The US and Ukraine have finally signed a long-awaited agreement on Ukraine’s post-war reconstruction, and at first reading, the details appear more favourable for Kyiv than many observers expected.

At the core of the “economic partnership agreement” is the exploitation of Ukraine’s mineral wealth. Ukraine will get access to US investment and technology, and the US will eventually get a share of the profits. The rest will finance the war-torn nation’s recovery if and when a peace agreement is signed with Russia.