The United States and Ukraine have formally signed a long-delayed minerals agreement, marking a shift in American support towards economic collaboration rather than direct military aid. The deal, which had been postponed for two months, reflects former President Donald Trump’s evolving foreign policy approach and introduces new dynamics in the U.S.-Ukraine relationship.
Ukraine, following tense negotiations, announced it had secured significant concessions, most notably the preservation of full sovereignty over its critical mineral resources, including rare earths. These materials, essential for modern technologies and clean energy, remain largely untapped across the country.
Trump’s administration had previously demanded access to Ukraine’s vast mineral wealth—valued at around $500 billion—as compensation for the billions of dollars in weapons provided under former President Joe Biden. Ukraine ultimately agreed to the deal in pursuit of sustained U.S. investment, as Trump scales down Washington’s global military obligations.
During the official announcement in Washington, Treasury Secretary Scott Bessent stated the agreement reflected a shared commitment to Ukraine’s long-term peace and prosperity, and sent a message to Moscow about U.S. engagement in Ukraine’s post-war reconstruction.
“No individuals or entities that aided Russia’s war efforts will benefit from Ukraine’s recovery,” Bessent said.
In Kyiv, Prime Minister Denys Shmygal praised the agreement, calling it “fair and beneficial.” He confirmed that a joint U.S.-Ukraine Reconstruction Investment Fund would be established, with equal voting rights and guaranteed Ukrainian control over its land, infrastructure, and resources. He also assured the public that the deal doesn’t involve repayment for previous military aid and that any profits from the fund would be reinvested entirely within Ukraine.
Trump reiterated his belief that a U.S. presence in mining zones would deter hostile actors and stabilise affected areas. While Trump has refused to offer security guarantees or support Ukraine’s NATO membership bid, he signalled support for economic and industrial cooperation.
On the diplomatic front, tensions persist. Secretary of State Marco Rubio warned that U.S. mediation in the conflict could end unless both Russia and Ukraine offer tangible proposals toward a ceasefire. Trump has pushed for Ukraine to concede some of the territories captured by Russia, although President Volodymyr Zelensky remains firm in rejecting any territorial compromise, especially Crimea.
Zelensky, keen to maintain U.S. backing, has softened his tone despite a heated February incident at the White House, where Trump and Vice President JD Vance publicly chastised him for allegedly showing insufficient gratitude.
Ukraine possesses about 5% of the world’s mineral and rare earth reserves. These include nearly 20% of the planet’s graphite—vital for electric vehicle batteries—as well as substantial deposits of manganese, titanium, and Europe’s largest lithium reserves. However, a significant portion of these assets lies within areas currently occupied by Russian forces.
Russia continues to control approximately 20% of Ukrainian territory after over three years of conflict, which has led to tens of thousands of civilian and military deaths. Ukraine’s recent incursion into Russia’s Kursk region was repelled, with Moscow reporting 288 civilian casualties during the attack.
