The United States and Ukraine signed the long-awaited mineral agreement on Wednesday, April 30.
This strategic economic deal involves establishing a joint investment fund and sharing revenues from the exploitation of Ukraine’s mineral resources and rare lands, according to an official announcement from the governments of the two countries.
After resolving some last-minute issues, the document was signed in Washington by Ukrainian First Deputy Prime Minister Iulia Svîrîdenko and U.S. Treasury Secretary Scott Bessent.
The agreement will be sent for ratification in the Supreme Rada (Ukrainian parliament).
The deal, negotiated for months and marked by tense moments, was finalized after President Donald Trump pressured Kiev to find ways to "compensate" for the billions of dollars provided by the U.S. as military and economic support since the beginning of the war, according to Associated Press.
"This partnership allows the United States to invest alongside Ukraine, mobilize capital and governance standards, and accelerate Ukraine's economic recovery," said Scott Bessent in a video posted on X.
"This agreement clearly signals to Russia that the Trump administration is committed to a peace initiative centered on a free, sovereign, and prosperous Ukraine in the long term," Bessent added.
Similarly, Iulia Svîrîdenko confirmed that "the joint fund with the U.S. will attract global investments in Ukraine."
What the mineral agreement entails
The agreement establishes the U.S.-Ukraine Reconstruction Joint Investment Fund, which will be managed in equal partnership without implying debts for Kiev.
The fund will be financially supported by the United States and through it, investments will be attracted for infrastructure, energy, and industry.
Under this agreement, American companies will receive preferential access to investments in the Ukrainian mining sector, especially in the field of rare metals, crucial for modern technology - from electronics to electric vehicles and military equipment.
The fund's revenues will come from the new licenses for energy projects and critical mineral projects, not from already budgeted resources, as reported by Kiev Independent.
"We are talking about 50% of the funds generated by the new licenses that will enter the state budget after the establishment of the fund. Revenues from already launched projects or those already budgeted are not included," explained Iulia Svîrîdenko.
Moreover, the fund's revenues and contributions will not be taxed in Ukraine or the United States.
No security guarantees, but Ukraine remains sovereign over resources
According to Washington Post, the agreement represents a significant compromise for Ukraine, which sought clear evidence of American support since Donald Trump returned to power. However, the agreement does not provide concrete security guarantees. Instead, it establishes a "long-term strategic alignment" and support for Ukraine's integration into the global economy.
Iulia Svîrîdenko also emphasized that the agreement respects Ukraine's Constitution, and state-owned companies such as Energoatom and Ukrnafta will remain under public control.
"Ukraine retains full control over the resources of its subsoil, infrastructure, and strategic enterprises," she said.
"The Ukrainian state determines what and where to extract. The subsoil remains the property of Ukraine - this is clearly established in the agreement."
The agreement does not mention the Zaporizhzhia nuclear power plant, under Russian occupation. U.S. officials had previously suggested that regaining control of the plant could be part of a future peace agreement.
Symbolic repayment of American aid
The Trump administration promoted the agreement as a means of partially "recovering" the aid provided to Ukraine in recent years.
According to The Guardian, President Trump presented the agreement as a way to boost American investments in Ukraine's defense and reconstruction.
Donald Trump reiterated before the signing that the United States wants something in return "for our efforts" with Ukraine. "And we said: rare lands. They have very good rare lands," he added.
"We have reached an agreement that guarantees our money and allows us to start digging and doing what we need to do," continued the American president, emphasizing that "it is good for them as well, as there will be an American presence" in Ukraine.
"President Trump envisioned this partnership to demonstrate the commitment of both peoples to peace and sustainable prosperity in Ukraine," Bessent also stated.
Additionally, the agreement explicitly excludes the possibility of entities that financially or materially supported Russia's war benefiting from Ukraine's reconstruction.
"No person or state that supported Russia's war will benefit from reconstruction."
A hard-won agreement and a blow to China
The agreement was at the center of tensions between Kiev and Washington for weeks.
An earlier version of this text was supposed to be signed during Ukrainian President Volodymyr Zelensky's visit to the White House at the end of February, but an unprecedented altercation with Trump in front of the cameras precipitated his departure and canceled the agreement signing.
Through this agreement, Kiev hopes to attract more investors and rebuild its economy. Given the West's dependence on China for rare minerals, the agreement with Ukraine is seen as a significant step towards diversifying strategic sources.
Ukrainian Prime Minister Denys Shmyhal stated that the agreement will enable the attraction of strategic investments, stimulate economic growth, and provide access to advanced American technologies.