The deal, signed last week, will see Washington and Kyiv jointly develop Ukraine’s natural resources and minerals.
Kyiv and Washington planned to sign the agreement in February, but a White House clash between US President Donald Trump and Ukrainian counterpart Volodymyr Zelensky derailed the talks.
The deal does not include any security guarantees from Washington, but the United States argues boosting its business interests in Ukraine will itself act as a bulwark against Russia, which attacked Ukraine in February 2022.
Zelensky praised the deal as a “new chapter” in relations, while expressing hope it could lead to eventual security support.
“Right now, it serves as a strong foundation for security cooperation, and in the long term, it offers an opportunity for Ukraine and the US to expand mutually beneficial economic collaboration,” he said in a post on X.
The ratification was approved by 338 out of 347 lawmakers, with none voting against.
Trump initially described the accord as “money back” for the wartime aid Ukraine received under his predecessor Joe Biden, but Kyiv says it has since been renegotiated to ensure “equal” benefits for both sides.
The deal is not linked to any past debt and sets up a joint “recovery fund,” with profits exclusively invested in Ukraine for the first 10 years.
New military aid from Washington may be counted as its contribution to the joint investment fund.
It is unclear how soon any tangible benefits from the agreement can be put in place.
Fighting is still raging in the east and many of Ukraine’s resource deposits lie in areas occupied by Russia’s army.
Washington, which has been Kyiv’s biggest backer, signalled the deal was essential if Ukraine wanted to carry on getting such support. (AFP)
