Ukrainian President Volodymyr Zelensky on Thursday praised a new minerals agreement with the United States as offering "equal" benefits for both nations, even though the deal stops short of providing any formal security guarantees for Ukraine amid its ongoing war with Russia.
The landmark agreement — months in the making — will see Washington and Kyiv jointly develop and invest in Ukraine's critical mineral resources, a move Zelensky said had evolved into a "truly equal agreement" during prolonged negotiations.
"There is no debt in the deal," Zelensky said in an address. "A recovery fund will be created that will invest in Ukraine and earn money here."
He emphasized that the accord lays the groundwork for substantial investment in Ukraine without incurring new liabilities.
Although initially set for signing in February, talks were delayed following a clash between Zelensky and then-President Donald Trump. Trump has since described the agreement as "money back" for previous wartime aid provided under President Joe Biden — a claim Kyiv firmly denies.
Ukrainian officials maintain that the deal is not linked to any past debt, a position echoed by US officials who say the agreement signals continued American support for Ukraine.
Under the deal, a joint Reconstruction Investment Fund will be established, with all profits to be reinvested in Ukraine for the first decade.
After that period, profits may be shared between the partners. However, the agreement, which still requires ratification by Ukraine's parliament, does not include explicit US security commitments.
Shortly after the deal was announced, Russia launched a large-scale drone attack on the central city of Zaporizhzhia, wounding 14 people and tearing through a Soviet-era residential building. The strike followed Zelensky's renewed call for Ukraine's allies to intensify pressure on Moscow to end its invasion.
"Ukraine's allies should ramp up pressure on Russia to force it to be quiet and to negotiate," Zelensky said.
Meanwhile, French Foreign Minister Jean-Noel Barrot revealed that the European Union is preparing a 17th round of sanctions against Moscow, labeling Russian President Vladimir Putin the "sole obstacle" to peace.
In the US, a bipartisan group of senators, led by Republican Lindsey Graham and Democrat Richard Blumenthal, has introduced legislation that would sanction countries aiding Moscow in efforts to undermine the peace process.
Despite ongoing diplomatic pushes, Russia has rejected a US- and Ukraine-proposed 30-day ceasefire from March, demanding a halt to Western military assistance for Kyiv as a condition for talks.
US Vice President JD Vance expressed cautious optimism Thursday, stating he believed a ceasefire was possible but emphasized that Kyiv and Moscow must make the final decision.
"They're the ones who have to take the final step," Vance said.
Secretary of State Marco Rubio, speaking on the same network, signaled that the US could abandon peace talks if progress stalls, citing broader global challenges.
"I would say what's happening with China is more important in the long term for the future of the world," Rubio said.
In a surprise move, President Putin announced a three-day ceasefire from May 8 to 10 to coincide with Moscow's commemorations of the 80th anniversary of Victory Day, marking the end of World War II.
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