Ukraine and the U.S. sign a minerals deal. Trump greenlights USD 50 million in defense sales to Ukraine for the first time since taking office. A Russian drone strike on Odesa kills two, injures 15 others.
Ukraine, U.S. sign minerals deal
Ukraine and the U.S. have signed a minerals deal. “On behalf of the Government of Ukraine, I signed the Agreement on the Establishment of a United States–Ukraine Reconstruction Investment Fund,” Yulia Svyrydenko, Ukraine’s First Deputy Prime Minister and Economy Minister, said on X Thursday, referring to the deal’s official name.
Treasury Secretary Scott Bessent signed the agreement on behalf of the U.S.
“I thank everyone who contributed to this Agreement and helped make it stronger. It is now a document capable of delivering success for both our countries — Ukraine and the United States of America,” Svyrydenko said.
“The U.S. affirms its commitment to long-term peace in Ukraine and acknowledges Ukraine’s contribution to global security — including its decision to give up nuclear weapons. It is an Agreement that reaffirms the United States of America commitment to Ukraine’s security, recovery, and reconstruction,” she continued.
Bessent referenced the accord as a “historic economic partnership agreement between the United States and Ukraine”.
“Economic security is national security. [The U.S. International Development Finance Corporation, or DFC] will work closely with the Government of Ukraine to establish this fund, and we look forward to quickly operationalizing this historic economic partnership for both the Ukrainian and American people,” he said on X.
Svyrydenko listed the agreement’s key provisions.
-Full ownership and control [over the subsoil] remain with Ukraine. All resources on its territory and in its territorial waters belong to Ukraine.
-The Fund will be financed exclusively from new licenses.
-The countries will enter an equal partnership. “The Fund is structured on a 50/50 basis. It will be jointly managed by Ukraine and the United States. Neither side will hold a dominant vote — a reflection of equal partnership between our two nations,” Svyrydenko said.
-The agreement does not alter privatization processes or the management of state-owned companies — they will remain Ukrainian. Companies such as Ukrnafta and Energoatom will stay in state ownership.
-Svyrydenko said Ukraine has no debt obligations to the United States under the agreement.
-The deal also, she said, complies with Ukraine’s constitution and Ukraine’s path to join the European Union.
-Only amendments to the Budget Code are required for the Fund to operate. The agreement itself will be submitted to Ukraine’s Parliament for ratification.
-“The United States will help attract additional investment and technology. The Fund is supported by the U.S. government through the DFC agency. This will assist us in attracting investments and technologies from U.S., EU, and other international partners that support Ukraine’s fight against the Russian aggressor,” Svyrydenko said.
-Fund revenues and contributions will not be taxed in either the U.S. or Ukraine.
An earlier draft of the document gave the U.S. full control over the fund, according to Ukrainian news site European Pravda.
“[The deal] is consistent with national legislation and does not conflict with any of Ukraine’s international obligations. Importantly, the Agreement sends a signal to global partners that long-term cooperation with Ukraine — over decades — is not only possible but reliable,” Svyrydenko said.
The agreement envisages the U.S. contributing new military assistance in the future, such as air defense systems. “Ukraine contributes 50 per cent of state budget revenues from the new rent on new licenses for new plots,” she added.
“If, after the Effective Date, the Government of the United States of America delivers new military assistance to the Government of Ukraine in any form (including the donation of weapons systems, ammunition, technology or training), the capital contribution of the U.S. Partner will be deemed to be increased by the assessed value of such military assistance, in accordance with the LP Agreement,” one of the clauses says.
Some provisions earlier made public by Ukraine Prime Minister Denys Shmyhal do not appear to be in the agreement. One of the points he highlighted is that for the first decade of the reconstruction investment fund, profits will be fully reinvested in Ukraine’s economy, either in new projects or reconstruction. The provision might later be part of an additional technical deal.
According to European Pravda, the agreement signed on May 1 consists of 11 pages, while a March draft had more than 90 pages.
Trump greenlights USD 50 million in defense sales to Ukraine for first time since taking office
The Trump administration told Congress on Wednesday it would approve at least USD 50 million in defense sales to Ukraine, the Kyiv Post reported. This would be Trump’s first export of military supplies to Ukraine since taking office. The paragraphs below are quoted from the article.
On Wednesday, the Trump administration informed Congress of its intention to green-light the export of defense-related products to Ukraine through direct commercial sales (DCS) of $50 million or more, Kyiv Post has learned from diplomatic sources.
The permission – the first of its kind since Trump returned to the White House over 100 days ago – comes just weeks after the administration paused all Ukraine-related military aid for review (…).
The $50 million sale license notice, first seen by Kyiv Post, was submitted to Congress via the Arms Export Control Act, a law that authorizes US Presidents to control the import and export of defense articles and services, according to formal notice sent to the Congress from the State Department’s Legislative Affairs office.
From 2015 through 2023, the US had quietly authorized the permanent export of over $1.6 billion in defense articles and services to Ukraine via DCS.
“All DCS are quiet; they don’t get announced publicly like Foreign Military Sales,” Colby Badhwar, security assistance analyst at Tochnyi, a research group, told Kyiv Post’s Washington correspondent. “The news here is basically that it [US arms sales] is continuing, despite everyone predicting that Trump would cut Ukraine off completely,” he added.
Last month, Ukrainian President Volodymyr Zelenskyi said Ukraine was ready to buy at least 10 Patriot air defense systems from the U.S. for USD 15 billion, relying on European partners’ assistance. In response, Trump again blamed Zelenskyi for starting the war with Russia.
Russian drone strike on Odesa kills two, injures 15 others
A major Russian drone attack on Odesa overnight on Thursday killed two people and injured 15 others, the State Emergency Service of Ukraine said.
The strike damaged apartment buildings, private homes, a school, a supermarket and cars, and sparked fires.
Ukraine’s state-owned railway Ukrzaliznytsia said the overnight attack damaged its tracks, the contact network and three freight cars in the region of Odesa.
One of the people killed in his home during the attack on Odesa was a railway worker, the company said.
Passenger trains were running on schedule, it added. “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,” Ukrzaliznytsya said on Thursday morning.
