A copy of the agreement obtained by The New York Times says that the United States “supports Ukraine’s effort to obtain security guarantees needed to establish lasting peace.”

The agreement lacks explicit security guarantees for Kyiv; Ukrainian President Volodymyr Zelensky confirmed he had been invited this week to Washington but wasn’t sure he would go

But Ukraine appears to have steered away from America’s first brazen, extractive demands into something that is closer to a joint investment venture. The deal looks to be a good way short of the $500bn “payback” that Mr Trump had demanded from Ukraine,