Ukraine expects $3.5 billion U.S. weapons fund as war persists; mineral-investment fund to launch with seed capital

Ukraine expects about $3.5 billion by next month in a fund to buy weapons from the United States to sustain its more than three-year fight against Russia’s all-out invasion, Ukrainian President Volodymyr Zelenskyy said Wednesday. The financial arrangement known as the Prioritized Ukraine Requirements List, or PURL, pools contributions from NATO members, except the United States, to purchase American weapons, munitions and equipment. “We received more than $2 billion from our partners specifically for the PURL program," Zelenskyy said at a joint news conference in Kyiv with visiting European Parliament President Roberta Metsola. "We will receive additional money in October. I think we will have somewhere around $3.5-3.6 billion.” Zelenskyy declined to provide details of what weapons the first shipments would include, but said that they would definitely contain missiles for Patriot air defense missile systems and munitions for the High Mobility Artillery Rocket Systems, or HIMARS. An end to the war appears no closer, despite months of U.S.-led peace efforts. The Patriot systems are vital to defend against Russian missile attacks. The HIMARS systems have significantly bolstered the Ukrainian military’s precision-strike capability.

Kremlin spokesman Dmitry Peskov reaffirmed Russia’s readiness for peace talks, telling reporters on Wednesday that “we remain open for negotiations and prefer to settle the Ukrainian crisis by political and diplomatic means.” However, Moscow has raised objections about key proposals and negotiations haven't moved forward. The latest Russian overnight aerial attacks caused disruption to Ukrainian rail and power services, officials said Wednesday. In addition, a Russian glide bomb struck a town in the southern Kherson region of Ukraine, wounding three women and a 3-year-old girl, regional head Oleksandr Prokudin said.

Meanwhile, a U.S.-Ukraine fund devised to spur investments in the Ukrainian mineral sector is set to launch with $150 million of seed capital, senior Ukrainian officials said Wednesday. The U.S. International Development Finance Corporation agency will commit $75 million to the fund, with Ukraine matching that contribution, Ukrainian Economy Minister Oleksii Sobolev said. “This is enough to launch the first significant investments,” Sobolev said, describing the fund as a “beacon” that could draw additional support from other international institutions. The U.S.-Ukraine deal on developing the Ukrainian mineral sector was signed in April. It gives the U.S. preferential access to new Ukrainian mining projects and is meant to spur reconstruction and enable continued military aid to Ukraine from the U.S. Prime Minister Yuliia Svyrydenko said that the fund would initially focus on energy, infrastructure and critical mineral projects, with a goal of financing three projects by the end of 2026.

The dual aims come as Ukraine relies on international support to sustain its defense and rebuild critical sectors amid a conflict that has shifted in intensity but shows no clear end. Washington has pressed for a diplomatic path, while Kyiv has emphasized the urgency of continued arms and material support to deter Russian advances and sustain its defensive efforts. The situation on the ground remains volatile, with both sides trading allegations of provocations and battlefield gains.

Ancillary to the military aid, Kyiv seeks to leverage new financial tools to mobilize reconstruction and long-term resilience. The mineral fund reflects a broader push to align security assistance with economic reconstruction, potentially unlocking additional capital from international financial institutions and allied governments. Analysts say such instruments could help Ukraine diversify its sources of support beyond direct military shipments, while ensuring that key sectors—energy and critical minerals—receive targeted investment that supports both civilian and defense needs.

As the war persists, Zelenskyy’s comments underscore a persistent expectation among Kyiv and Western partners that timely funding will translate into more capable defense capabilities in the near term, even as diplomatic avenues endure a cautious path forward. Both the PURL and the mineral fund illustrate how partners are seeking to synchronize military support with broader economic stabilization efforts, even as negotiations with Moscow remain stalled on substantive terms.

(Reporting contributed by Hanna Arhirova and Illia Novikov.)