In a significant development amid the ongoing Ukraine conflict, the United States and Ukraine have signed a landmark economic agreement, while Russian attacks continue to target Ukrainian cities.

The US and Ukraine have reached an agreement to establish a reconstruction fund for the war-torn country, which will also grant Washington access to Ukraine's natural resources. US Treasury Secretary Scott Bessent described the deal as 'historic' [2]. Ukrainian Economy Minister Julia Swyrydenko, who traveled to the US for the signing, stated that the fund 'will bring investments from around the world to our country' [2].

While the full text of the agreement has not been released, reports suggest it involves a joint investment fund for the exploitation of Ukrainian raw materials, aimed at generating funds for the country's reconstruction [2]. US President Donald Trump emphasized the deal's importance in keeping 'bad actors' at bay, although specific details were not provided [3].

However, the negotiation process has not been without challenges. The BBC reported that Washington accused Kyiv of reopening previously settled details, though a source close to the matter suggested a contract conclusion could still be imminent [3].

As these economic negotiations unfold, the conflict in Ukraine continues. In the early hours of May 1, 2025, Russian forces launched a drone attack on the port city of Odessa. According to Oleg Kiper, the governor of the Odessa region, at least two people were killed and five injured in the assault on a residential area. The attack damaged several homes, a supermarket, a school, and vehicles, with firefighters responding to multiple fires [1].

In a related development, EU Foreign Affairs Representative Kaja Kallas revealed that the European Union is working on a 'Plan B' to maintain economic sanctions against Russia. This contingency plan is being prepared in case the United States withdraws from peace talks with Ukraine and moves closer to Russia, a possibility that Kallas suggests is becoming increasingly apparent [3].

As the situation continues to evolve, the international community watches closely, with the new US-Ukraine deal potentially reshaping the economic and geopolitical landscape of the region.