The United States and Ukraine have officially finalized a long-anticipated minerals agreement, granting Washington preferential access to Ukraine’s natural resources. In return, the U.S. will aid in the establishment of a reconstruction investment fund.
This significant pact, eagerly sought by U.S. President Donald Trump, follows protracted negotiations and comes more than three years after the onset of Russia’s extensive invasion of Ukraine.
U.S. Secretary of the Treasury, Scott Bessent, remarked on Wednesday that this economic partnership is designed to promote joint investments that would expedite Ukraine’s economic revitalization and assist in bringing “an end to this cruel and senseless war.”
Bessent emphasized, “This agreement clearly indicates to Russia that the Trump Administration is dedicated to fostering a peace process focused on a free, sovereign, and prosperous Ukraine in the long run.”
Since assuming office in January, Trump has advocated for a minerals deal, positing that a collaboration on extracting and monetizing Ukraine’s reserves of rare earth elements, critical minerals, oil, gas, and other natural resources would effectively compensate for U.S. support provided during the conflict with Russia.
During a town hall aired on the NewsNation network, Trump stated that the minerals deal serves as a form of reimbursement for the U.S. expenditures supporting Ukraine’s military efforts.
“I wanted to ensure protection. I didn’t want to appear foolish,” Trump remarked.
Furthermore, Trump confirmed that discussions regarding the minerals agreement took place with Ukrainian President Volodymyr Zelenskyy when they attended Pope Francis’ funeral the previous week.
Ukraine to dictate extraction strategies
Zelenskyy indicated that the framework for the deal had been tentatively agreed upon in mid-April.
Yulia Svyrydenko, Ukraine’s Minister of Economic Development and Trade, stated on Wednesday that the economic agreement is poised to yield mutual benefits for both Ukraine and the United States.
“This agreement will serve as a signal to other global entities that long-term cooperation with Ukraine is dependable — spanning decades,” Svyrydenko noted via the social media platform X, as translated by Google.
As part of the deal, Svyrydenko specified that Ukraine will retain the authority to determine “where and what to extract.”
She also highlighted that the reconstruction fund will be structured on a 50-50 basis, establishing an equitable partnership between Washington and Kyiv, with neither side holding a majority vote.
— Finance Newso’s Holly Ellyatt contributed to this report.
