The US has signed a deal with Ukraine on the joint exploitation of its energy and mineral resources, after months of tense negotiations.

The two countries have agreed to establish a reconstruction investment fund to spur Ukraine’s economic recovery from its war with Russia.

US Treasury Secretary Scott Bessent said it showed both sides were committed to lasting peace and prosperity in Ukraine. For Kyiv, the deal is seen as essential to accessing US military aid.

Ukraine is believed to have vast reserves of critical minerals like graphite, titanium and lithium. They are highly sought after because of their use in renewable energy, military applications and industrial infrastructure.

The agreement comes amid a US trade war with China, where 90% of the world’s current rare-earth stocks are sourced.

According to the statement from the US Treasury on Wednesday afternoon, the newly created US-Ukraine Reconstruction Investment Fund recognises the “significant financial and material support” the US has given Ukraine since Russia invaded in February 2022.

The US treasury secretary said in a video statement that the deal would help “unlock Ukraine’s growth assets”.

The language of the announcement shows much more solidarity with Ukraine than is usual for the Trump administration.

It refers to “Russia’s full scale invasion” and adds that “no state or person who financed or supplied the Russian war machine will be allowed to benefit from the reconstruction of Ukraine”.

The Kremlin has not yet responded to the agreement.

(BBC News)

A sweeping power outage left millions of people in Spain, Portugal and parts of France without electricity on Monday, leading to chaotic scenes and widespread disruption.

A problem with the power connection between France and Spain was a contributing factor to the outage, the head of a trade body that represents Europe’s power industry said.

Kristian Ruby, of Eurelectric, told the BBC Radio 4’s The World Tonight a “specific incident with an interconnector between France and Spain” occurred on Monday.

Mr Ruby said this “meant the Spanish grid was disconnected from the broader European grid”.

He added that the interconnector incident was unlikely to have caused the outage on its own and that there were “likely to have been other elements in this equation”.

A day of widespread disruption saw trains cancelled and evacuated in some regions, and traffic lights stop working as delays mounted at airports.

As of Monday evening, 11 trains remained stranded, Spanish Transport Minister Oscar Puente said.

With shops, homes and restaurants plunged into darkness – and some people stuck in lifts – Spain’s electricity network said by mid-afternoon that restoring power could take several hours.

By Monday night, 50% of power had been restored across Spain, according to Spanish Prime Minister Pedro Sánchez. While Portuguese energy provider REN said electricity had been restored to 750,000 customers.

But a state of emergency remained in place, with regions able to request the special status.

Sánchez said the cause of the outage was still being investigated and warned against speculation, while Portuguese Prime Minister Luís Montenegro said there was “no indication” of a cyber attack.

(BBC News)

Russian President Vladimir Putin has announced a temporary ceasefire for the war in Ukraine.

The Kremlin said the ceasefire would run from the morning of 8 May until 11 May – which coincides with victory celebrations to mark the end of World War Two.

In response, Ukraine’s Foreign Minister Andrii Sybiha called for an immediate ceasefire lasting “at least 30 days”.

While US President Donald Trump, who has been attempting to broker a truce between the two sides, said he wants to see a permanent ceasefire, the White House said.

The Kremlin announced a similar, 30-hour truce over Easter, but while both sides reported a dip in fighting, they accused each other of hundreds of violations.

Ceasefires have been attempted more than 20 times in Ukraine – all of them failed eventually, and some within minutes of going into effect.

The most recent one, over Easter, was very limited in scope and only resulted in a slight reduction in fighting, with both sides accusing each other of violating the truce.

In a statement on Monday, the Kremlin said Putin declared the ceasefire “based on humanitarian considerations”.

A translation of the statement said: “Russia believes that the Ukrainian side should follow this example.

“In the event of violations of the ceasefire by the Ukrainian side, the Armed Forces of the Russian Federation will give an adequate and effective response.

“The Russian side once again declares its readiness for peace talks without preconditions, aimed at eliminating the root causes of the Ukrainian crisis, and constructive interaction with international partners.”

Following its release, Ukrainian Foreign Minister Sybiha said: “If Russia truly wants peace, it must cease fire immediately.”

“Why wait until May 8th?” he wrote on X. “If the fire can be ceased now and since any date for 30 days—so it is real, not just for a parade.”

He said Ukraine is ready to support a “lasting, durable, and full ceasefire. And this is what we are constantly proposing, for at least 30 days”.

White House press secretary Karoline Leavitt said Trump was growing “increasingly frustrated with leaders of both countries”.

“He wants to see a permanent ceasefire.

“I understand Vladimir Putin this morning offered a temporary ceasefire. The president has made it clear he wants to see a permanent ceasefire first to stop the killing, stop the bloodshed.”

The latest announcement comes during what the US has described as a “very critical” week for Russia-Ukraine peace talks.

Washington has been trying to broker a deal between the two sides, but the Donald Trump administration has threatened to pull out if they do not see progress.

Putin is keen to create the impression that Russia is serious about seeking peace – and he is keen for Trump to hear that message given Ukraine has accepted Washington’s proposal for a more lasting 30-day ceasefire.

It comes after the US president expressed annoyance with Russia’s continued attacks on Ukraine.

Russia launched a full-scale invasion of Ukraine on 24 February 2022, and currently controls about 20% Ukraine’s territory, including the southern Crimea peninsula annexed by Moscow in 2014.

It is estimated that hundreds of thousands of people – the vast majority of them soldiers – have been killed or injured on all sides since 2022.

(BBC News)