'We need it': Trump announces land deal with Ukraine
US President Donald Trump (Getty Images)
US President Donald Trump believes that Ukraine has a large amount of land that the United States needs. Trump made this statement during his speech at the Alliance summit in The Hague.
According to him, the war in Ukraine has highlighted the need to restore the defense-industrial base both in the United States and in allied countries.
"We cannot afford to depend on foreign adversaries for critical minerals. And, as you know, we made a deal with Ukraine for a huge amount of land that they have, we need it," he said.
Ukraine-US agreement
On the night of May 1, Ukraine and the United States signed a strategic agreement on subsoil use. On May 8, Ukraine's Parliament – the Verkhovna Rada – ratified the document, opening the way for the creation of a joint Reconstruction Investment Fund.
The agreement outlines cooperation in the extraction of critical minerals. The profits generated will be directed into the Fund, which will finance the country's post-war reconstruction.
Initially, both sides focused on rare earth elements, but the list was later expanded to include 57 types of Ukrainian minerals. At the same time, Ukraine does not transfer control over deposits or infrastructure to foreign partners — the resources remain state-owned.
The Fund will invest in the extraction, processing of minerals, and development of relevant infrastructure. During the first ten years, profits will remain in Ukraine, and afterward, profit-sharing between partners may be considered. US military aid will also be counted as a contribution to the joint fund.
Read more about rare earth minerals and what else Ukraine is rich in at the link.
