WASHINGTON - The United States and Ukraine have signed an agreement to establish the US-Ukraine Reconstruction Investment Fund, the US Treasury Department announced on Wednesday.

"This economic partnership positions our two countries to work collaboratively and invest together to ensure that our mutual assets, talent, and capabilities can accelerate Ukraine's economic recovery," the department said in a press release.

US Treasury Secretary Scott Bessent hailed the agreement as a "historic economic partnership," saying it is a signal to Russia that the US government is committed to a peace process centered on a free, sovereign, and prosperous Ukraine over the long term.

Both the United States and Ukraine will quickly operationalize the economic partnership, according to the press release.