Latest news with #TarasKachka
Arab News
6 days ago
- Politics
- Arab News
Ukrainian parliament approves new government, lawmaker says
KYIV: Ukraine's parliament voted in favor of a new government under prime minister Yulia Svyrydenko on Thursday, according to lawmaker Yaroslav Zheleznyak. The new cabinet includes two of Svyrydenko's former deputies — Oleksiy Sobolev as minister of economy, agriculture and environment, and Taras Kachka as a deputy prime minister for European integration — as well as Svitlana Hrynchuk as energy minister.
Russia Today
23-05-2025
- Business
- Russia Today
US pressured Kiev over minerals deal ‘like in a mafia movie'
Negotiations over a critical minerals agreement between Ukraine and the United States felt like something out of a 'mafia movie,' according to Deputy Economy Minister Taras Kachka. The deal, signed in late April after months of closed-door talks, establishes a joint investment fund and grants Washington preferential access to Ukraine's natural resources. However, it does not include any American security guarantees, a point recently underscored by US Secretary of State Marco Rubio, despite Kiev's efforts to link economic cooperation with defense commitments. In an interview published by The Times on Thursday, Kachka described the tone of the talks as 'calm... like in a mafia movie,' where powerful figures in suits decide 'matters of life and death' in quiet, tension-filled rooms. Не acknowledged that the pressure from Washington was intense. 'Of course, we saw all the Truth Social posts from President Donald Trump. But if you remove emotions from this, it just indicated a strong interest to have this agreement here and now,' the deputy minister stressed. Tensions escalated in early April when the draft agreement was leaked to the media, leading to mutual accusations between American and Ukrainian officials. White House Press Secretary Karoline Leavitt noted in March, '[Trump] understands that the American people are sick and tired of footing the bill for this war to the tune of hundreds of billions of dollars.' This sentiment was widely interpreted by the Ukrainians as reinforcing the urgency from Washington to secure tangible returns such as access to natural resources in exchange for continued support. Despite the challenges, Kachka said he was ultimately satisfied with the outcome, noting that the two sides had succeeded in 'finding common ground.' In Russia, former President Dmitry Medvedev, now deputy chairman of the Security Council, commented on the deal earlier this month, framing it as a coercive move by Washington. 'Trump finally forced Kiev to pay for US aid with its natural wealth,' Medvedev claimed. 'From now on, they'll have to trade away the resources of a vanishing country in exchange for military supplies.'
Russia Today
02-05-2025
- Business
- Russia Today
US-Ukraine resources deal: What we know so far
The US and Ukraine have signed a natural resources deal that gives Washington access to the country's vast mineral deposits in exchange for help in Ukraine's economic recovery. Hardball diplomacy over the deal went on for months and became a major point of contention in relations between Washington and Kiev. Here's what we know about the outlines of the deal. The agreement establishes a joint US-Ukraine reconstruction investment fund to attract investment in the Ukrainian economy, particularly with regard to resource exploration projects. According to Ukrainian Deputy Economy Minister Taras Kachka, the US will be given preferential access to investments in the extraction of rare-earth minerals. However, Ukrainian Economy Minister Yulia Sviridenko said the fund would operate as an 'equal partnership,' with neither side having a dominant vote. Ukraine will retain 'full control over the resources' – including the subsoil – and will continue to determine the conditions and locations of extraction. The deal also does not transfer any state-owned companies into private hands. Ukraine will contribute 50% of new rents for new licenses for new extraction to the fund, with the money inside to be invested exclusively in Ukraine. For the first ten years, profits will not be distributed, but will be fully reinvested in the Ukrainian economy, according to the Ministry of Economy. Neither contributions nor profits are taxable. Conspicuously absent from the deal, however, is any mention of the US providing Ukraine with security guarantees, although this was 'one of its initial goals,' as described by Reuters. According to the New York Times, the idea of security guarantees was rejected by the US 'early in the process.' Nevertheless, US State Department spokeswoman Tammy Bruce insisted that the deal will strengthen the country's security: 'When America is your friend and your partner, your nation is going to be better off. And there is a security component just in our presence.' The resource deal 'focuses on future, not past, US military assistance,' the Ukrainian Economy Ministry has said, adding that revenues from already active projects are not included in the joint investment fund. According to Sviridenko, the agreement 'includes no provisions regarding any Ukrainian debt obligations to the United States.' The US previously portrayed the deal as a way for Ukraine to pay back past military assistance, which the administration of US President Donald Trump estimated at $350 billion. Ukraine has insisted that the past aid was provided unconditionally, while estimating it at $90 billion. Following the signing of the deal, Trump suggested that the US could 'in theory' get much more than $350 billion out of the deal. US Republican Senator Lindsey Graham described the deal as 'tremendously beneficial to the American economy,' adding that it will improve ties between Washington and Kiev. The New York Times suggested that the 'deal will have little significance' if Russia and Ukraine fail to reach a sustainable ceasefire. Former Russian President Dmitry Medvedev said the US has essentially forced Ukraine to pay for American aid with minerals. Negotiations over the agreement dragged on for months, though the sides had planned to sign it in late February during Vladimir Zelensky's visit to the White House. However, Zelensky's televised meeting with Trump resulted in a heated exchange, with the US president accusing the Ukrainian leader of ingratitude and 'gambling with World War III.' Since then, the US has on several occasions criticized Ukraine for making slow progress on the deal, with Trump at one point demanding that Kiev sign it 'immediately.'
Russia Today
01-05-2025
- Business
- Russia Today
US-Ukraine resource deal: What we know so far
The US and Ukraine have signed a natural resource deal that gives Washington access to the country's vast mineral deposits in exchange for help in Ukraine's economic recovery. Hardball diplomacy over the deal went on for months and became a major point of contention in relations between Washington and Kiev. Here's what we know about the outlines of the deal. The agreement establishes a joint US-Ukraine reconstruction investment fund to attract investment in the Ukrainian economy, particularly with regard to resource exploration projects. According to Ukrainian Deputy Economy Minister Taras Kachka, the US will be given preferential access to investments in the extraction of rare-earth minerals. However, Ukrainian Economy Minister Yulia Sviridenko said the fund would operate as an 'equal partnership,' with neither side having a dominant vote. Ukraine will retain 'full control over the resources' – including the subsoil – and will continue to determine the conditions and locations of extraction. The deal also does not transfer any state-owned companies into private hands. Ukraine will contribute 50% of new rents for new licenses for new extraction to the fund, with the money inside to be invested exclusively in Ukraine. For the first ten years, profits will not be distributed, but will be fully reinvested in the Ukrainian economy, according to the Ministry of Economy. Neither contributions nor profits are taxable. Conspicuously absent from the deal, however, is any mention of the US providing Ukraine with security guarantees, although this was 'one of its initial goals,' as described by Reuters. According to the New York Times, the idea of security guarantees was rejected by the US 'early in the process.' Nevertheless, US State Department spokeswoman Tammy Bruce insisted that the deal will strengthen the country's security: 'When America is your friend and your partner, your nation is going to be better off. And there is a security component just in our presence.' The resource deal 'focuses on future, not past, US military assistance,' the Ukrainian Economy Ministry has said, adding that revenues from already active projects are not included in the joint investment fund. According to Sviridenko, the agreement 'includes no provisions regarding any Ukrainian debt obligations to the United States.' The US previously portrayed the deal as a way for Ukraine to pay back past military assistance, which the administration of US President Donald Trump estimated at $350 billion. Ukraine has insisted that the past aid was provided unconditionally, while estimating it at $90 billion. Following the signing of the deal, Trump suggested that the US could 'in theory' get much more than $350 billion out of the deal. US Republican Senator Lindsey Graham described the deal as 'tremendously beneficial to the American economy,' adding that it will improve ties between Washington and Kiev. The New York Times suggested that the 'deal will have little significance' if Russia and Ukraine fail to reach a sustainable ceasefire. Former Russian President Dmitry Medvedev said the US has essentially forced Ukraine to pay for American aid with minerals. Negotiations over the agreement dragged on for months, though the sides had planned to sign it in late February during Vladimir Zelensky's visit to the White House. However, Zelensky's televised meeting with Trump resulted in a heated exchange, with the US president accusing the Ukrainian leader of ingratitude and 'gambling with World War III.' Since then, the US has on several occasions criticized Ukraine for making slow progress on the deal, with Trump at one point demanding that Kiev sign it 'immediately.'
Axios
30-04-2025
- Business
- Axios
U.S. and Ukraine to sign minerals deal today: Ukrainian official
After some last-minute hiccups, the U.S. and Ukraine are expected to sign a closely watched minerals deal on Wednesday, Ukraine's deputy economy minister Taras Kachka told Axios. Why it matters: The agreement envisions a lasting economic partnership between the U.S. and Ukraine and gives the U.S. preferential access to Ukraine's rare earth minerals, oil and gas. But reaching the final agreement has been a contentious weeks-long process. Flashback: The minerals deal was due to be signed on Feb. 28 until President Volodymyr Zelensky's visit to Washington exploded into acrimony. Talks were frozen for several weeks, and then restarted almost from scratch with a new text. Friction point: Another signing ceremony was thrown into uncertainty on Wednesday after Ukraine declined to sign side agreements the U.S. presented along with the main deal. Driving the news: Those disagreements are now resolved, Kachka told Axios, and Treasury Secretary Scott Bessent and Ukrainian Deputy Prime Minister Yulia Svyrydenko are expected to sign the deal Wednesday in Washington. The big picture: U.S. officials contend the agreement will increase U.S. involvement in Ukraine's economy and serve as a partial security guarantee for Ukraine because the U.S. will want to secure its investments. Zoom in: The government-to-government agreement would establish a joint fund, with each country contributing 50% of the financing and future U.S. military assistance to Ukraine counting as a contribution to the fund. The fund will be governed jointly and will have three U.S. members and three Ukrainian members on its board. The money in the fund will be used for investments in the extraction of Ukraine's rare earth minerals, oil and gas. The revenue will be split 50/50. Kachka said the agreement gives the U.S. preferential access to investments in any operator that extracts rare earths in Ukraine and the first right of refusal for such investments. Key point: The agreement will be forward-looking, Kachka said. It's not aimed at repaying for U.S. support for Ukraine — as Trump had previously described the purpose — but on giving the U.S. the opportunity to profit from its defense of Ukraine through investments. What they're saying: "This agreement is a win-win and it is written in friendly language. it is about investments, investments and investments," Kachka said.
