The United States and Ukraine have signed an economic partnership agreement giving Washington preferential access to Ukraine’s mineral resources. In return, the U.S. will contribute to a joint investment fund to support Ukraine’s recovery and development.
The agreement follows months of tense negotiations that began after President Donald Trump returned to office in January. Unlike earlier drafts, the final deal does not require Ukraine to repay past U.S. military aid. Instead, future assistance will count toward America’s contribution to the fund.
President Trump called the agreement a strategic win for U.S. interests, saying, “We made a deal today where we get much more, in theory, than the $350 billion, but I wanted to be protected.” He has previously exaggerated U.S. aid to Ukraine, claiming $350 billion was provided since 2022, though independent estimates put the total closer to $120 billion.
Ukrainian officials emphasized that Ukraine retains full ownership and control over its resources. Economy Minister Yulia Svyrydenko stated, “All resources on our territory and in territorial waters belong to Ukraine.”
The agreement nearly collapsed over last-minute documentation issues but was finalized in Washington. Ukrainian Prime Minister Denys Shmyhal stressed that the deal does not retroactively apply to earlier aid, calling it “an equal and beneficial agreement on joint investments.”
In a notable shift in language, the U.S. Treasury described the war as “Russia’s full-scale invasion,” signaling a stronger stance from the Trump administration. Treasury Secretary Scott Bessent said the deal supports a peace process based on “a free, sovereign, and prosperous Ukraine.”
The pace of implementation remains uncertain due to the ongoing war. However, both sides agreed on a jointly managed investment fund with equal contributions. New U.S. military aid may be counted as part of America’s share.
Negotiations had previously stalled over security guarantees. Trump initially demanded Ukraine sign before such issues were addressed. Ukrainian President Volodymyr Zelensky rejected an earlier version of the deal, saying it felt like “selling” his country. The disagreement briefly halted U.S. aid but ultimately led to increased European support.
Trump has framed the agreement as Ukraine “paying back” past U.S. support. Secretary Bessent told Fox News the deal signals to Americans that “we have a chance to participate and get some compensation.”
Ukraine holds deposits of 22 critical minerals, including rare earth elements essential for electronics, clean energy, and defense. With China dominating global supply, Ukraine offers a valuable alternative source for the U.S. and its allies.
The Biden administration had previously explored similar mineral investment deals, and Ukraine already has a comparable agreement with the EU.
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