India, May 1 -- The US Treasury Department announced the US-Ukraine Reconstruction Investment Fund on Wednesday, as the two countries signed a long-anticipated minerals deal. Announcing the signing of the accord, Treasury Secretary Scott Bessent said it showed "both sides' commitment to lasting peace and prosperity in Ukraine."

Ukrainian Prime Minister Denys Shmygal said on national television that the agreement was "good, equal, and beneficial." He further added in a post on Telegram that the two countries would establish a Reconstruction Investment Fund with each side having 50 percent voting rights.

"Ukraine retains full control over its subsoil, infrastructure and natural resources," he said. "The fund's profits will be reinvested e...