London, 1 May 2025 (PA Media/dpa/MIA) - The UK "welcomes" the signing of an economic deal between the US and Ukraine, Foreign Secretary David Lammy 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 both parties had signed the deal, writing on X: "Thanks to the leadership and agreements between President Volodymyr Zelenskyy and President Donald Trump, Secretary of the Treasury Scott Bessant and I signed the agreement between Ukraine and the United States to establish the United States–Ukraine-Ukraine Reconstruction Investment Fund.

"I thank everyone who contributed to this Agreement and helped make it stronger. This document is capable of delivering success for both our countries — Ukraine and the United States.

"God bless Ukraine and God bless the United States of America."

In a post on X early on Thursday, 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."

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, mobilize American talent, capital and governance standards that will improve Ukraine's investment climate and accelerate Ukraine’s economic recovery."

Speaking on Wednesday evening, 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 Lammy said Trump and 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 Trump and Zelensky on Saturday was the first since their fraught White House encounter earlier this year.

Lammy told the House of Lords International Relations and Defence Committee on Wednesday that British Prime Minister 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.

Lammy said: "All attempts are going in to get the ceasefire."

The Ukrainian leader also had a meeting with Starmer on Saturday, and Zelensky and the British prime minister were also separately pictured in a conversation with Trump and Macron.

Amid the efforts to secure a peace deal, 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.

MIA file photo