The United States and Ukraine have signed an agreement that will give Washington access to some of the war-torn country's natural resources.
The agreement, which has been in the works for months, creates a reconstruction investment fund that Ukraine believes will bolster American support in its third year of resistance to Russian aggression.
The BBC has had access to a draft of the agreement, but not its final version. Based on that draft and statements from Kiev and Washington, here are seven key points.
1. Ukraine will not have to repay any debt to the US
US President Donald Trump previously demanded that Ukraine return $350 billion in what he said was US military and financial aid since the start of the war. This demand was rejected by Ukrainian President Volodymyr Zelensky.
But Washington appears to have made a compromise. Ukrainian Prime Minister Denys Shmyhal stated that the agreement does not foresee any obligation to repay the alleged "debt."
However, Trump presented the deal as a victory for his side, saying the US "in theory will get a lot more" than the previous administration invested in aid to Ukraine.
2. The US uses harsher language towards Russia
The US administration used much harsher language than has been the case so far in the Trump government's statements.
A statement from the US Treasury Department says it is a "total Russian invasion" and adds that "no state or individual that has financed or supplied the Russian military machine will benefit from the restoration of Ukraine."
This tone is expected to encourage Kiev, which in negotiations between Moscow and Washington has insisted on greater pressure on Russia.
3. The agreement also includes oil and gas projects
Although much is being said in public about Ukraine's mineral wealth, the agreement also includes new oil and gas-related projects, as well as related infrastructure.
In all cases, ownership of the resources remains in Ukrainian hands, although the US will have shared access.
This is seen as a relaxation of Ukraine's previous position, as such elements were not part of the first versions of the agreement.
4. The agreement does not prevent Ukraine's membership in the European Union
Ukraine has been aiming for membership in the European Union for many years now, and negotiations were formally opened in June last year.
There were concerns that the agreement with Washington could hinder EU membership, especially if American investors were to gain privileged status, given that Ukraine already has a strategic partnership with Brussels over natural resources.
However, the text of the agreement states that the US recognizes that Ukraine has the goal of joining the EU and this objective cannot be called into question by this agreement.
The agreement also stipulates that, if Ukraine needs to revise the terms due to membership obligations, the US agrees to negotiate "in good faith."
Kiev has also been told that the US will support the transfer of investment and technology from the EU and other countries.
5. Profits of the first ten years will be reinvested in Ukraine
According to the agreement, during the first decade of the renovation fund's operation, all profits generated will be fully reinvested in the Ukrainian economy.
This could be of great importance if it is confirmed that the US will not directly benefit financially during the first ten years. Ukraine expects all income from the fund to be directed to the country's renovation and new projects.
After that period, the profits will be shared among the partners. US Treasury Secretary Scott Bessent told Fox News that the agreement “sends a message to the American people that we have the opportunity to participate, to offset some of the costs and to become partners in the success of the Ukrainian people.”
6. US military aid is back on the table
The agreement is formulated in such a way as to present it as a condition for continued US military aid to Ukraine.
Ukrainian First Deputy Prime Minister Yulia Svyrydenko, who traveled to Washington to sign the agreement, stated that she anticipates new American support, including the delivery of air defense systems.
This could constitute a change in Trump's policy, given that the Republican administration had so far supported cutting military aid to Ukraine.
It is not yet known how the agreement will affect the situation on the war front. Moscow has not yet given an official reaction.
7. The US can withdraw support at any time
The agreement does not contain strong security guarantees from the US, something that Ukraine and its European allies have long demanded from Washington.
Trump has repeatedly shown a lack of desire to commit to military aid with the same intensity as the previous administration.
American support for Ukraine in this case is conditional only on the economic components of the agreement. For this reason, there is still uncertainty about the sustainability of the American commitment to Kiev.
However, Zelensky can celebrate
Given that the agreement does not include debt repayment, foresees the reinvestment of profits for ten years, does not hinder European integration and reopens the doors to American military aid, all without making formal concessions to Moscow, towards which the US has a tougher stance, in Kiev they really have reason to be satisfied, especially compared to previous, much more unpopular proposals. /Telegraph/ (A2 Televizion)
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