to build, according to Russian news agency Tass.
North Korea's Korean Central News Agency said the bridge would expand cross-border travel of people, tourism and circulation of commodities.
North Korea and Russia held simultaneous ground-breaking ceremonies for the bridge in their respective border cities, according to the two countries' state media agencies.
North Korean Premier Pak Thae Song and Russian Prime Minister Mikhail Mishustin attended the ceremony via video links.
"This is a big milestone for Russian-Korean relation," Russian Prime Minister Mikhail Mishustin said, according to Tass.
Relations and exchange programs between the two countries have been flourishing in recent years, with North Korea supplying ammunition and troops to support Russia's war against Ukraine.
Watch: US treasury secretary hails 'historic' minerals deal
08:46
,
Rachel Clun
US treasury secretary Scott Bessent has hailed the minerals deal signed between Washington and Ukraine as “historic”.
Where are Ukraine's critical minerals?
08:31
,
Rachel Clun
Kyiv and Washington have signed a deal to give the US preferential access to new Ukrainian minerals deals and fund investment in Ukraine’s reconstruction.
Ukraine is sitting on one of Europe’s largest deposits of critical minerals, which remains largely untapped, including lithium and titanium.
Here are some of the key mineral deposits across the country:
Everything you need to know about Ukraine's minerals and the US deal
08:16
,
Rachel Clun
After two months of often testy negotiations, Ukraine and the United States have signed a mineral and profit-sharing deal.
Below, the Independent looks at what could be included in the deal now that it has been struck.
Russian attacks kill two in Odesa, emergency services say
08:01
,
Rachel Clun, Reuters
Two people have been killed and another 15 have been injured in Russian drone attacks on Ukraine’s Black Sea port city of Odesa.
The attack early on Thursday also sparked fires and damaged infrastructure, emergency services said.
"The enemy attack damaged residential high-rises, private houses, a supermarket, a school, and cars," regional governor Oleh Kiper wrote on the Telegram messaging app. "Fires broke out in some places and are being extinguished by our rescuers."
Ukraine's state-owned railway Ukrzaliznytsia said the overnight attack also damaged its tracks, the contact network and three freight cars.
"Railway employees are carrying out rapid repair work to ensure that freight trains run to ports without interruption. They are currently following an alternative route."
Passenger trains were running on schedule, it added on Telegram. One of the people killed in his home during the attack on Odesa was a railway worker, according to the company.
In pictures: firefighters at work after drone strike
07:46
,
Rachel Clun
Firefighters have tackled blazes in Odesa after a Russian attack.
The officials behind the US-Ukraine minerals deal
07:17
,
Rachel Clun
Ukraine’s first deputy prime minister has shared a photograph of the team of negotiators from the US and Kyiv who inked the new minerals deal between the countries in Washington.
“Thanks to the leadership and agreements between President Volodymyr Zelenskyy and President Donald Trump, Secretary of the Treasury Scott Bessant and I signed the agreement between Ukraine and the United States to establish the United States–Ukraine-Ukraine Reconstruction Investment Fund,” Yulia Svyrydenko said on X.
“I thank everyone who contributed to this Agreement and helped make it stronger. This document is capable of delivering success for both our countries — Ukraine and the United States.”
Luxembourg tipping €10m into Ukraine fund
07:16
,
Rachel Clun
Ukrainian Prime Minister Denys Shmyhal has thanked Luxembourg for providing €10m for the Ukraine energy support fund.
“We will be able to use these funds to support various projects in the energy sector, in particular the restoration and strengthening of energy security,” he wrote on X.
“Many thanks to Luxembourg for the comprehensive support.”
Luxembourg will provide 10 million euros for the Ukraine Energy Support Fund. We have signed a corresponding memorandum with @Xavier_Bettel. We will be able to use these funds to support various projects in the energy sector, in particular the restoration and strengthening of… pic.twitter.com/g5tgVMdf8Z
— Denys Shmyhal (@Denys_Shmyhal) May 1, 2025
Russia launches five missiles and 170 drones during overnight attack
07:01
,
Arpan Rai
Russia has attacked Ukraine with five ballistic missiles and 170 drones in an overnight attack targeting several parts of the war-hit nation, Ukraine’s air force said this morning.
The air force said its defence units shot down 74 drones while another 68 drones did not reach their targets likely due to electronic warfare cou