WASHINGTON, May 1, (AP): The US and Ukraine on Wednesday signed an agreement granting American access to Ukraine’s vast mineral resources, finalizing a deal months in the making that could enable continued military aid to Kyiv amid concerns that President Donald Trump might scale back support in ongoing peace negotiations with Russia.

The two sides offered only barebone details about the structure of the deal, which they called the United States-Ukraine Reinvestment Fund. But it is expected to give the US access to Ukraine’s valuable rare earth minerals while providing Kyiv a measure of assurance about continued American support in its grinding war with Russia.

"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,” Treasury Secretary Scott Bessent said in a statement. "President Trump envisioned this partnership between the American people and the Ukrainian people to show both sides’ commitment to lasting peace and prosperity in Ukraine.”

The announcement comes at a critical moment in the three-year war as Trump has grown increasingly frustrated with both sides. The signing comes two months after a different but similar agreement was nearly signed before being derailed in a tense Oval Office meeting involving President Donald Trump, Vice President JD Vance and Ukrainian President Volodymyr Zelenskyy.

Trump has long criticized Zelenskyy, saying he didn’t "have the cards” to win the war and blaming him for prolonging the killing by not giving up Crimea, but in recent days has rebuked Russian President Vladimir Putin as well, saying he was complicating negotiations with "very bad timing” in launching deadly strikes on Kyiv. Trump said Wednesday night on NewsNation that the deal, "in theory,” means that the US will get more from Ukraine than it contributed.

"I wanted to be protected,” he said, adding that he didn’t want to be looking "foolish” by not getting money back for the investment. For Ukraine, the agreement is seen as key to ensuring its access to future U.S. military aid. "Truly, this is a strategic deal for the creation of an investment partner fund,” said Prime Minister Denys Shmyhal. "This is truly an equal and good international deal on joint investment in the development and restoration of Ukraine between the governments of the United States and Ukraine.”