U.S. and Ukraine finalize critical minerals agreement following months of intense negotiations.

 

U.S. Treasury Secretary Scott Bessent and Ukrainian Economy Minister Yulia Svyrydenko have signed an agreement granting the United States priority access to Ukraine's mineral resources.

The United States and Ukraine have entered into an “economic partnership agreement” that grants Washington access to Ukraine’s mineral resources in return for the creation of an investment fund in the country.

Negotiations for the deal have been ongoing since President Donald Trump resumed office in January. Compared to earlier versions, the finalized agreement is reportedly more balanced and less expansive. Notably, it allows future U.S. military support to count as investment into the fund, rather than seeking repayment for previous aid.

The agreement follows several weeks of tough negotiations, during which tensions occasionally flared, even causing temporary delays in U.S. aid to Ukraine.

During a call with NewsNation on Wednesday, Trump said the agreement was intended to safeguard the U.S. role in supporting Ukraine’s defense. “We made a deal today where we get, you know, much more in theory, than the $350 billion but I wanted to be protected,” Trump stated. “I didn’t want to be out there and look foolish.”

Trump has incorrectly claimed that the U.S. has provided Ukraine with $350 billion since Russia launched its full-scale invasion in February 2022. According to the Kiel Institute for the World Economy, the real figure is closer to $120 billion.

Trump also said he told Ukrainian President Volodymyr Zelensky during a meeting at Pope Francis’ funeral over the weekend that the agreement would be beneficial, given Russia’s military strength.

Ukrainian Economy Minister Yulia Svyrydenko, who signed the agreement in Washington, emphasized that Ukraine retains full ownership and control over its resources. “All resources on our territory and in territorial waters belong to Ukraine,” she said, adding that decisions about extraction remain solely with the Ukrainian state.

A last-minute dispute over the final documents nearly derailed the signing on Wednesday, but the deal ultimately went ahead. The full terms have not been released publicly, but Ukrainian Prime Minister Denys Shmyhal stated on Sunday that the agreement does not include prior U.S. assistance.

“It is a truly balanced and mutually beneficial agreement focused on joint investment for Ukraine’s development and reconstruction,” Shmyhal said.

In contrast to previous communications from the Trump administration, the U.S. Treasury Department’s announcement of the deal expressed stronger solidarity with Ukraine, describing the conflict as “Russia’s full-scale invasion.”

An excavator extracts rare earth elements in Ukraine’s Zhytomyr region in February 2025, as businesses maintain operations amid the ongoing war.

“Treasury Secretary Scott Bessent reiterated the U.S. commitment to supporting the end of what he described as a ‘cruel and senseless war,’ calling the newly signed deal a ‘historic economic partnership.’

He emphasized that the agreement sends a strong message to Russia, showing that the Trump administration stands behind a long-term vision of a free, sovereign, and prosperous Ukraine. Bessent also made it clear that anyone who backed or supplied Russia’s war efforts would be excluded from benefiting in Ukraine’s future reconstruction.

While expressing enthusiasm to implement the agreement promptly, Bessent acknowledged that it remains uncertain how quickly mining projects and other collaborations can move forward amid the ongoing conflict.

Background on delays

Ukrainian President Volodymyr Zelensky was initially expected to finalize the agreement during a February visit to Washington. However, the trip was cut short following a tense Oval Office discussion, and the deal remained unsigned.

One of the main points of contention was the issue of security guarantees—specifically whether the U.S. would include them in the agreement. Trump had initially declined, insisting that Ukraine sign the deal first before discussing security commitments.

At the time, Zelensky criticized the draft, suggesting it amounted to “selling” his country. However, Ukrainian officials have since expressed hope that increased U.S. investment and the involvement of American companies will help tie U.S. security interests more closely to Ukraine’s future.”

U.S. President Donald Trump and Ukrainian President Volodymyr Zelensky had a public dispute at the White House on February 28, during what was supposed to be the signing of an earlier version of the minerals agreement.

In the aftermath of a failed White House meeting, President Donald Trump ordered the temporary suspension of U.S. aid to Ukraine. Although the assistance was later reinstated, the interruption served as a wake-up call for Ukraine’s European partners, prompting renewed commitments to bolster their support for Kyiv.

Trump had previously framed the economic agreement with Ukraine as a form of repayment for U.S. assistance provided since Russia’s full-scale invasion began in February 2022. Speaking to Fox News on Wednesday, Treasury Secretary Scott Bessent described the agreement as "a signal to the American people that we have a chance to participate—receiving some funding, weapons, and compensation."

According to Ukrainian Prime Minister Denys Shmyhal, the agreement establishes a joint U.S.-Ukraine investment fund, with equal capital contributions and shared management between both nations. Shmyhal emphasized that future—not past—military aid from the United States could be counted as a U.S. contribution to the fund.

Ukraine’s Strategic Mineral Wealth

Ukraine is home to deposits of 22 of the 50 minerals deemed critical by the U.S. Geological Survey, according to data from the Ukrainian government. Several of these deposits lie in territories currently under Russian control. These critical resources include rare earth elements and other materials essential for manufacturing electronics, renewable energy technologies, and certain defense systems.

China has long dominated the global supply chain for rare earths and other strategic minerals, prompting Western nations to seek alternative sources. Ukraine, with its vast reserves, has become an increasingly attractive partner in this effort.

A memorandum of understanding drafted under the Biden administration in 2024 outlined U.S. efforts to encourage domestic companies to invest in Ukraine’s mining sector. In return, Kyiv would implement economic incentives and commit to sound environmental and business practices. A similar framework agreement between Ukraine and the European Union was signed in 2021.