Ukraine and U.S. discuss how to make minerals fund operational by year-end
WASHINGTON, June 4 (Reuters) - Ukraine and the United States have discussed how to make a minerals fund operational by the end of the year and the fund's first meeting is expected in July, Ukraine's First Deputy Prime Minister, Yulia Svyrydenko, said in Washington on Wednesday.
The agreement on developing Ukraine's mineral resources, heavily promoted by U.S. President Donald Trump, was signed by Svyrydenko in Washington in April after weeks of tough negotiations made the terms more favorable to Kyiv.
Ukraine's parliament then ratified the deal.
On Wednesday, Svyrydenko held meetings with U.S. Treasury Secretary Scott Bessent and the Development Finance Corporation, which would be a partner of the minerals fund, "and we discussed very concrete steps how to make this fund operational during this year," she 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 negotiations leading to the clinching of the minerals fund deal followed a heated exchange at the White House between Trump and Ukrainian President Volodymyr Zelenskiy over how to work towards ending Ukraine's three-year-old war with Russia.
The agreement was critical to Zelenskiy mending ties with Trump. The two men met briefly at the Vatican in April during the funeral of Pope Francis to help put their relations back on track.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Auto Express
27 minutes ago
- Auto Express
Avoid using car finance claim firms, says financial watchdog
Consumers have been advised to steer clear of using car finance claim firms, as the UK's top financial watchdog says they could be spending money unnecessarily. The Financial Conduct Authority has begun setting out advice surrounding a possible redress scheme with regard to the ongoing car finance scandal which, according to experts, could see billions of pounds made available for potential claims. Advertisement - Article continues below However, with countless companies now popping up to assist potential claimants, the FCA is keen to remind motorists that in using one 'they may end up paying for a service they do not need and having to pay up to 30 per cent in fees out of any award they may receive'. Rather than utilise one of these paid services, consumers can submit timestamped complaints and claims themselves. Tools such as those on the MoneySavingExpert website can help people search for previous finance agreements, while the site also provides a template in order to draft a letter of complaint. With the Supreme Court set to make its judgement next month in regard to whether 'discretionary commission arrangements' (DCAs) were illegal in the first instance, the FCA is also advising finance firms on how they should calculate claims for disgruntled clients. The FCA is keen for a redress scheme to strike a balance between being fair to consumers, but at the same time not disrupting the market by putting finance firms out of business. In its latest release, the FCA says that the latter scenario could 'reduce competition and could make it more expensive for consumers to borrow money to buy a car in the future'. Such a scheme will fall under one of two arrangements: 'opt-in' and 'opt-out'. With the former – considered the most likely scenario – claimants would be required to notify their finance provider prior to a specified date if they wish to be considered for redress. 'Opt-out', on the other hand, would mean that everyone who is eligible will automatically be included, unless they contact their firm to be taken off the list. Consumers can expect the FCA to announce within six weeks of the Court's judgement in July as to whether a full redress scheme will be implemented, and how exactly it will operate. Tell us which new car you're interested in and get the very best offers from our network of over 5,500 UK dealers to compare. Let's go…
Daily Mail
28 minutes ago
- Daily Mail
Putin's nuclear revenge: Why Kyiv's devastating drone attack could be trigger for Russia to use tactical nukes in Ukraine
Ukraine's breathtaking drone operation that heralded the destruction of Russian bomber aircraft thousands of miles from the border has raised fears Kyiv 's forces may have crossed a threshold set out in Moscow's nuclear weapon use policy. Operation Spiderweb, conducted Sunday by Ukraine's security services (SBU), saw more than a hundred drones destroy and damage at least a dozen strategic bombers capable of carrying nuclear weapons after being smuggled across Russia on trucks. The drones were reportedly piloted by Ukrainian operatives housed in a building close to an office of Russia's FSB security service and successfully evaded detection in a scathing indictment of Russia's intelligence apparatus. While the attack may not have significantly impacted Moscow 's immediate warfighting capabilities, it showed a willingness and a capability on the part of Ukraine to threaten some of Russia's most prized military assets - up to and including parts of its nuclear triad. Several civilians have already been killed in retributive barrages of drone and missile attacks unleashed by Putin's forces on towns and cities across Ukraine, including Kyiv, since the attacks unfolded on Sunday. But these brutal bombardments are likely just one part of Russia's revenge. US President Donald Trump claimed Putin said that he had to retaliate during a call between the two leaders, before the Kremlin yesterday issued an official statement saying it would choose 'how and when' to respond. Then this morning, Kremlin spokesman Dmitry Peskov elevated the rhetoric, telling reporters in Moscow that the war in Ukraine is an 'existential issue for Russia's national interest, safety, on our future and the future of our children'. Now, analysts and officials have warned the daring drone strikes could be considered in Moscow to have crossed a red line set out in Russia's nuclear doctrine, opening up the prospect of a tactical nuclear weapon being deployed on Ukrainian soil. Putin in November signed off on an updated version of the Kremlin's nuclear doctrine that broadened the scope for Moscow to turn to its fearsome atomic arsenal on the same day that US-made missiles rained down on Russian soil. The new document, which replaced the previous iteration outlined in 2020, allows Putin's strategic forces to deploy their devastating weapons if Russia or ally Belarus is threatened by a non-nuclear nation supported by a nuclear power. It also greenlit the use of nuclear weapons in the event of attacks by an adversary on important state or military infrastructure that could potentially disrupt the actions of Russia's nuclear forces. Threats that could warrant a nuclear response from Russia's leadership include an attack with conventional missiles, aircraft or drones, according to the updated document. It is unclear whether any of Ukraine's nuclear-powered backers in the West - namely the US, UK and France - were in any way responsible for supporting the planning or execution of Operation Spiderweb. But George Beebe, Director of Grand Strategy at the Quincy Institute for Responsible Statecraft and former director of Russia analysis at the CIA, said there is a real possibility that Putin's inner circle may believe that to be the case. 'They might well look at this situation and decide that this was a joint attack - that the Ukrainians could not have pulled this off without the knowledge and support of the United States or our NATO allies in Europe,' he told Foreign Policy magazine. 'Now, whether that is true or not, the danger here is that Russians might perceive that to be the case. 'We're dealing with a situation here where the Russians may be concerned that Trump is doing just what people accuse Putin of doing - namely, talking about peace while conducting war.' In November, when Western-made missiles launched by Ukrainian forces struck targets in Russia, Moscow delivered a clear signal that it was serious about lowering the threshold for nuclear conflict. Days later, Putin's forces delivered a punishing strike on Ukraine's Dnipro region with an intermediate-range ballistic missile (IRBM) dubbed 'Oreshnik' - which is believed to have been derived from the RS-26 missile capable of carrying multiple nuclear warheads. Earlier this week, Russian Foreign Ministry spokeswoman Maria Zakharova hinted that Western nations aided Kyiv in carrying out Operation Spiderweb. 'The West is involved in the terrorist activities of the Kiev regime... The countries of the 'collective West' supply weapons specifically for the purpose of committing terrorist acts,' she said in a statement. Some analysts have pointed out that Ukraine's attack, while more shocking than any prior assault on Russian strategic assets, was still carefully calculated to show restraint. The operation sought to damage Russia's Tu-22 and Tu-95 bomber aircraft, which have been frequently deployed since the start of the war to deliver conventional air-launched missile attacks on Ukraine. Although both the Tu-22 and Tu-95 are capable of carrying strategic nuclear weapons, that role is largely the reserve of Russia's fleet of Tu-160 'BlackJack' planes. These advanced, heavy strategic bombers are seen as a cornerstone of Russia's airborne nuclear deterrent, able to fly some 12,500 kilometres while carrying up to 40 tonnes of ordnance - and have largely remained absent from the Ukraine conflict. Kyiv, despite clearly boasting the capability to strike Russia's airborne assets thousands of kilometres from the border, chose not to target Tu-160s en masse - a move that could signal Volodymyr Zelensky's understanding of Moscow's limits and one which offers the Kremlin some wiggle room when plotting its response. But Beebe warned that Ukraine's operation was likely to cause a rapid escalation in the conflict regardless, reasoning that those close to Putin will be saying 'we can't afford not to respond, because if we don't, this will just cement this impression that Ukraine and its allies in the West can just continue to push across all Russian red lines'. For now though, it seems Ukrainian citizens will simply have to contend with an ever increasing threat of conventional drone and missile strikes. Russia targeted at least six regions across the country with 407 drones and 44 missiles in one of its largest coordinated attacks of the three-year war overnight into today. Kyiv mayor Vitali Klitschko said search and rescue operations are underway at several locations in the city. Multiple explosions were heard in Kyiv, where falling debris sparked fires across several districts as air defence systems attempted to intercept incoming targets, according to Tymur Tkachenko, head of the Kyiv City Administration. 'Our air defence crews are doing everything possible. But we must protect one another - stay safe,' Tkachenko wrote on Telegram. Ukrainian air force spokesperson Yurii Ihnat said the barrage included ballistic and cruise missiles, as well as a mix of strike drones and decoys. Ukrainian forces said they shot down about 30 of the cruise missiles and up to 200 of the drones. Ukrainian cities have come under regular bombardment since Russia invaded its neighbour in February 2022. The attacks have killed more than 12,000 civilians, according to the United Nations. Meanwhile in the UK, Britain's Strategic Defence Review (SDR) has warned of what the UK could expect to face in the event of a conflict with Russia as concern grows over the potential consequences of Operation Spiderweb. In a comprehensive 144-page document unveiled by Prime Minister Keir Starmer and Defence Secretary John Healey earlier this week, defence chiefs outlined the five terrifying 'methods of attack' Britain should brace itself for. Military bases, ports and airfields in the UK would be the first to come under siege, blasted by waves of drones and long-range cruise, ballistic or hypersonic missiles. Oil rigs, subsea cables, satellite communications and merchant vessels would also find themselves in the crosshairs of any onslaught by Russian tyrant Vladimir Putin, with saboteurs seeking to damage or destroy them. And a shadowy digital army of hackers would also launch a devastating barrage of cyber attacks, targeting government bodies, stock exchanges, communications and other critical infrastructure in a bid to paralyse Britain. The SDR warned: 'Based on the current way of war, if the UK were to fight a state-on-state war as part of NATO in 2025, it could expect to be subject to some or all of the following methods of attack: Attacks on the armed forces in the UK and on overseas bases Air and missile strikes from long range drones, cruise and ballistic missiles targeting military infrastructure and critical national infrastructure Increased sabotage and cyber attacks Attempts to disrupt the UK economy - especially the industry that supports the armed forces - through cyber attacks, intercepting shipping trade and attacks on space-based infrastructure
Reuters
31 minutes ago
- Reuters
TSX futures rise ahead of key US, Canada jobs data
June 6 (Reuters) - Futures tied to Canada's main stock index rose on Friday as investors awaited domestic employment figures and monthly payrolls data from the U.S., while signs of easing tensions between Washington and China fueled trade optimism. The S&P/TSX index futures were up 0.2% at 6:52 am ET (1052 GMT). The monthly U.S. non-farm payrolls report, scheduled at 8:30 am ET, will help investors assess the impact of President Donald Trump's trade policies on the labor market. Canada's monthly unemployment data is also due at 8:30 am ET. This week, Trump doubled tariffs on imports on steel and aluminum; Canada is the largest seller of the metals to the U.S. Canada's Industry Minister Melanie Joly said on Thursday that Prime Minister Mark Carney and Trump are in direct communication as part of Ottawa's bid to persuade Washington to lift tariffs. Meanwhile, a highly-anticipated phone call between Trump and Chinese President Xi Jinping on Thursday, which Trump said led to "a very positive conclusion," offered hope the trade war between the world's two largest economies might start to de-escalate. Additionally, China called on Friday for steps to improve bilateral ties with Canada, saying there were no deepseated conflicts of interest, following a spike in trade tensions with many of Beijing's Western trade partners this year. In commodities, oil prices slipped but were on track for their firstly weekly gain. Gold prices firmed while copper ticked up; both were set for weekly rises. Canada's main stock index edged higher on Thursday as higher oil prices boosted energy shares and investors assessed prospects of Canada reaching a trade deal with the U.S. FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report CA/ Reuters global stocks poll for Canada , Canadian markets directory
