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After months of negotiations and false starts, the United States and Ukraine on Wednesday signed an extensive agreement for postwar reconstruction funding in the so-called minerals deal.

In a statement on X, Treasury Secretary Scott Bessent said, “This agreement signals clearly to Russia that the Trump administration is committed to a peace process centered on a free, sovereign, and prosperous Ukraine over the long term.” The deal directs American capital toward accessing Ukraine’s stores of rare minerals.

The agreement comes against the backdrop of the difficult peace negotiations between Ukraine and Russia brokered by the U.S., which continue to face headwinds from both parties. The minerals deal is a proxy for a formal American security guarantee to Ukraine.