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US and Ukraine Sign Memorandum Paving Way for Controversial Mineral Deal
Ukraine and the United States have signed a preliminary memorandum of intent aimed at finalizing a far-reaching economic partnership and reconstruction investment fund focused on mineral exploitation. The document, seen by Euronews, marks a significant step toward what could be a landmark agreement shaping Ukraine’s post-war economic recovery.
The memorandum, signed on Thursday by Ukraine’s First Deputy Prime Minister Yulia Svyrydenko and US Treasury Secretary Scott Bessent, sets the stage for high-level negotiations in Washington between April 21 and 26. According to the document, Ukrainian Prime Minister Denys Shmyhal will travel to Washington during that week to lend political backing to the final round of technical discussions.
The goal is to conclude talks by April 26 and sign the agreement shortly afterward. “Negotiating teams are expected to report on progress by April 26, 2025, with the aim of completing discussions by that date and signing as soon as possible,” the document reads.
The proposed agreement is not without controversy. It outlines the creation of a joint investment fund that would give the US considerable influence over Ukraine’s critical infrastructure and natural resources. The fund’s board would be made up of five members—three appointed by the US and two by Ukraine—effectively granting Washington veto power over major decisions.
Under the deal, Ukraine would be required to submit all major infrastructure and resource projects—including those involving roads, ports, railways, and mineral extraction—to the fund for approval. If rejected, Kyiv would be barred from offering the same projects to other countries under more favorable terms.
Furthermore, the US would receive all profits generated by the fund and a 4% annual return until the total military and financial assistance—estimated at €114 billion by the Kiel Institute for the World Economy—is repaid. This “payback” structure has been championed by former President Donald Trump, who remains a key figure in ongoing US foreign policy despite current tensions with Ukrainian leadership.
The agreement also notes potential legal conflicts with Ukraine’s EU accession obligations and international financial commitments. However, the US pledged not to interfere in those matters. “The United States respects Ukraine’s intention to avoid conflicts in the drafting of the agreement with Ukraine’s obligations under European Union accession,” the document states.
The deal comes amid growing tensions between the US and Ukraine. Relations have deteriorated since Trump initiated backchannel talks with Russian officials to end the war, reportedly excluding Ukrainian President Volodymyr Zelenskyy from the process. A heated Oval Office meeting between Trump and Zelenskyy in February only deepened the rift.
Meanwhile, US Secretary of State Marco Rubio was in Paris this week to consult with European allies. Speaking to reporters Friday, Rubio warned that Washington could pull out of peace negotiations if no meaningful progress is achieved soon.
As talks in Washington approach, the proposed investment fund is expected to dominate headlines—and draw scrutiny over its implications for Ukraine’s sovereignty and economic independence.
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Trump Weighs Troop Cuts in Spain and Italy Amid Growing Rift Over Iran War
President Donald Trump said on Friday that he is considering reducing the US military presence in Spain and Italy, widening a dispute with key NATO allies over their opposition to the ongoing war with Iran.
Speaking to reporters in the Oval Office, Trump suggested both countries had failed to adequately support Washington’s military campaign in the Middle East.
“Yeah, probably, I probably will. Why shouldn’t I?” Trump said when asked whether he would withdraw troops from the two countries. He added that Italy “has not been of any help” and described Spain as “absolutely horrible.”
The comments came just one day after Trump floated a similar proposal regarding Germany, following criticism from German Chancellor Friedrich Merz over the administration’s handling of the Iran conflict.
Trump has repeatedly argued that the US-led campaign against Iran serves the security interests of the entire Western alliance. He has expressed frustration that several NATO members have not provided stronger military or political backing, particularly in efforts to counter Iran and reopen the Strait of Hormuz.
According to the latest Pentagon figures, the United States has about 36,000 troops stationed in Germany, roughly 12,600 in Italy and nearly 3,800 in Spain. While Trump did not specify the scale of any potential reductions, reports in US media suggest the cuts under consideration could be substantial.
Tensions with Italy have grown in recent weeks after Prime Minister Giorgia Meloni publicly questioned the war. Trump, once a close ally of the Italian leader, accused her of lacking the courage to fully support the campaign.
Relations with Spain have been strained for longer. Disagreements initially emerged over Madrid’s stance on the war in Gaza and later expanded to include defence spending and NATO commitments. Spain has resisted Trump’s push for alliance members to raise defence spending to 5 per cent of gross domestic product.
Prime Minister Pedro Sánchez has said Spain will only increase military spending when it aligns with national interests. That position has drawn repeated criticism from Washington.
The Trump administration has previously threatened trade measures against Spain and has even raised the possibility of suspending the country from NATO. Reports last week indicated that such discussions have resurfaced amid Spain’s refusal to support the Iran campaign.
The diplomatic tensions come as the war enters its third month, with no clear end in sight. The conflict has disrupted global energy markets, especially after the closure of the Strait of Hormuz. Brent crude settled at around $114 a barrel on Friday, sharply higher than the roughly $70 level seen before the conflict began.
Trump’s latest remarks are likely to deepen divisions within NATO at a time when alliance unity is already under strain.
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Trump Threatens Troop Reduction in Germany Amid Dispute With Chancellor Merz
US President Donald Trump has suggested that the United States could reduce its military presence in Germany, escalating tensions with German Chancellor Friedrich Merz over the handling of the conflict involving Iran.
In a social media post on Wednesday, Trump said Washington was reviewing the possibility of withdrawing some American troops from Germany, with a decision expected soon. The announcement comes amid a growing public disagreement between the two leaders over US strategy in the Middle East.
“The United States is studying and reviewing the possible reduction of troops in Germany,” Trump wrote, signalling that the longstanding American military footprint in Europe’s largest economy could once again be under scrutiny.
Germany hosts some of the most important US military facilities outside the United States, including Ramstein Air Base, the headquarters of US European Command and US Africa Command, and Landstuhl Regional Medical Center, the largest American military hospital abroad.
Trump’s latest warning follows comments by Merz earlier this week, in which the German leader said Washington was being “humiliated” by Iran and questioned the effectiveness of the US approach to the conflict. Merz has repeatedly called for a clearer strategy and a diplomatic resolution to the crisis.
Despite the sharp exchange, Merz said on Wednesday that his personal relationship with Trump remained strong. He added, however, that he had harboured concerns from the outset about the military campaign against Iran.
The two leaders met at the White House in March, shortly after the United States and Israel launched strikes on Iranian targets. At the time, Merz said Germany was prepared to work closely with Washington on future regional strategy, while also warning that a prolonged conflict could inflict serious damage on the global economy.
That concern has intensified as the closure of the Strait of Hormuz continues to disrupt global energy markets. The vital waterway, through which about one-fifth of the world’s oil supply normally passes, has remained effectively shut since fighting began in late February.
“We are suffering considerably in Germany and in Europe from the consequences of the closure of the Strait of Hormuz,” Merz said, urging all sides to seek a resolution.
Trump, however, has shown increasing frustration with Germany’s stance. In a post on Tuesday, he criticised Merz’s remarks on Iran and accused the chancellor of misunderstanding the threat posed by Tehran’s nuclear ambitions.
This is not the first time Trump has threatened to reduce US troop levels in Germany. During his first term, he announced plans to withdraw nearly 10,000 troops, citing Berlin’s defence spending. That proposal was later halted by the Biden administration.
Any renewed reduction would likely raise fresh questions about US commitment to NATO and European security at a time of heightened global instability.
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