Latest news with #UnitedStates-UkraineReinvestmentFund
The Hindu
19-07-2025
- Business
- The Hindu
Yulia Svyrydenko: Ukraine's new Prime Minister
The story so far: A new Prime Minister is in charge in war-time Ukraine after five years. On July 17, Ukraine's Parliament, the Verkhovna Rada, approved the nomination of Yulia Svyrydenko as the country's 19th Prime Minister.. Ukraine President Volodymyr Zelenskyy had nominated her on July 14, as part of a long-expected wartime cabinet shuffle. Ms. Svyrydenko replaces Denys Shmyhal, who has held the Prime Minister's post since 2020. The 39-year-old economist and technocrat is expected to infuse fresh vigour into Ukraine's economy, and spearhead the development of its military. Before her appointment to the post of Prime Minister, she was the first Deputy Prime Minister, and handled Economic Development and Trade ministry from November 4, 2021. Who is Yulia Svyrydenko? Yulia Anatoliivna Svyrydenko was born in Chernihiv, Ukraine (erstwhile the Ukrainian SSR, Soviet Union) on December 25, 1985. She graduated with a master's degree in Antitrust Field Management from Kyiv National University of Trade and Economics in 2008. For a brief period, she worked as an economist in the private sector, including as part of the Ukrainian-Andorran joint venture JSC AMP. In 2011, she transitioned to the public sector. Her first stint was as a representative for Chernihiv in Wuxi. China. Ms. Svyrydenko took up public administration roles in 2015. She served as an advisor to the Governor of Chernihiv, then as the head of the Department of Economic Development in the Chernihiv Oblast, followed by a brief stint as the head of the Regional State Administration of the Oblast from July 30 to November 28, 2018. President Zelenskyy tapped her to be a part of his administration in 2020. In May 2020, she was appointed to represent Ukraine in the Trilateral Contact Group's social and economic subgroup. The Trilateral Contact Group is comprised of representatives from Russia, Ukraine and the Organization for Security and Co-operation in Europe. Later that year, in December, she was named Deputy Head of the Office of the President, replacing Yuliya Kovaliv. A little less than a year later, Ms. Svyrydenko was appointed as the first Deputy Prime Minister and Minister of Economic Development and Trade on November 4, 2021, receiving the support of 256 lawmakers for her confirmation. Her appointment came a mere four months before Russia invaded Ukraine. She was tasked with reviving the war-time economy and ensuring domestic development during a time of crisis. At this time, she helped negotiate a critical deal with U.S President Donald Trump over Ukraine's mineral resources, at a time when relations between Mr. Trump and Mr. Zelenskyy had soured. The deal, called the United States-Ukraine Reinvestment Fund, was signed on April 30, and gives the U.S preferential access to minerals and other natural resources in Ukraine. It also envisages the creation of a reconstruction fund, into which Ukraine must pay into 50% of all future profits from natural resources. Recently, Ms. Svyrydenko also led the 4th Ukraine Recovery Conference, which took place in Rome on July 10 and 11. Here she concluded agreements with partners for economic and development projects, estimated to have a worth of €11 billion. The road ahead for Svyrydenko Following Mr. Zelenskyy's announcement earlier this week, nomination was confirmed by the Verkhova Rada on July 17, with 262 of 450 members voting in her favour. The new Prime Minister inherits a $19 billion budget gap, and has stressed that she will focus on strengthening the economy. Some measures proposed by her include the audit of public finances, deregulation, acceleration of privatisation, fiscal reforms, reduction of bureaucracy and non-essential expenditure, and greater support for business entrepreneuers. Another key focus under her leadership is bolstering Ukraine's military, as the country remains under onslaught by Russian forces. President Zelenskyy has established the target of domestically producting 50% of the military equipment required by Ukraine within six months, an aim reiterated by the new Prime Minister. She has also said that she will focus on strengthening the armed forces and building stronger ties with allies, including the U.S On a post on X, she wrote, 'Our Government sets its course toward a Ukraine that stands firm on its own foundations — military, economic, and social.... My key goal is real, positive results that every Ukrainian will feel in daily life. War leaves no room for delay. We must act swiftly and decisively.' It is a great honor for me to lead the Government of Ukraine today. Our Government sets its course toward a Ukraine that stands firm on its own foundations — military, economic, and social. My key goal is real, positive results that every Ukrainian will feel in daily life. War… — Yulia Svyrydenko (@Svyrydenko_Y) July 17, 2025 Other changes in the cabinet Several other changes have taken place in what is the largest government reshuffle in Ukraine since Russia invaded three years ago. While the Prime Minister was confirmed in Parliament by a majority, Opposition lawmakers have expressed concerns over a cabinet seemingly stacked with allies of the President. The outgoing prime minister Denys Shmyhal, 49, who also has been the country's longest serving prime minister, will now be defence minister. Deputy ministers Oleksiy Sobolev and Taras Kachka will now be the ministers for economy, environment and agriculture and deputy prime minister for European integration. Svitlana Hrynchuk will take charge as energy minister. Former Justice minister Olga Stefanishyna will be shuffled into the role of Ukraine's new ambassador to the US, replacing Oksana Markarova, who had earned Trump's disapproval for her positive working ties with the Biden administration. Ms. Stefanishyna also worked on the mineral deal negotiation between the U.S and Ukraine, besides previous work with the EU and NATO. Andrii Sybiha, 50, will retain his role as Foreign Minister.
What's On
01-05-2025
- Business
- What's On
Higher safety, efficiency: Abu Dhabi hotels to employ facial recognition tech
WASHINGTON (TNND) — The U.S. and Ukraine signed a landmark deal on Wednesday after months of tense negotiations, which gives America preferential access to Ukraine's rare earth minerals in exchange for continued military aid to Kyiv. The deal, called the United States-Ukraine Reinvestment Fund, comes as Trump grows increasingly frustrated with Russia's three-year war on the country and works to move forward with a peace deal. 'This agreement signals clearly to Russia that the Trump administration is committed to a peace process centered on a free, sovereign, and prosperous Ukraine over the long term,' Treasury Secretary Scott Bessent said in a statement. 'President Trump envisioned this partnership between the American people and the Ukrainian people to show both sides' commitment to lasting peace and prosperity in Ukraine.' Two months before, a disastrous Oval Office meeting with Ukrainian President Volodymyr Zelenskyy derailed the agreement when it was nearly signed. Trump has long criticized Zelenskyy and accused him of "prolonging" the "killing field" after the leader pushed back against giving up Crimea to Russia as part of peace negotiations. In recent days, the president rebuked Russian President Vladimir Putin as well, saying he was complicating negotiations with 'very bad timing' in launching deadly strikes on Kyiv. Trump said Wednesday night on NewsNation that the deal, 'in theory,' means that the U.S. will get more from Ukraine than it contributed. 'I wanted to be protected,' he said, adding that he didn't want to be looking 'foolish' by not getting money back for the investment. Ukraine's prime minister called the agreement "a strategic deal for the creation of an investment partner fund." 'This is truly an equal and good international deal on joint investment in the development and restoration of Ukraine between the governments of the United States and Ukraine," Denys Shmyhal said. Ukraine's economy minister, Yulia Svyrydenko, who flew to Washington to help finalize the deal, said, "Together with the United States, we are creating the Fund that will attract global investment to our country." _____ Editor's note : The Associated Press contributed to this article.
Yahoo
01-05-2025
- Business
- Yahoo
What is in the US-Ukraine minerals deal?
After months of tense negotiations – including one particularly fiery meeting in the White House Oval Office between United States President Donald Trump and Ukraine's President Volodymyr Zelenskyy in February – Washington and Kyiv have finalised a long-awaited minerals deal. The agreement, signed in Washington, DC, on Wednesday, will give the US preferential access to new Ukrainian minerals and natural resources licences. In return, the US will provide financial and military assistance to Ukraine to help the country rebuild after the war. The deal comes at a critical moment as the US had threatened to step away from its mediation effort to bring an end to the more than three-year conflict. Trump, who has heavily promoted the deal, said it represents 'payback' for the $350bn that he claims Washington has spent on supporting Ukraine's war effort. It is unclear how Trump has arrived at the figure of $350bn. Official figures from the US Department of Defense put total spending on Ukraine at $182.8bn between January 2022 and December 2024. Regardless, in Kyiv, Prime Minister Denys Shmyhal hailed the agreement as 'good, equal and beneficial' for both what we know about the agreement so far. Few details have been released about the precise terms of the deal, which was signed by US Treasury Secretary Scott Bessent and Ukraine's Vice Prime Minister Yulia Svyrydenko on Wednesday. In a statement after the signing, Bessent said the 'historic' economic partnership would send a clear signal to Russia that the Trump administration is committed to a peace process that ends what he called a 'cruel and senseless war'. Under the deal, the United States-Ukraine Reinvestment Fund will be established. This fund will be jointly managed by Ukraine and the US on an equal partnership basis. Ukraine will maintain full ownership and control of the country's resources and will determine what and where minerals may be extracted. Ukraine's Ministry of Economy said the US will contribute to the fund directly or through 'new military assistance', and Kyiv will contribute 50 percent of revenues from the exploitation of natural resources via new licences in the fields of critical materials, oil and gas. Svyrydenko suggested in a post on X that this could include air defence systems for Ukraine. The Ukrainian statement said: 'The agreement focuses on further, not past US military assistance,' meaning that Ukraine has no debt obligations to Washington – a key point in the lengthy negotiations between the two sides. The statement added that Ukraine expects the fund's profits and revenues to be reinvested into Ukraine for the first decade. According to data from Ukraine's Economy Ministry, the country holds deposits of 22 of the 34 minerals classified as critical by the EU. Its critical minerals include precious and non-ferrous metals, ferroalloys and minerals such as titanium, zirconium, graphite and lithium. Ukraine also holds reserves of rare earth elements (REEs), a group of 17 metallic minerals including lanthanum, cerium and neodymium, essential for high-tech applications in electronics, defence, aerospace and renewable energy. According to the United Nations' Russian-language news service, Ukraine's critical mineral reserves made up approximately 5 percent of the global supply as of 2022. Ukraine also accounts for 7 percent of the global production of titanium. Its lithium reserves are largely untapped and considered one of Europe's largest, at an estimated 500,000 tonnes. Al Jazeera's Rosiland Jordan said the deal can be viewed as a 'diplomatic win' for Ukraine. This is largely because Trump had initially insisted that Ukraine must pay back the $350bn he claims the administration of his predecessor, Joe Biden, had spent on the country since the start of the war with Russia. 'Now, [repaying that amount] was something that the Ukrainians did not want to do, and over the past couple of months, they've pushed to get that removed from the deal,' Jordan commented from Washington, DC. 'So in a way, it can be viewed as a significant victory for Ukraine that this deal is, as some are putting it, a forward-looking deal, and not one that is looking back to the previous prosecution and financing of Ukraine's war against Russia.' Other analysts also noted that while the negotiations began with the US's desire for access to Ukraine's minerals, they have since morphed into a broader investment fund for Ukraine's reconstruction. 'Ukraine seems to have pulled off some seriously tough negotiating with the Trump administration,' wrote Shelby Magid, the deputy director of the Eurasia Center in the Atlantic Council, a US-based think tank. 'Past proposals from Washington reportedly saw the United States taking partial or total ownership of broad swaths of Ukraine's natural resources and infrastructure… Now, Ukraine retains full ownership of its assets and has turned the deal into a joint investment fund toward the country's future reconstruction, with only future – not past – US assistance to Ukraine counting as a contribution to the fund.'No. However, under pressure from the US to make peace with Russia, President Zelenskyy has insisted that Ukraine will not enter peace talks until it has security guarantees against another war occurring in the future. While the US-Ukraine minerals deal does not include such guarantees, analysts say it reopens the door to military assistance from Washington to Kyiv. 'It's not a security guarantee,' said Anatol Lieven, the director of the Eurasia Program at the Quincy Institute for Responsible Statecraft. 'This does not say – and Trump would never offer – to send US troops to defend Ukraine, and Trump has refused to back up European proposals to send European troops to Ukraine. But what it does if it's implemented … it ensures that the US will remain interested in Ukraine,' he told Al Jazeera. Lieven said the deal means the US 'will feel it has a stake in Ukraine'. 'And although that's not a security guarantee, it certainly ought to be a deterrent to future Russian aggression, because it would mean that if the Russians did launch a new war, the US would certainly impose severe sanctions and would aid Ukraine militarily,' he added. While the Ukrainian cabinet has approved the agreement, it still needs to be ratified by the parliament. But more importantly, Lieven said, there needs to be peace for the deal to take effect. 'This is about private investment. The money that goes into Ukraine to develop these minerals will be private. It won't be US state money. And of course that raises the question of whether private investors will actually see an economic motive to invest, especially given the risks involved,' he said. 'So I think this is more of a diplomatic win for Ukraine. It's not necessarily an economic win for Ukraine.'
Al Jazeera
01-05-2025
- Business
- Al Jazeera
What is in the US-Ukraine minerals deal?
After months of tense negotiations – including one particularly fiery meeting in the White House Oval Office between United States President Donald Trump and Ukraine's President Volodymyr Zelenskyy in February – Washington and Kyiv have finalised a long-awaited minerals deal. The agreement, signed in Washington, DC, on Wednesday, will give the US preferential access to new Ukrainian minerals and natural resources licences. In return, the US will provide financial and military assistance to Ukraine to help the country rebuild after the war. The deal comes at a critical moment as the US had threatened to step away from its mediation effort to bring an end to the more than three-year conflict. Trump, who has heavily promoted the deal, said it represents 'payback' for the $350bn that he claims Washington has spent on supporting Ukraine's war effort. It is unclear how Trump has arrived at the figure of $350bn. Official figures from the US Department of Defense put total spending on Ukraine at $182.8bn between January 2022 and December 2024. Regardless, in Kyiv, Prime Minister Denys Shmyhal hailed the agreement as 'good, equal and beneficial' for both sides. Here's what we know about the agreement so far. Few details have been released about the precise terms of the deal, which was signed by US Treasury Secretary Scott Bessent and Ukraine's Vice Prime Minister Yulia Svyrydenko on Wednesday. In a statement after the signing, Bessent said the 'historic' economic partnership would send a clear signal to Russia that the Trump administration is committed to a peace process that ends what he called a 'cruel and senseless war'. Under the deal, the United States-Ukraine Reinvestment Fund will be established. This fund will be jointly managed by Ukraine and the US on an equal partnership basis. Ukraine will maintain full ownership and control of the country's resources and will determine what and where minerals may be extracted. Ukraine's Ministry of Economy said the US will contribute to the fund directly or through 'new military assistance', and Kyiv will contribute 50 percent of revenues from the exploitation of natural resources via new licences in the fields of critical materials, oil and gas. Svyrydenko suggested in a post on X that this could include air defence systems for Ukrainian statement said: 'The agreement focuses on further, not past US military assistance,' meaning that Ukraine has no debt obligations to Washington – a key point in the lengthy negotiations between the two sides. The statement added that Ukraine expects the fund's profits and revenues to be reinvested into Ukraine for the first decade. According to data from Ukraine's Economy Ministry, the country holds deposits of 22 of the 34 minerals classified as critical by the EU. Its critical minerals include precious and non-ferrous metals, ferroalloys and minerals such as titanium, zirconium, graphite and lithium. Ukraine also holds reserves of rare earth elements (REEs), a group of 17 metallic minerals including lanthanum, cerium and neodymium, essential for high-tech applications in electronics, defence, aerospace and renewable energy. According to the United Nations' Russian-language news service, Ukraine's critical mineral reserves made up approximately 5 percent of the global supply as of 2022. Ukraine also accounts for 7 percent of the global production of titanium. Its lithium reserves are largely untapped and considered one of Europe's largest, at an estimated 500,000 Jazeera's Rosiland Jordan said the deal can be viewed as a 'diplomatic win' for Ukraine. This is largely because Trump had initially insisted that Ukraine must pay back the $350bn he claims the administration of his predecessor, Joe Biden, had spent on the country since the start of the war with Russia. 'Now, [repaying that amount] was something that the Ukrainians did not want to do, and over the past couple of months, they've pushed to get that removed from the deal,' Jordan commented from Washington, DC. 'So in a way, it can be viewed as a significant victory for Ukraine that this deal is, as some are putting it, a forward-looking deal, and not one that is looking back to the previous prosecution and financing of Ukraine's war against Russia.' Other analysts also noted that while the negotiations began with the US's desire for access to Ukraine's minerals, they have since morphed into a broader investment fund for Ukraine's reconstruction. 'Ukraine seems to have pulled off some seriously tough negotiating with the Trump administration,' wrote Shelby Magid, the deputy director of the Eurasia Center in the Atlantic Council, a US-based think tank. 'Past proposals from Washington reportedly saw the United States taking partial or total ownership of broad swaths of Ukraine's natural resources and infrastructure… Now, Ukraine retains full ownership of its assets and has turned the deal into a joint investment fund toward the country's future reconstruction, with only future – not past – US assistance to Ukraine counting as a contribution to the fund.' No. However, under pressure from the US to make peace with Russia, President Zelenskyy has insisted that Ukraine will not enter peace talks until it has security guarantees against another war occurring in the future. While the US-Ukraine minerals deal does not include such guarantees, analysts say it reopens the door to military assistance from Washington to Kyiv. 'It's not a security guarantee,' said Anatol Lieven, the director of the Eurasia Program at the Quincy Institute for Responsible Statecraft. 'This does not say – and Trump would never offer – to send US troops to defend Ukraine, and Trump has refused to back up European proposals to send European troops to Ukraine. But what it does if it's implemented … it ensures that the US will remain interested in Ukraine,' he told Al Jazeera. Lieven said the deal means the US 'will feel it has a stake in Ukraine'. 'And although that's not a security guarantee, it certainly ought to be a deterrent to future Russian aggression, because it would mean that if the Russians did launch a new war, the US would certainly impose severe sanctions and would aid Ukraine militarily,' he added. While the Ukrainian cabinet has approved the agreement, it still needs to be ratified by the parliament. But more importantly, Lieven said, there needs to be peace for the deal to take effect. 'This is about private investment. The money that goes into Ukraine to develop these minerals will be private. It won't be US state money. And of course that raises the question of whether private investors will actually see an economic motive to invest, especially given the risks involved,' he said. 'So I think this is more of a diplomatic win for Ukraine. It's not necessarily an economic win for Ukraine.'
Yahoo
01-05-2025
- Business
- Yahoo
US and Ukraine sign deal giving US access to country's valuable mineral wealth
WASHINGTON (AP) — The U.S. and Ukraine on Wednesday signed an agreement granting American access to Ukraine's vast mineral resources, finalizing a deal months in the making that could enable continued military aid to Kyiv amid concerns that President Donald Trump might scale back support in ongoing peace negotiations with Russia. The two sides offered only barebone details about the structure of the deal, which they called the United States-Ukraine Reinvestment Fund. But it is expected to give the U.S. access to Ukraine's valuable rare earth minerals while providing Kyiv a measure of assurance about continued American support in its grinding war with Russia. 'This agreement signals clearly to Russia that the Trump administration is committed to a peace process centered on a free, sovereign, and prosperous Ukraine over the long term,' Treasury Secretary Scott Bessent said in a statement. 'President Trump envisioned this partnership between the American people and the Ukrainian people to show both sides' commitment to lasting peace and prosperity in Ukraine.' The announcement comes at a critical moment in the three-year war as Trump has grown increasingly frustrated with both sides. The signing comes two months after a different but similar agreement was nearly signed before being derailed in a tense Oval Office meeting involving President Donald Trump, Vice President JD Vance and Ukrainian President Volodymyr Zelenskyy. Trump has long criticized Zelenskyy, saying he didn't 'have the cards' to win the war and blaming him for prolonging the killing by not giving up Crimea, but in recent days has rebuked Russian President Vladimir Putin as well, saying he was complicating negotiations with 'very bad timing' in launching deadly strikes on Kyiv. Trump said Wednesday night on NewsNation that the deal, 'in theory,' means that the U.S. will get more from Ukraine than it contributed. 'I wanted to be protected,' he said, adding that he didn't want to be looking 'foolish' by not getting money back for the investment. Ukraine praises signing as an 'equal and good international deal' For Ukraine, the agreement is seen as key to ensuring its access to future U.S. military aid. 'Truly, this is a strategic deal for the creation of an investment partner fund,' said Prime Minister Denys Shmyhal. 'This is truly an equal and good international deal on joint investment in the development and restoration of Ukraine between the governments of the United States and Ukraine.' Ukraine's economy minister, Yulia Svyrydenko, flew to Washington on Wednesday to help finalize the deal. 'Together with the United States, we are creating the Fund that will attract global investment to our country,' she said in a post on X after the signing. White House had raised doubts that agreement was ready Earlier Wednesday, Bessent said during a Cabinet meeting at the White House — hours after Ukrainian officials indicated a deal was nearly finalized — that there was still work to do. 'The Ukrainians decided last night to make some last-minute changes," Bessent said when asked about reports that Ukraine was ready to agree to the pact. "We're sure that they will reconsider that. And we are ready to sign this afternoon if they are.' He didn't elaborate as to the late changes he said Ukraine made. The U.S. has been seeking access to more than 20 raw materials deemed strategically critical to its interests, including some non-minerals such as oil and natural gas. Among them are Ukraine's deposits of titanium, which is used for making aircraft wings and other aerospace manufacturing, and uranium, which is used for nuclear power, medical equipment and weapons. Ukraine also has lithium, graphite and manganese, which are used in electric vehicle batteries. After Kyiv felt the initial U.S. draft of the deal disproportionately favored American interests, it introduced new provisions aimed at addressing those concerns. According to Shmyhal, the latest version would establish an equal partnership between the two countries and last for 10 years. Financial contributions to a joint fund would be made in cash, and only new U.S. military aid would count toward the American share. Assistance provided before the agreement was signed would not be counted. Unlike an earlier draft, the deal would not conflict with Ukraine's path toward European Union membership — a key provision for Kyiv. The Ukrainian Cabinet approved the agreement Wednesday, empowering Svyrydenko to sign it in Washington. The deal still needs to be ratified by the Ukrainian Parliament before it can take effect. Putin wants answers before committing to a ceasefire The negotiations come amid rocky progress in Washington's push to stop the war. Putin backs calls for a ceasefire before peace negotiations, 'but before it's done, it's necessary to answer a few questions and sort out a few nuances,' Kremlin spokesman Dmitry Peskov said. Putin is also ready for direct talks with Ukraine without preconditions to seek a peace deal, he added. 'We realize that Washington wants to achieve quick progress, but we hope for understanding that the Ukrainian crisis settlement is far too complex to be done quickly,' Peskov said during his daily conference call with reporters. Trump has expressed frustration over the slow pace of progress in negotiations aimed at stopping the war. Western European leaders have accused Putin of stalling while his forces seek to grab more Ukrainian land. Russia has captured nearly a fifth of Ukraine's territory since Moscow's forces launched a full-scale invasion on Feb. 24, 2022. Trump has long dismissed the war as a waste of lives and American taxpayer money — a complaint he repeated Wednesday during his Cabinet meeting. That could spell an end to crucial military help for Ukraine and heavier economic sanctions on Russia. US wants both sides to speed things up The U.S. State Department on Tuesday tried again to push both sides to move more quickly and warned that the U.S. could pull out of the negotiations if there's no progress. 'We are now at a time where concrete proposals need to be delivered by the two parties on how to end this conflict," department spokeswoman Tammy Bruce quoted Secretary of State Marco Rubio as telling her. Russia has effectively rejected a U.S. proposal for an immediate and full 30-day ceasefire, making it conditional on a halt to Ukraine's mobilization effort and Western arms supplies to Kyiv. Russian Foreign Minister Sergey Lavrov claimed Wednesday that Ukraine had accepted an unconditional truce only because it was being pushed back on the battlefield, where the bigger Russian forces have the upper hand. UN says Ukrainian civilian casualties are on the rise Meanwhile, Ukrainian civilians have been killed or wounded in attacks every day this year, according to a U.N. report presented Tuesday in New York. The U.N. Human Rights Office said in the report that in the first three months of this year, it had verified 2,641 civilian casualties in Ukraine. That was almost 900 more than during the same period last year. Also, between April 1-24, civilian casualties in Ukraine were up 46% from the same weeks in 2024, it said. The daily grind of the war shows no sign of letting up. A nighttime Russian drone attack on Ukraine's second-largest city, Kharkiv, wounded at least 45 civilians, Ukrainian officials said. Also Wednesday, the Ukrainian Security Service claimed its drones struck the Murom Instrument Engineering Plant in Russia's Vladimir region overnight, causing five explosions and a fire at the military facility. The claim could not be independently verified. ___ Kullab and Arhirova reported from Kyiv, Ukraine. Associated Press writer Fatima Hussein in Washington contributed to this report. ___ Follow AP's coverage of the war in Ukraine at
