The United States and Ukraine have finalised an “economic partnership agreement” that gives Washington preferential access to Ukraine’s critical mineral resources in return for the creation of a joint investment fund in Ukraine.
The agreement comes after months of tense negotiations that began following President Donald Trump’s return to office in January. Compared to earlier versions, the final deal is more balanced—removing the requirement for Ukraine to repay previous U.S. military aid. Instead, future American assistance will count toward the U.S. share of the investment fund.
President Trump called the deal a strategic move to safeguard U.S. interests, stating, “We made a deal today where we get much more, in theory, than the $350 billion, but I wanted to be protected. I didn’t want to be out there and look foolish.”
Trump has previously exaggerated the scale of U.S. support for Ukraine, repeatedly claiming $350 billion had been provided since Russia’s full-scale invasion in February 2022. In reality, the total stands at closer to $120 billion, according to data from the Kiel Institute for the World Economy.
The newly signed agreement between the United States and Ukraine affirms Ukraine’s full ownership and control over its natural resources. Ukrainian Economy Minister Yulia Svyrydenko stressed, “All resources on our territory and in territorial waters belong to Ukraine. It is the Ukrainian state that determines what and where to extract.”
Finalised in Washington, the deal nearly collapsed due to last-minute disputes over documentation. Ukraine’s Prime Minister Denys Shmyhal clarified that the agreement does not apply retroactively to past aid and described it as “an equal and beneficial agreement on joint investments in Ukraine’s development and recovery.”
Marking a shift in tone, the U.S. Treasury labelled the conflict as “Russia’s full-scale invasion” and hailed the accord as a “historic economic partnership.” Treasury Secretary Scott Bessent said, “This agreement signals clearly to Russia that the Trump administration is committed to a peace process centered on a free, sovereign, and prosperous Ukraine.”
Despite uncertainty around implementation due to the ongoing war, both countries agreed to establish a jointly managed fund with equal contributions. Future U.S. military aid may count toward America’s share of the investment.
Talks had previously stalled over security guarantees. President Trump initially demanded that Ukraine sign the deal before those assurances were considered. In February, President Volodymyr Zelensky refused to approve an earlier draft, claiming it asked him to “sell” his country. The disagreement led to a temporary pause in U.S. aid, which was later restored, prompting increased support from European allies.
Trump has framed the agreement as Ukraine “paying back” for previous U.S. assistance. Speaking to Fox News, Secretary Bessent said the deal sends “a signal to the American people that we have a chance to participate and get some compensation.”
Ukraine possesses deposits of 22 out of the 50 materials listed as critical by the U.S. Geological Survey, including rare earth elements essential to electronics, renewable energy, and military systems. With China controlling much of the global supply, Ukraine offers the West a valuable alternative.
Interest in Ukraine’s mineral wealth predates the Trump administration. Under President Biden, a 2023 memorandum encouraged U.S. investment in Ukraine’s mining sector in exchange for economic incentives and environmental safeguards. Ukraine also signed a similar deal with the European Union in 2021.
