Looks like the Vatican may have scored a diplomatic victory in the Russia-Ukraine war. During the funeral for Pope Francis, the Holy See arranged for Donald Trump and Volodyyr Zelensky to talk one-on-one in St. Peter’s Basilica. Neither side outlined the discussion, but many presumed it rested in large part on the mineral-rights deal that Trump offered as a way to signal Russia that America had significant interests in Ukrainian sovereignty.
And just a few minutes ago … voila:
BREAKING: UKRAINE MINERALS DEAL SIGNED, TREASURY CONFIRMS pic.twitter.com/HXrTh2cS6c
— Jacqui Heinrich (@JacquiHeinrich) April 30, 2025
Earlier in the day, it appeared that last-minute demands had snagged negotiations, although the Ukrainians sent their envoy to Washington anyway. They told reporters that they expected a final draft ready for signatures within a day:
“We are finalizing the last details with our American colleagues. As soon as all the final details have been finalized, I hope that the agreement will be signed in the near future, within the next 24 hours,” Shmyhal told the Ukrainian Telemarathon.
Despite hopes that the deal would be finalized, sources familiar with the talks told CNN that there were differing views on the signing of the documents.
Shmyhal said earlier on Wednesday that Ukraine was ready to sign the deal, and then continue to work with the US to “finalize” two “technical documents” outlining the details of the deal at a later date.
A source familiar with the Ukrainian position said that while the US “offered” to sign all three documents on Wednesday, Ukraine believed more work was needed on the technical side.
Meanwhile, a source familiar with the US position told CNN that all three documents needed to be signed on Wednesday, and that the Ukrainians were trying to reopen terms which have already been agreed upon as part of the package.
ABC News reported shortly afterward that the differences on the fund language had been resolved:
“The Fund will be replenished with contributions from the United States and Ukraine. The Fund’s profits will be reinvested exclusively in Ukraine,” Shmyhal said in the post.
Ukraine had planned to separate the signing dates, as the creation of the fund agreement was still being finalized, the source added.
“Now they’ll be rushing to finish it,” the source said.
And rush they did, apparently. It has taken Zelensky and his government a long time to get to yes, but at least they finally got there. And they’re more enthusiastic about it now than Zelensky appeared when he misjudged the meeting at the White House in February:
“This is truly a good, equal and beneficial international agreement on joint investments in the development and recovery of Ukraine,” Shmygal said on national television.
In a post on Telegram, Shmygal said 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.
Meeting a key concern for Ukraine, he said Ukraine would not be asked to pay back any “debt” for the billions of dollars in US weapons and other support since Russia invaded in February 2022.
That might be a tough sell to Trump’s supporters, who want some accountability for the vast sums already spent on Ukraine over the past three years. Trump has to know, however, that Ukraine can’t possibly pay that back, and that the US is better off getting into a stronger commercial relationship with a rebuilding Ukraine than dealing with a broke Ukraine, even putting aside the issue of the war.
This puts Russia in a tougher position, as the agreement was intended to do. Trump now has invested in Ukrainian sovereignty as a key American commercial interest, a signal that makes clear to Putin that we will not back away from Ukraine, even if we aren’t going to militarize the relationship any further. The Russians already suggested today that they aren’t ready for a deal, not without knowing its “nuances”:
Kremlin spokesperson Dmitry Peskov warned Wednesday that “a whole series of nuances” needs to be addressed before Russia will agree to any U.S.-brokered peace deal to end Moscow’s 3-year-old invasion of Ukraine.
Speaking with journalists, Peskov appeared to downplay hopes of a quick peace agreement — which President Donald Trump said this weekend he wants to secure within two weeks.
President Vladimir Putin, Peskov said, “said that he supports this initiative — the establishment of a ceasefire, he supports it, but before going for it, a whole series of questions need to be answered and a whole series of nuances need to be resolved,” as quoted by the state-run Tass news agency.
Well, the “nuance” here is that Putin’s attempt to frustrate Trump enough to dump Ukraine didn’t work. That doesn’t mean that Putin will immediately order a cease-fire, but it does mean that Trump and the EU are aligned again on support for Ukraine and guarantees for its sovereignty with whatever borders get settled in talks.
The ball is now in Moscow’s court. We will see whether Putin wants to return serve, or just find a way to call off the game.
Update: The Senate may send its own signal to Putin:
Sen. Lindsey Graham, a close ally of President Trump, is forging ahead on a plan to impose new sanctions on Russia and steep tariffs on countries that buy Russian oil, gas and uranium, as Trump struggles to fulfill his campaign promise to end the war in Ukraine.
The South Carolina Republican said in an interview that support for his bill crossed the critical threshold of 60 co-sponsors on Wednesday, meaning it has enough votes to overcome a Senate filibuster. By the end of the week, Graham predicted, the bill will have at least 67 co-sponsors, enough to override a potential presidential veto.
The list of co-sponsors is evenly divided between senators from both parties and notably includes Senate Majority Leader John Thune (R., S.D.), as well as other members of the Senate Republican leadership team.
Thune’s endorsement is no guarantee of a vote on the Senate floor, if Trump were to oppose one. Graham said Thune made him no promises. Still, the backing of at least 64 senators sends a message to the White House—and to Russia—that the Senate is strikingly united and poised to act, should peace talks fail. Senate Minority Leader Chuck Schumer (D., N.Y.) also became a co-sponsor Wednesday.
Trump might be inclined to push this, given his remarks following Putin’s escalation over the last few days. It at least increases his leverage in talks with Russia.
