Zelensky describes minerals agreement with the US as 'genuinely equal'

Ukrainian President Volodymyr Zelensky on Thursday hailed a landmark minerals agreement with the United States as a "truly equal" partnership that benefits both nations, despite the absence of direct security guarantees for Kyiv. The deal, which took months to finalize, aims to facilitate joint development and investment in Ukraine's critical mineral sector through the creation of a shared Reconstruction Investment Fund. Zelensky emphasized that the agreement underwent significant changes during negotiations to ensure fairness and that it does not burden Ukraine with debt. Instead, it establishes a recovery fund that will invest in Ukraine and generate domestic returns.

The deal, originally set for signing in February, was delayed due to political tensions between Zelensky and then-U.S. President Donald Trump. Although Trump later described the agreement as a form of reimbursement for previous aid, Ukrainian officials rejected any suggestion of it being tied to wartime debt. U.S. representatives also underscored the deal as a demonstration of continued American support for Ukraine. Under the terms of the agreement, profits will be reinvested in Ukraine for the first decade, with potential for shared distribution afterward.

While the agreement does not include explicit security commitments, Washington argues that deepening economic ties will help deter future Russian aggression. In the hours following the deal, Russia launched a large-scale drone attack on the city of Zaporizhzhia, injuring 14 people and damaging a Soviet-era residential building. Zelensky renewed his call for increased international pressure on Moscow to end its invasion, urging allies to push Russia into serious negotiations.

Meanwhile, the European Union is preparing a 17th round of sanctions against Russia, with French Foreign Minister Jean-Noel Barrot calling President Vladimir Putin the main obstacle to peace. In the U.S., bipartisan lawmakers have introduced a bill to sanction nations aiding Moscow in undermining peace efforts. Despite repeated diplomatic attempts to end the war, including a rejected 30-day ceasefire proposal earlier this year, fighting continues.

U.S. Vice President JD Vance expressed cautious optimism about the prospect of halting the conflict but noted the final decision lies with Kyiv and Moscow. Secretary of State Marco Rubio, however, signaled that the U.S. might reconsider its role in the peace process, pointing to growing global concerns, particularly regarding China. In a rare move, Putin has announced a three-day truce from May 8–10 to coincide with major World War II commemorations.