Ukraine and US work to enable fund from minerals deal to invest in defense
Photo: Minister of Finance of Ukraine Sergii Marchenko and Prime Minister of Ukraine Yulia Svyrydenko (t.me/svyrydenkoy)
Ukrainian Prime Minister Yulia Svyrydenko held a conversation with US Treasury Secretary Scott Bessent. They discussed the joint investment fund under the minerals deal, according to Svyrydenko.
According to her, the conversation with Bessent was very substantive.
In particular, the talks covered strengthening cooperation in the defense and investment sectors. Significant attention was given to a potential deal for the production and sale of Ukrainian drones to the US, as well as the possibility of purchasing American weapons. The Ukrainian Prime Minister and the US Treasury Secretary also discussed launching the American-Ukrainian investment fund.
"We are working on expanding its mandate so the fund can also invest in the defense sector. The first board meeting is scheduled for September. The goal is to launch the first three projects within 18 months," Svyrydenko said.
She added that they also separately discussed enhancing sanctions pressure and cooperation with international financial organizations. Svyrydenko and Bessent agreed to continue the dialogue.
Investment fund
The minerals deal between Ukraine and the US, signed on April 30, 2025, provides for the creation of a joint Reconstruction Investment Fund.
The fund is formed by Ukraine and the US on a parity basis: both sides manage it jointly, and neither country can use its share without the consent of the other.
Ukraine will contribute 50% of the revenues from the future monetization of licenses for the extraction of minerals, oil, and gas on new sites to the fund.
The fund is expected to reinvest money exclusively in projects related to infrastructure, energy, and the extraction of mineral resources in Ukraine.
Notably, on July 15, it was reported that Ukraine and the US are searching for a candidate to serve as the administrator of the Reconstruction Investment Fund.
