Ukraine, US push to launch minerals fund by year-end

Ukraine and the United States are working to make a new minerals fund operational by the end of the year, with the fund’s first board meeting expected to take place in July, Ukraine’s First Deputy Prime Minister Yulia Svyrydenko said during a visit to Washington on June 4.

The agreement to develop Ukraine’s mineral resources, which has been strongly backed by US President Donald Trump, was signed by Svyrydenko in Washington in April after a series of tough negotiations that resulted in more favourable terms for Kyiv. Ukraine’s parliament has since ratified the deal, Caliber.Az writes per Reuters.

On June 4, Svyrydenko met with US Treasury Secretary Scott Bessent and officials from the Development Finance Corporation, which is expected to partner in the minerals fund.

“We discussed very concrete steps how to make this fund operational during this year,” Svyrydenko told reporters. “So we plan to have the first board meeting of this fund in July and we will discuss what will be the seed capital to start operating this fund. And actually, too, we should adopt the investment strategy for this fund for the next few years.”

The path to the minerals fund agreement came after a heated exchange at the White House between Trump and Ukrainian President Volodymyr Zelenskyy over efforts to end Ukraine’s three-year war with Russia.

The agreement was seen as a critical step for Zelenskyy in mending ties with Trump. The two leaders met briefly at the Vatican in April during the funeral of Pope Francis to help reset their relationship.

By Sabina Mammadli