It strengthens ties between Ukraine and the US which have been fraying to the point of disintegration.
But will it increase the chances of a diplomatic breakthrough to find peace? Possibly not. Without that, this agreement will have changed little in this pointless grinding war.
But it does give Donald Trump a personal political investment in a conflict he has always seemed to have regarded as someone else’s fault, someone else’s problem and a money pit for US resources.
On the face of it, it is a purely economic agreement.
Ukraine had wanted to tie in explicit guarantees of continuing US military support. The details are scant but they appear to be absent.
But reaching agreement is a considerable diplomatic achievement on both sides.
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3:49
Trump and Zelenskyy – it’s complicated?
The idea of a minerals deal was initially proposed by President Zelenskyy but at times he must have regretted it as acrimonious talks threatened to torpedo US support for Ukraine entirely.
It was meant to have been signed in February before the infamous Zelenskyy-Trump-Vance bust up in the Oval Office.
At one point it looked like an act of extortion. Like gangsters running a protection racket, the US seemed to be demanding all Ukraine’s mineral wealth in return for continued support.
But the terms now look less onerous. Most importantly it seems the Trump administration is not asking retrospectively for the return of billions given by the Biden administration, by means of this minerals extraction agreement.
The turning point in negotiations appears to have been the meeting engineered between Mr Trump and Mr Zelenskyy on the sidelines of the Pope’s funeral in Rome on Saturday. Mr Zelenskyy appears to have persuaded Mr Trump it was a deal worth signing.
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10:47
From February: Watch Trump and Zelenskyy clash
The terms are vague and not detailed but the agreement appears to be more of a long term proposal for joint cooperation over Ukraine’s economic future.
America will invest in exploiting Ukraine’s mineral wealth but also share the profits years down the line.
The signing comes at a crucial time for Ukraine. Its forces are losing ground on the battlefield. And Mr Trump’s efforts to broker peace look decidedly one-sided against them.
Falling in line on this deal was essential for Ukrainians. Whether it saves them from President Trump walking away and ending military support for them anyway, is by no means certain.
The twin threats of climate change and Russian malign activity in the Arctic must be taken “deadly seriously,” David Lammy has warned.
Sky News joined him on the furthest reaching tour of the Arctic by a British foreign secretary.
We travelled to Svalbard – a Norwegian archipelago that is the most northern settled land on Earth, 400 miles from the North Pole.
It is at the heart of an Arctic region facing growing geopolitical tension and feeling the brunt of climate change.
Mr Lammy told us the geopolitics of the region must be taken “deadly seriously” due to climate change and “the threats we’re seeing from Russia”.
We witnessed the direct impact of climate change along Svalbard’s coastline and inland waterways. There is less ice, we were told, compared to the past.
Image: David Lammy and Norway’s Foreign Minister Barth Eide view the melting Blomstrandbreen glacier. Pic: PA
The melting ice is opening up the Arctic and allowing Russia more freedom to manoeuvre.
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“We do see Russia’s shadow fleet using these waters,” Mr Lammy said. “We do see increased activity from submarines with nuclear capability under our waters and we do see hybrid sabotage of undersea cables at this time.”
In Tromso, further south, the foreign secretary was briefed by Norwegian military commanders.
Image: The foreign secretary visiting SvalSat, a satellite ground station which monitors climate in Svalbard. Pic: PA
Vice Admiral Rune Andersen, the Chief of Norwegian Joint Headquarters, told Sky News the Russian threat was explicit.
“Russia has stated that they are in confrontation with the West and are utilising a lot of hybrid methods to undermine Western security,” he said.
But it’s not just Vladimir Putin they’re worried about. Norwegian observers are concerned by US president Donald Trump’s strange relationship with the Russian leader too.
Image: Norwegian observers are concerned about the Russian leader – and Trump being ‘too soft’ on him. Pic: AP
Karsten Friis, a Norwegian defence and security analyst, told Sky News: “If he’s too soft on Putin, if he is kind of normalising relations with Russia, I wouldn’t be surprised.
“I would expect Russia to push us, to test us, to push borders, to see what we can do as Europeans.”
Changes in the Arctic mean new challenges for the NATO military alliance – including stepping up activity to deter threats, most of all from Russia.
In Iceland, we toured a NATO airbase with the foreign secretary.
There, he said maintaining robust presence in the Arctic was essential for western security.
“Let’s be clear, in this challenging geopolitical moment the high north and the Arctic is a heavily contested arena and we should be under no doubt that NATO and the UK need to protect it for our own national security.”
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A British charity has written to the prime minister and foreign secretary, urging them to allow seriously ill children from Gaza into the UK to receive life-saving medical treatment.
Warning: This article contains images readers may find distressing
The co-founder of Project Pure Hope told Sky News it was way past the time for words.
“Now, we need action,” Omar Dinn said.
He’s identified two children inside Gaza who urgently need help and is appealing to the UK government to issue visas as a matter of urgency.
Britain has taken only two patients from Gaza for medical treatment in 20 months of Israeli bombardment.
Image: Children are among the bulk of the casualties in Gaza
“Most of the people affected by this catastrophe that’s unfolding in Gaza are children,” he continued. “And children are the most vulnerable.
“They have nothing to do with the politics, and we really just need to see them for what they are.
“They are children, just like my children, just like everybody’s children in this country – and we have the ability to help them.”
Sky News has been sent video blogs from British surgeons working in Gaza right now which show the conditions and difficulties they’re working under.
They prepare for potential immediate evacuation whilst facing long lists, mainly of children, needing life-saving emergency treatment day after day.
Image: Dr Victoria Rose is a British surgeon working in southern Gaza’s last remaining hospital
Dr Victoria Rose told us: “Every time I come, I say it’s really bad, but this is on a completely different scale now. It’s mass casualties. It’s utter carnage.
“We are incapable of getting through this volume. We don’t have the personnel. We don’t have the medical supplies. And we really don’t have the facilities.
“We are the last standing hospital in the south of Gaza. We really are on our knees now.”
One of her patients is three-year-old Hatem, who was badly burned when an Israeli airstrike hit the family apartment.
Image: Karam, aged one, has a birth defect that could be easily fixed with surgery
His pregnant mother and father were both killed, leaving him an orphan. He has 35 percent burns on his small body.
“It’s a massive burn for a little guy like this,” Dr Rose says. “He’s so adorable. His eyelids are burnt. His hands are burnt. His feet are burnt.”
Hatem’s grandfather barely leaves his hospital bedside. Hatem Senior told us: “What did these children do wrong to suffer such injuries? To be burned and bombed? We ask God to grant them healing.”
Image: Hatem Senior
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The second child identified by the charity is Karam, who, aged one, is trying to survive in a tent in deeply unhygienic surroundings with a protruding intestine.
He’s suffering from a birth defect called Hirschsprung disease, which could be easily operated on with the right skills and equipment – unavailable to him in Gaza right now.
Image: Karam, aged one, has a birth defect that could be easily fixed with surgery
Karam’s mother Manal told our Gaza camera crew: “No matter how much I describe how much my son is suffering, I wouldn’t be able to describe it enough. I swear I am constantly crying.”
Children are among the bulk of casualties – some 16,000 have been killed, according to the latest figures from local health officials – and make up the majority of those being operated on, according to the British surgical team on the ground.