During his trip to Washington, President Volodymyr Zelenskyy's delegation is expected to sign a landmark economic agreement with the U.S. aimed at financing the reconstruction of war-damaged Ukraine, a deal that would closely tie the two countries together for years to come.
Though the deal, which is seen as a step toward ending the three year war, references the importance of Ukraine security, it leaves that to a separate agreement to be discussed between the two leaders — talks that are likely to commence Friday.
As Ukrainian forces hold out against slow but steady advances by Russia’s larger and better-equipped army, leaders in Kyiv have pushed to ensure a potential U.S.-brokered peace plan would include guarantees for the country’s future security.
According to the preliminary economic agreement, seen by The Associated Press, the U.S. and Ukraine will establish a co-owned, jointly managed investment fund to which Ukraine will contribute 50% of future revenues from natural resources, including minerals, hydrocarbons and other extractable materials.
A more detailed agreement on establishing the fund will be drawn up once the preliminary one is signed.
Trump has framed the emerging deal as a chance for Kyiv to compensate the U.S. for wartime aid sent under his predecessor, President Joe Biden.
But Zelenskyy has remained firm that specific assurances for Ukraine’s security must accompany any agreement giving U.S. access to Ukraine’s resources. On Wednesday, he said the agreement “may be part of future security guarantees, but I want to understand the broader vision. What awaits Ukraine?”
Trump remains noncommittal about any American security guarantees.
“I’m not going to make security guarantees ... very much,” Trump told reporters this week. “We’re going to have Europe do that.”
Zelenskyy has been vague on exactly what kinds of security guarantees would be suitable for his country, and while he continues to advocate for Ukraine’s eventual membership in NATO, he has also suggested a similar security arrangement would suffice.
But Trump on Wednesday said Ukraine “could forget about” joining the Western military alliance.
Still, Zelenskyy’s meeting with Trump, their first since the U.S. leader's inauguration in January, is seen in Kyiv as a diplomatic win for Ukraine. On Wednesday, Zelenskyy said being able to meet personally with Trump before Russian President Vladimir Putin does “is a good signal.”
Zelenskyy said he hopes to discuss whether the U.S. plans to halt its military aid to Ukraine and, if so, whether Kyiv would be able to purchase weapons directly from the U.S.
He also wants to know whether Ukraine can use frozen Russian assets for the purchase of weapons and whether Washington plans to lift sanctions on Moscow.
As Zelenskyy seeks to lower the temperature with the U.S. while in Washington, American officials are saying the economic deal, if implemented, would itself provide a measure of security to Ukraine through the presence of U.S. investments on its territory.
On Wednesday, Trump said the U.S. working on mineral extraction in Ukraine would amount to “automatic security because nobody’s going to be messing around with our people when we’re there.”
“It’s a great deal for Ukraine too, because they get us over there and we’re going to be working over there,” Trump said. “We will be on the land.”
That perspective is echoed by the text of the economic agreement, which says the U.S. “supports Ukraine’s efforts to obtain security guarantees needed to establish lasting peace.”
Washington, it continues, has “a long-term financial commitment to the development of a stable and economically prosperous Ukraine.”
