The United States and Ukraine on Thursday finally signed the long-awaited joint Washington-Kyiv mineral investment fund deal as part of the Trump administration’s requirement to continue its support for the European nation in the ongoing war against Russia.

The agreement came days after President Donald Trump and his Ukrainian counterpart Volodymyr Zelenskyy met at the Vatican during Pope Francis’ burial ceremony on Saturday, ending months-long fraught negotiations between the two countries.

“This agreement 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,” Treasury Secretary Scott Bessent said in a statement. 

He added, “President Trump envisioned this partnership between the American people and the Ukrainian people to show both sides’ commitment to lasting peace and prosperity in Ukraine.” And to be clear, no state or person who financed or supplied the Russian war machine will be allowed to benefit from the reconstruction of Ukraine.”

Neither of the two countries provided details about the agreement, especially on what Ukraine’s future security guarantees. However, the U.S. will share future revenues from Ukraine’s mineral reserves under the agreement, with the money going towards the reconstruction of the country and repayment of America’s previous military aid to Kyiv.

Reacting to the development in a Telegram post, Ukrainian Prime Minister Denys Shmyhal assured that the agreement would be beneficial to Ukrainians as critics of the deal expressed concern over Ukraine’s territorial integrity.

“Thanks to this agreement, we will be able to attract significant resources for reconstruction, start economic growth, and receive the latest technologies from partners and a strategic investor in the United States,” Mr Shmyhal said.