Downing Street welcomes US Ukraine economic deal

Downing Street has welcomed the economic deal signed between Ukraine and the US, after Foreign Secretary David Lammy said UK support for Kyiv remains “steadfast”.

The two countries signed off on an agreement on Wednesday that is expected to give the US access to Ukraine’s mineral resources, while providing President Volodymyr Zelensky with a measure of assurance about US support for Kyiv in its war with Russia.

It comes two months after a fraught meeting between Mr Zelensky and US President Donald Trump at the White House looked to have derailed an agreement.

Welcome

The Prime Minister’s official spokesman said on Thursday: “We obviously welcome steps taken by the US and Ukraine to sign an economic partnership.

“We have our own 100-year partnership which the Prime Minister signed in January with Ukraine and we’re continuing to work with Ukraine to deepen our economic and security ties for future generations of both of our countries.”

In a message on X in the early hours of Thursday, Mr Lammy said: “The UK welcomes the steps taken by the US and Ukraine to sign an economic partnership.

“The UK’s support for Ukraine remains steadfast. With our 100-year partnership, we are deepening economic and security ties for the future generations of both our countries.”

The developments come as Mr Trump has expressed frustrations with Mr Zelensky and Russian President Vladimir Putin in recent weeks over progress towards peace.

The US president told NewsNation on Wednesday that the deal with Ukraine “in theory” means the US will get more from Ukraine than it contributed through the war.

“I wanted to be protected,” he said, adding that he did not want to look “foolish” by not getting money back for the investment.

Support

The so-called United States Ukraine Reconstruction Investment Fund is 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 US Treasury said on Wednesday.

In a statement, US treasury secretary Scott Bessent said: “This agreement signals clearly to Russia that the Trump administration is committed to a peace process centred on a free, sovereign and prosperous Ukraine over the long-term.”

According to Ukraine’s economy minister, Yulia Svyrydenko, the fund could provide new assistance for the country, including programmes such as air defence systems.

She gave more details of the agreement in a thread on X, including the principle that “full ownership and control remain with Ukraine”.

She said that “all resources on our territory and in territorial waters belong to Ukraine”.

“It is the Ukrainian state that determines what and where to extract,” she added, and said that the management of state-owned companies would remain Ukrainian.

She said: “The United States will contribute to the fund. In addition to direct financial contributions, it may also provide NEW assistance — for example, air defence systems for Ukraine.”

It comes days after Mr Trump and Mr Zelensky met at the Vatican, having both attended the Pope’s funeral.