MICHEL MARTIN, HOST:
Ukraine and the U.S. have agreed to a deal.
LEILA FADEL, HOST:
They will share profits from the sale of Ukraine's critical minerals and raw materials. Both sides are calling it a win. The deal is intended to give the White House an economic motive to keep investing in Ukraine's defense and reconstruction as the Trump administration tries to broker an end to the war.
MARTIN: Joining us now to tell us more about this is NPR's Joanna Kakissis, who's in Kyiv, Ukraine's capital. Hello, Joanna. Thanks for joining us once again.
JOANNA KAKISSIS, BYLINE: Thanks for having me, Michel.
MARTIN: So how will this economic agreement work?
KAKISSIS: So Ukraine's economy minister, Yuliia Svyrydenko - she led Ukrainian negotiations on the deal. And she said income would come from new licenses for critical minerals - things like graphite, titanium, lithium, as well as other natural resources. And she noted that Ukraine and the U.S. will have equal voting rights over the investment fund, and that Ukraine would keep total control of its infrastructure and natural resources. Now, U.S. mining companies are expected to make money, of course, as are other American companies if they end up being involved in Ukraine's reconstruction.
MARTIN: Now, this just all came together just a few hours ago as we are speaking now. But from what you understand, how are Ukrainians reacting to this deal?
KAKISSIS: Well, the Ukrainians I've spoken to describe - I would describe their reaction as very guarded optimism. We spoke to Volodymyr Landa, a senior economist with the Center for Economic Strategy in Kyiv. He's been following the minerals negotiations closely for months. And he says this deal, at least, does not smack of colonialism.
VOLODYMYR LANDA: The agreement is designed as a win-win partnership, which gives us hope that such an agreement will actually be implemented in the long run.
KAKISSIS: So unlike previous versions of the deal, Landa says, this version does not obstruct Ukraine on its path to the European Union. And crucially, it appears to not count previous U.S. military aid to Ukraine as a debt that needs to be repaid.
MARTIN: Does this mean that the Trump administration's relationship with Ukraine has improved?
KAKISSIS: Well, you know, some people here are sure hoping so because the relationship wasn't good to begin with. You will recall that in late February, this minerals agreement stalled when Ukrainian President Volodymyr Zelenskyy visited the White House, and President Trump and Vice President JD Vance publicly berated him for not being grateful enough for U.S. support. Zelenskyy had refused to sign an early draft of the minerals deal because he said it would have left generations of Ukrainians deeply in debt while giving them very little in return, especially security guarantees so Russia does not invade Ukraine again.
MARTIN: And does this deal address any of those security guarantees?
KAKISSIS: So, Michel, from what we know, it does not address them explicitly, though Ukrainians see the language coming out of the White House as a good sign. For example, in a statement, Treasury Secretary Scott Bessent said that the agreement shows Russia that this administration wants a free, sovereign and prosperous Ukraine. And he added, quote, "no state or person who financed or supplied the Russian war machine will be allowed to benefit from the reconstruction of Ukraine." Now, Ukraine says these security guarantees are crucial, especially as ceasefire talks continue. Meanwhile, Russia has unilaterally declared its own three-day ceasefire, starting in a week, to mark the Soviet Union's victory against Nazi Germany. But the Russians say they're in no hurry to come to the negotiating table.
MARTIN: That is NPR's Joanna Kakissis in Kyiv. Joanna, thank you.
KAKISSIS: You're welcome. Transcript provided by NPR, Copyright NPR.
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