April 30 (UPI) — The United States and Ukraine on Wednesday created a Reconstruction Investment Fund that includes rare earth mineral rights in the European nation.

The arrangement, which was signed in Washington, D.C., serves as compensation for munitions sent to defend Ukraine against Russia after the invasion in February 2022. It is seen as a move toward peace between the Moscow and Kyiv.

President Donald Trump and Ukrainian President Volodymyr Zelensky were originally set to sign the minerals deal on Feb. 28, but the plan was scrapped after a tense exchange between them in the Oval Office in which Trump accused him of “gambling with World War III.”

“Thanks to President Trump’s tireless efforts to secure a lasting peace, I am glad to announce the signing of today’s historic economic partnership agreement between the United States and Ukraine establishing the United States-Ukraine Reconstruction Investment Fund,” U.S. Secretary of the Treasury Scott Bessent said. “As the President has said, the United States is committed to helping facilitate the end of this cruel and senseless war.

“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. 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. And to be clear, no state or person who financed or supplied the Russian war machine will be allowed to benefit from the reconstruction of Ukraine.”

The United States wants access to more than 20 raw materials, including some non-minerals, such as oil and natural gas, as well as titanium, lithium, graphite and manganese. The minerals are used in electric vehicle batteries.

The Trump administration has been in a trade war with China, where 90% of the rare minerals are located.

Ukraine’s Minister of Economy Yulia Svyrydensky posted on X: “Together with the United States, we are creating the Fund that will attract global investment into our country.

Bessent, in a video posted on X, spoke about the fund: “This partnership allows the United States to invest alongside Ukraine to unlock Ukraine’s growth assets, mobilize American talent, capital and governance standards that will improve Ukraine’s investment climate and accelerate Ukraine’s economic recovery.”

Zelensky said on March 1 that he wanted the deal to be completed as he thanked the United States for supporting Ukraine’s defense against Russia.

Specific details of the minerals deal, including whether the United States is providing any form of security guarantee after the war ends, have not been made public.

“We made a deal today where we get, you know, much more in theory, than the $350 billion but I wanted to be protected,” Trump said Wednesday night during an interview on NewsNation. “I didn’t want to be out there and look foolish.”

The Untied States had committed about $135 billion in wartime military, financial and humanitarian aid to Ukraine through February 2025, according to the Kiel Institute for the World Economy, a German think tank that closely tracks wartime aid to Ukraine.

Technical documents were signed last week.

There were some late disagreements on the deal, ABC News reported.

The United States said it wanted the main minerals resources agreement and the creation of an investment fund document signed at the same time.

Ukraine had wanted separate signings.

Trump and Zelensky held a 15-minute face-to-face meeting before Pope Francis’ funeral in the Vatican.

Trump, during the NewsNation interview, said he told Zelensky, “It’s a very good thing” if he signed this deal. “Russia is much bigger and much stronger.”

Talks have continued between Moscow and Washington over a possible cease-fire.

Russian President Vladimir Putin wants a cease-fire before peace negotiations.

On Monday, he declared a three-day ceasefire from May 8-10.

U.S. Rep. Gregory Meeks, the ranking Democrat on the Foreign Affairs Committee, blasted Trump after the deal was signed.

“With the signing of Donald Trump’s extortion of Ukraine deal, even as Ukraine continues to defend itself from Russia’s illegal invasion, I hope the administration can now turn to the real roadblock for peace: Vladimir Putin,” Meeks, of New York, said in a statement. “President Zelensky has shown time and again that he is willing to negotiate to work towards a sustainable peace; now is the time for Trump to put the pressure on Putin where it belongs.”

Meeks wants Russia to be held accountable for war crimes, additional security support for Ukraine and reconstruction for Ukraine from Russia’s frozen assets.

“Unfortunately, Donald Trump has so far demonstrated nothing but weakness by capitulating to Putin every step of the way, with nothing to show for it in return, while fixating his attacks on Zelensky and Ukraine. It should be news to no one that Vladimir Putin is a bully and will only respond to strength, not groveling.”