Latest news with #US-UkraineReconstructionInvestmentFund
Korea Herald
14-05-2025
- Business
- Korea Herald
Ukraine completes steps for minerals deal with US, deputy prime minister says
Ukraine has concluded procedures for implementation of a deal with the United States on exploiting minerals, including the operation of an investment fund, the country's first deputy prime minister said on Tuesday. Yulia Svyrydenko gave few details of the latest step in securing approval of the accord, promoted by US President Donald Trump, but it was known that two additional documents were drawn up as part of its implementation. "Another milestone on the path to launching the US-Ukraine Reconstruction Investment Fund: Ukraine has completed all necessary procedures on schedule," Svyrydenko wrote in English on social media. She said a note certifying completion of the process had been handed to interim US Charge d'Affaires Julie Davis. "These are equal agreements — forward-looking, aligned with Ukraine's national interests, and structured to ensure investment flows exclusively into Ukraine's recovery and growth," Svyrydenko wrote. After weeks of tough negotiations following a shouting match between President Volodymyr Zelenskyy and Trump in the Oval Office, Svyrydenko signed the minerals agreement in Washington and it was ratified last week by the Ukrainian parliament. After that vote, Svyrydenko described the accord as "not merely a legal construct — it is the foundation of a new model of interaction with a key strategic partner." The minerals agreement hands the US preferential access to new Ukrainian minerals deals and sets up the investment fund, which could be used for the reconstruction of Ukraine for the first 10 years. Ukraine also sees the deal as a way to unlock supplies of new US weapons, especially additional Patriot air defence systems it sees as vital to protect against Russian air attacks. Zelenskyy hailed the reworked draft of the agreement as a marked improvement over earlier versions that some critics in Ukraine had denounced as "colonial." The accord also acknowledges Ukraine's bid to join the European Union. (Reuters)
Yahoo
12-05-2025
- Business
- Yahoo
Ukrainian Parliament to consider draft law amending Budget Code to implement minerals deal with US
The Verkhovna Rada (Ukrainian Parliament) Budget Committee plans to consider a draft law on amendments to Ukraine's Budget Code in order to implement the minerals agreement with the US. The law is required for the operation of the US-Ukraine Reconstruction Investment Fund. Source: UNN news agency, citing MP Yaroslav Zhelezniak Details: The Budget Committee plans to consider the draft law on 13 May. After that, it will likely be discussed in the parliamentary chamber, Zhelezniak said. Quote from Zhelezniak: "In addition to the ratification itself, a draft law must be adopted (at least) amending the Budget Code in order to implement the agreement between Ukraine and the United States on establishing the US-Ukraine Reconstruction Investment Fund (No. 13256). The budget committee will consider this tomorrow morning, and it will most likely be approved by the Verkhovna Rada tomorrow." The draft law and an alternative draft law are set to be discussed at the committee meeting at 10:00. Background: On 12 May, Ukraine completed the ratification of the agreement on the establishment of the US-Ukraine Reconstruction Investment Fund. The law establishing the US-Ukraine Reconstruction Investment Fund was returned with the signature of the Ukrainian president, completing the formal ratification procedure. The Verkhovna Rada voted on 8 May to ratify the minerals deal with the United States and establish the US-Ukraine Reconstruction Investment Fund. A total of 338 MPs voted in favour, none voted against, and there were no abstentions. The minerals deal was signed on 1 May by Ukraine's Minister of Economy, Yuliia Svyrydenko, and the US Treasury Secretary. "Together with US Treasury Secretary Scott Bessent, I have signed the agreement on the establishment of the United States-Ukraine Reconstruction Investment Fund," Svyrydenko said. Support Ukrainska Pravda on Patreon!
Yahoo
12-05-2025
- Business
- Yahoo
Ukraine completes ratification of minerals deal with US
President Volodymyr Zelenskyy has signed Law No. 0309 on the ratification of the bilateral agreement establishing the US-Ukraine Reconstruction Investment Fund. Source: the website of the Verkhovna Rada (Ukrainian Parliament); European Pravda Details: The president's website says that Law No. 0309 on the ratification of the minerals deal was returned with the president's signature on Monday, and the act was sent out the same day. This completes the formal ratification procedure. Background: The Verkhovna Rada voted on 8 May to ratify the minerals deal with the United States and establish the US-Ukraine Reconstruction Investment Fund. Yuliia Svyrydenko, Deputy Prime Minister and Minister of the Economy, said the Fund will start operating within weeks of the agreement's ratification. Read more: Natural resources deal details: 57 minerals and US military aid to Ukraine Support Ukrainska Pravda on Patreon!
Business Times
06-05-2025
- Business
- Business Times
Why Zelensky – not Trump – may have ‘won' the US-Ukraine minerals deal
LAST week, the Trump administration signed a deal with Kyiv that gives it privileged access to Ukraine's natural resources. Some news outlets described the deal as Ukrainian President Volodymyr Zelensky 'caving' to US President Donald Trump's demands. But we see the agreement as the result of clever bargaining on the part of Ukraine's war-time president. So, what does the deal mean for Ukraine? And will this help strengthen America's mineral supply chains? Ukraine's natural resource wealth Ukraine is home to 5 per cent of the world's critical mineral wealth, including 22 of the 34 minerals identified by the European Union as vital for defence, construction and high-tech manufacturing. However, there is a big difference between resources (what is in the ground) and reserves (what can be commercially exploited). Ukraine's proven mineral reserves are limited. Further, Ukraine has an estimated mineral wealth of around US$14.8 trillion, but more than half of this is in territories currently occupied by Russia. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up What does the new deal mean for Ukraine? American support for overseas conflict is usually about securing US economic interests – often in the form of resource exploitation. From the Middle East to Asia, US interventions abroad have enabled access for American firms to other countries' oil, gas and minerals. But the first iteration of the Ukraine mineral deal, which Zelensky rejected in February, had been an especially brazen resource grab by Trump's government. It required Ukraine to cede sovereignty over its land and resources to one country (the US), in order to defend itself from attacks by another (Russia). These terms were highly exploitative of a country fighting against a years-long military occupation. In addition, they violated Ukraine's constitution, which puts the ownership of Ukraine's natural resources in the hands of the Ukrainian people. Were Zelensky to accept this, he would have faced a tremendous backlash from the public. In comparison, the new deal sounds like a strategic and (potentially) commercial win for Ukraine. First, this agreement is more just, and it is aligned with Ukraine's short and medium-term interests. Zelensky describes it as an 'equal partnership' that will modernise Ukraine. Under the terms, Ukraine will set up a US-Ukraine Reconstruction Investment Fund for foreign investments into the country's economy, which will be jointly governed by both countries. Ukraine will contribute 50 per cent of the income from royalties and licences to develop critical minerals, oil and gas reserves, while the US can make its contributions in kind, such as through military assistance or technology transfers. Ukraine maintains ownership over its natural resources and state enterprises. And the licensing agreements will not require substantial changes to the country's laws, or disrupt its future integration with Europe. Importantly, there is no mention of retroactive debts for the US military assistance already received by Ukraine. This would have created a dangerous precedent, allowing other nations to seek to claim similar debts from Ukraine. Finally, the deal also signals the Trump administration's commitment to 'a free, sovereign and prosperous Ukraine' – albeit, still without any security guarantees. Profits may be a long time coming Unsurprisingly, the Trump administration and conservative media in the US are framing the deal as a win. For too long, Trump argues, Ukraine has enjoyed US taxpayer-funded military assistance, and such assistance now has a price tag. The administration described the deal to Americans as a profit-making endeavour that can recoup monies spent defending Ukrainian interests. But in reality, profits are a long way off. The terms of the agreement clearly state the fund's investment will be directed at new resource projects. Existing operations and state-owned projects will fall outside the terms of the agreement. Mining projects typically work within long time frames. The move from exploration to production is a slow, high-risk and enormously expensive process. It can often take over a decade. Add to this complexity the fact that some experts are sceptical Ukraine even has enormously valuable reserves. And to bring any promising deposits to market will require major investments. What's perhaps more important It is possible, however, that profits are a secondary calculation for the US. Boxing out China is likely to be as – if not more – important. Like other Western nations, the US is desperate to diversify its critical mineral supply chains. China controls not just a large proportion of the world's known rare earths deposits, it also has a monopoly on the processing of most critical minerals used in green energy and defence technologies. The US fears China will weaponise its market dominance against strategic rivals. This is why Western governments increasingly make mineral supply chain resilience central to their foreign policy and defence strategies. Given Beijing's closeness to Moscow and their deepening cooperation on natural resources, the US-Ukraine deal may prevent Russia – and, by extension, China – from accessing Ukrainian minerals. The terms of the agreement are explicit: 'states and persons who have acted adversely towards Ukraine must not benefit from its reconstruction'. Finally, the performance of 'the deal' matters just as much to Trump. Getting Zelensky to sign on the dotted line is progress in itself, plays well to Trump's base at home and puts pressure on Russian President Vladimir Putin to come to the table. So, the deal is a win for Zelensky because it gives the US a stake in an independent Ukraine. But even if Ukraine's critical mineral reserves turn out to be less valuable than expected, it may not matter to Trump. THE CONVERSATION Eve Warburton is research fellow at the Australian National University's (ANU) Department of Political and Social Change, and director of ANU's Indonesia Institute. Olga Boichak is senior lecturer in digital cultures and Australian Research Council DECRA fellow at the University of Sydney.
Indian Express
04-05-2025
- Politics
- Indian Express
Daily subject-wise quiz : International Relations MCQs on composition of UNSC, International Development Association and more (Week 108)
UPSC Essentials brings to you its initiative of subject-wise quizzes. These quizzes are designed to help you revise some of the most important topics from the static part of the syllabus. Attempt today's subject quiz on International Relations to check your progress. With reference to the composition of the United Nations Security Council (UNSC), consider the following statements: 1. The UNSC is composed of 15 members: five non-permanent members and 10 permanent members. 2. The non-permanent members are elected for three-year terms. 3. Each Permanent member has the power to veto a vote. How many of the statements given above are correct? (a) Only one (b) Only two (c) All three (d) None — The UNSC consists of 15 members: five permanent members (China, France, the Russian Federation, the United States, and the United Kingdom) and ten non-permanent members elected by the General Assembly. Non-permanent members are elected for two-year periods, therefore, the General Assembly elects five of them each year out of a total of ten. Hence, statements 1 and 2 are not correct. — These ten seats are divided throughout the world's regions, with five for African and Asian countries, one for Eastern European countries, two for Latin American and Caribbean countries, and two for Western European and other countries. — Three of the five seats are for Africa, while the other two are for Asia. Additionally, there is an informal agreement between the two groupings to reserve one seat for an Arab country. Every two years, the Africa and Asia Pacific groups alternate in nominating an Arab candidate. — Each P5 member can veto a vote. The drafters of the UN Charter decided that if any of the five permanent members voted against the resolution in the 15-member UN Security Council, it would fail. A member can choose to abstain, allowing the resolution to be adopted if it receives the required nine votes. Hence, statement 3 is correct. Which of the following countries signed a deal with Ukraine to get access to its minerals and energy reserves? (a) China (b) India (c) France (d) United States — After months of heated negotiations, the US and Ukraine reached an agreement giving the US priority access to Ukraine's minerals and energy reserves. — The deal would establish the US-Ukraine Reconstruction Investment Fund, which the US Treasury Department describes as a 'recognition of the significant financial and material support that the people of the United States have provided to the defence of Ukraine since Russia's full-scale invasion'. — The deal would establish the US-Ukraine Reconstruction Investment Fund, which the US Treasury Department describes as a 'recognition of the significant financial and material support that the people of the United States have provided to the defence of Ukraine since Russia's full-scale invasion'. — Ukraine is home to two types of minerals that are critical in the creation of high-tech items to enable the green energy transition, as well as in sophisticated weapons and consumer goods. These minerals are uncommon and difficult to extract, making them exceedingly precious. The International Energy Agency (IEA) estimated that the energy transition minerals market would be worth $320 billion in 2022, more than double its value five years ago. International Development Association (IDA), which offers low- or no-interest loans to the world's poorest countries, is a part of: (a) World Bank (b) International Monetary Fund (c) Asian Development Bank — P resident Donald Trump has requested that the US Congress approve a $3.2 billion contribution to the World Bank's International Development Association (IDA), which provides low- or no-interest loans to the world's poorest countries. — According to Reuters, the money will be distributed over three years. Global finance experts greeted the request as a 'pleasant surprise,' especially given concerns that Trump might not send any financing at all. Therefore, option (a) is the correct answer. Consider the following statement: Anthony Albanese joined the Labor Party in his 20s and was elected to Parliament in 1996. He secured a second term as prime minister, leading the center-left Labor Party to an outright majority. Anthony Albanese has been elected as the Prime Minister of: (a) United Kingdom (b) Canada (c) Australia (d) Italy — On May 3, Anthony Albanese was re-elected as Australia's prime minister, leading the centre-left Labour Party to an overwhelming majority. In his victory address, Albanese promised that his party will not take the trust placed in them 'for granted.' He went on: 'Because together we are turning the corner…with no one held back and no one left behind.' — Albanese joined the Labour Party in his twenties and was elected to parliament in 1996. He is one of Australia's longest-serving MPs, having weathered internal party wars and factional issues. He worked in prominent positions for Kevin Rudd and Julia Gillard until becoming party leader in 2019. — Albanese rose to power in 2022 on promises to address climate change, rebuild global alliances, and provide economic relief in the aftermath of Covid. His first efforts included enacting more aggressive climate targets and mending tense relations with Beijing and Paris—two significant diplomatic victories. (a) a division of World Health Organisation (b) a non-governmental international organisation (d) a specialized agency of the United Nations Explanation — Bomb assaults in South Sudan's Fangak County killed at least seven people and injured 20 others, according to Médecins Sans Frontières (MSF), better known as Doctors Without Borders. — The blasts devastated the area's lone hospital and pharmacy, leaving over 110,000 people with limited access to medical care. — The MSF is an international, independent medical humanitarian organisation that provides medical care to people affected by conflict, disasters, and epidemics.
