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a day ago
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Former US envoy for Ukraine Volker: Minerals deal won't bring Ukraine money soon but will shift rhetoric in US
Former US Special Envoy for Ukraine Kurt Volker has said that the newly signed Ukraine-US agreement on cooperation in the field of minerals and natural resources will not yield immediate financial results but plays an important political role. Source: Volker on 13 June during the GLOBSEC-2025 forum in Czechia Details: Volker recalled that the agreement involves the creation of a Recovery Fund, which is expected to receive revenues from future natural resource extraction licences in Ukraine. However, he noted that "the reality is: nothing will go into this fund... for years and years". Instead, he explained that the main purpose of the deal is to shift the narrative in the US – moving away from portraying Ukraine as a charity case and towards a vision in which it can "repay" the aid and provide compensation in the future. Volker stated that "the Biden administration has been spending taxpayers' money limitlessly and having no strategy". Meanwhile, now, he added, there is a strategy, and "a way Ukraine can pay them [the US – ed.] back". He stressed that any financial return from this initiative would only be possible after the war ends and following years of investment in the extraction sector. Commenting on the investment outlook, Volker stated that large parts of Ukraine remain safe for business and that many of the barriers to investors stem not from the war but from the country's business climate. Volker said that it is necessary to clearly identify what is hindering economic development and remove these obstacles. Background: On 8 May, Ukraine's parliament ratified the so-called minerals agreement with the US and approved the creation of a joint Ukrainian-American reconstruction investment fund. President Volodymyr Zelenskyy signed the law on 12 May. On 13 May, Ukraine signed two commercial agreements with the US International Development Finance Corporation as part of the implementation of the ratified investment fund deal. On 4 June, Ukraine's parliament approved amendments to the Budget Code to enable the implementation of the US-Ukraine mineral resources agreement. Support Ukrainska Pravda on Patreon!
Yahoo
a day ago
- Business
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Former US envoy for Ukraine Volker: I don't think we're gonna have peace, we may have ceasefire
Former US Special Envoy for Ukraine Kurt Volker has said that achieving peace with Russia is currently unlikely, but a ceasefire is possible if financial pressure on the Kremlin is increased. Source: Volker on 13 June during the GLOBSEC-2025 forum in Czechia Details: Volker commented on whether US President Donald Trump is important for achieving peace with Russia. "I don't think we're gonna have peace. I do agree with the minister: I think we may have a ceasefire. And what it will take to get to a ceasefire is squeezing Putin's finances so he has a very hard time keeping the Russian state afloat and conducting this war if he doesn't have revenue," he said. Volker said that the United States must ensure a stable supply of weapons to Ukraine, even on a paid basis, without placing an additional burden on American taxpayers. He emphasised that Trump could play a key role in this. Volker stressed the importance of strengthening Ukraine's defence capabilities as soon as possible, as Russia is trying to regroup and strengthen its positions. He added that the world must prepare for a long and tense confrontation over Russian-occupied territory in Ukraine. "No one's going to be trying to attack Russia and defeat Moscow, but we do have to be prepared to have an uneasy stand-off over occupied Ukraine for a long time," he said. Commenting on the new sanctions package currently under consideration in the US Senate, Volker criticised the previous approaches of former US President Joe Biden's administration. "For the first three years of the war, the Biden administration had the sanctions in name, and then exemptions to the sanctions, particularly for payments to Russian banks for energy. They did not want to really squeeze Russian energy supplies, which meant that Putin didn't really face any difficulty," he stressed. Volker said that the new package contained important changes – it maintains key sanctions, imposes restrictions on the shadow fleet, removes exemptions and introduces penalties for those who help Russia circumvent sanctions. "It creates a very strong deterrent. Coupled with an effort to keep global oil prices low, that would also have an impact on Putin's budget," Volker noted. Background: It should be noted that Republican Senator Lindsey Graham, his Democratic colleague Richard Blumenthal and 80 other co-authors have introduced a bill that would impose additional economic sanctions against Russia for refusing to comply with the ceasefire, including a 500% tariff on goods imported from countries that purchase Russian oil. The bill also has support in the House of Representatives. However, according to media reports, Trump wants to soften the sanctions in the bill. Publicly, Trump says he will impose new sanctions against Russia if necessary. Support Ukrainska Pravda on Patreon!
