US President Donald Trump previously said he wants access to Ukraine’s rare earth minerals as a condition of further support.
The UK “welcomes” the signing of an economic deal between the US and Ukraine, the Foreign Secretary said.
Late on Wednesday, the US Treasury announced a “reconstruction investment fund” for Ukraine, with Ukrainian prime minister Denys Shmyhal describing it as “truly an equal and good international deal”.
Ukraine’s economy minister Yulia Svyrydenko confirmed to the Associated Press that the deal has been signed in Washington.
In a post on X early on Thursday, David Lammy said: “The UK welcomes steps taken by the US and Ukraine to sign an economic partnership.
“The UK’s support for Ukraine remains steadfast. With our 100-year partnership, we are deepening economic and security ties for the future generations of both of our countries.”
US Treasury secretary Scott Bessent said in a video posted to X that “this partnership allows the United States to invest alongside Ukraine, to unlock Ukraine’s growth assets, mobilise American talent, capital and governance standards that will improve Ukraine’s investment climate and accelerate Ukraine’s economic recovery”.
Speaking on Wednesday evening, US President Donald Trump told the NewsNation programme 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 did not want to be looking “foolish” by not getting money back for the investment.
The development comes after Mr Lammy said Mr Trump and Volodymyr Zelensky meeting at Pope Francis’s funeral was “indicative” of the “effort” being put in to secure a peace deal for Ukraine.
The US and Ukrainian presidents were pictured in discussion at the Vatican over the weekend, having both travelled to Rome for the service.
The meeting between Mr Trump and Mr Zelensky on Saturday was the first since their fraught White House encounter earlier this year.
The Foreign Secretary told the House of Lords International Relations and Defence Committee on Wednesday that Sir Keir Starmer and French President Emmanuel Macron have done “a lot of the heavy lifting” in terms of trying to bring nations together to support any potential future agreement.
Mr Lammy said: “All attempts are going in to get the ceasefire.”
The Ukrainian leader also had a meeting with Sir Keir on Saturday, and Mr Zelensky and the Prime Minister were also separately pictured in a conversation with Mr Trump and Mr Macron.
Amid the efforts to secure a peace deal, Mr Trump has previously said he wants access to Ukraine’s rare earth minerals as a condition of further support.
A deal is seen by Kyiv as possibly key in future military support from Washington, but talks had stalled following the Oval Office meeting between the leaders in February.
