KYIV (KAP) - A preliminary economic agreement between Ukraine and the United States will ensure long-term U.S. participation in the country's reconstruction, but leaves the issue of security guarantees sought by Kiev to future negotiations.
Under the final version of the agreement, obtained by the Associated Press, the United States and Ukraine will create a jointly owned and jointly managed investment fund aimed at financing the reconstruction of Ukraine and its war-damaged economy.
The deal comes after two weeks of haggling between Kiev and Washington over how the US could gain access to Ukraine's natural resources. Ukrainian President Volodymyr Zelensky insisted that the deal on these resources must be accompanied by concrete guarantees for Ukrainian security.
US President Donald Trump planned to meet with Zelensky at the White House on Friday to sign a treaty that will closely link the two countries for years to come.
What about security guarantees for Ukraine?
While the preliminary agreement mentions the importance of Ukraine's security, it leaves this issue to a separate agreement to be discussed by the leaders of both countries.
According to the text of the agreement, the United States "supports Ukraine's efforts to obtain the security guarantees necessary to establish a lasting peace" and the US has a "long-term financial commitment to support the development of a stable and economically prosperous Ukraine."
"The Participants will seek to identify all necessary steps to protect mutual investments as defined in the Fund Agreement," it says. "Americans wish to invest alongside Ukraine in a free, sovereign, and secure Ukraine."
Speaking at a news conference in Kiev on Wednesday, Zelensky said his country "needs to know first how the United States stands on continued military support." He said he expected to have an extensive conversation with Trump during his visit to Washington.
The economic agreement "can be part of future security guarantees, but I want to understand the broader vision. What lies ahead for Ukraine?" Zelensky said.
A senior Ukrainian official familiar with the matter told the AP on Wednesday that those negotiations would take place independently of the establishment of the joint fund.
The official, who spoke on condition of anonymity to discuss sensitive negotiations, said Kiev believes that the mere establishment of the fund would serve to strengthen Ukraine's security, as U.S. and Ukrainian investments would need to be protected amid continued Russian attacks.
How does the deal work?
Under the agreement, Ukraine will contribute 50 % of future revenues from national assets, including minerals, hydrocarbons, oil, gas and other recoverable materials, to the common fund. Kiev hoped that access to these materials would motivate the Trump administration to help ensure a just and lasting end to the war.
The idea of U.S. involvement in Ukraine's natural resources was originally proposed by Zelensky last autumn as part of his plan to strengthen Kiev's position in future negotiations with Moscow.
Ukraine would also contribute half of its revenues from infrastructure related to the extraction, processing or transportation of its natural resources, but these contributions would not apply to assets that are already part of the Ukrainian government's budget revenues, such as state oil and gas companies.
Contributions to the fund will be reinvested annually in Ukraine to promote its "security, safety and prosperity", the agreement states.
Is Ukraine giving up its natural resources?
The agreement states that revenues from its natural resources will flow into the fund and be used to rebuild the country, not that ownership or control of those resources will be transferred to the United States.
A senior Ukrainian official told the AP on Wednesday that the US will not own Ukraine's mineral and other resources. The official added that the fund will receive 50 % of revenues that will come from natural resource deposits once they are developed.
Is Ukraine repaying its debt for previous US support?
The agreement cancels Trump's earlier demand that Ukraine pay $500 billion to compensate for Washington's previous aid. A senior Ukrainian official said the contributions to the fund do not represent a repayment of any debt to the US for its previous support during the war with Russia, but an investment in the future.
The agreement states that the U.S. will maintain a long-term financial commitment to Ukraine's stability and economic prosperity and that it could make additional contributions outside the Fund in the form of financial instruments and other assets critical to Ukraine's recovery.
Ukraine's payments to the fund could provide a mechanism for possible future repayment of US aid in the long term, the Ukrainian official said.
"We are not debtors," Zelensky said Wednesday, adding that while Ukraine is grateful for previous U.S. support, it has not entered into any agreements that would require repayment of previous U.S. aid.
There were no such agreements in the past, so there is nothing to discuss in this regard," he said.
The agreement will also seek to avoid conflicts with any obligations Ukraine has to the European Union as it seeks membership of the bloc, or potential conflicts with obligations to other financial institutions or creditors.
Associated Press writers Hanna Arhirova and Vasilisa Stepanenko contributed to this report.

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