US, Ukraine sign key critical minerals pact after months of tense talks
U.S. Treasury Secretary Scott Bessent and Ukrainian Economy Minister Yulia Svyrydenko have signed a major economic agreement granting the United States preferential access to Ukraine’s mineral wealth, in exchange for establishing a joint investment fund in the war-torn country.
The deal, months in the making, follows persistent negotiations between the two governments since President Donald Trump returned to office in January. Compared to early drafts, the final agreement is reportedly more balanced and stops short of granting blanket access to American companies. It also recognizes future US military assistance to Ukraine as investment toward the fund, rather than demanding repayment for past aid.
US, Ukraine sign key critical minerals pact after months of tense talks
Talks over the deal had grown increasingly contentious in recent weeks, even temporarily halting US aid shipments to Kyiv.
A ‘historic economic partnership’? What’s in Trump’s new Ukraine minerals deal
Speaking with NewsNation on Wednesday, Trump said the deal protects Washington’s contributions to the Ukrainian war effort. “We made a deal today where we get, you know, theoretically much more than the $350 billion—but I wanted to be protected,” Trump said. “I didn’t want to be out there looking foolish.”
Trump has repeatedly and falsely claimed that the US has given Ukraine $350 billion since Russia’s full-scale invasion in 2022. In reality, the Kiel Institute for the World Economy puts the figure closer to $120 billion.
Trump said he told Ukrainian President Volodymyr Zelensky during their weekend meeting—held on the sidelines of Pope Francis’ funeral—that signing the deal would be “a very good thing,” noting that “Russia is much bigger and much stronger.”
According to Ukrainian Economy Minister Yulia Svyrydenko, who signed the agreement in Washington, Ukraine retains full ownership and control of all resources. “All resources on our territory and in our territorial waters belong to Ukraine,” she said. “It’s the Ukrainian state that decides what to extract and where. The subsoil remains under Ukrainian ownership—this is clearly defined in the Agreement.”
The signing came just hours after a last-minute dispute over documentation threatened to derail the deal entirely.
While full details remain under wraps, Ukrainian Prime Minister Denys Shmyhal said Sunday the deal excludes any retroactive compensation for assistance delivered prior to the agreement. “This is a truly equitable and mutually beneficial international investment agreement for Ukraine’s recovery and development,” he said.
The US Treasury Department’s statement on the agreement struck a more supportive tone than earlier comments from the Trump administration, describing the conflict as “Russia’s full-scale invasion” of Ukraine.
Bessent: “A message to Russia”
“This agreement sends a clear signal to Russia that the Trump Administration is committed to a peace process based on a free, sovereign, and prosperous Ukraine,” Treasury Secretary Bessent said, calling it a “historic economic partnership.”
“As the President has stated, the United States is committed to helping bring an end to this cruel and senseless war,” he added. “And let it be clear—no nation or entity that supported Russia’s war machine will benefit from Ukraine’s reconstruction.”
Bessent expressed hope that the agreement would be “quickly operationalized,” though it’s unclear when mining projects might begin, given ongoing hostilities.
Previous sticking points
Zelensky was initially expected to sign a version of the agreement during his visit to Washington in February, but the trip was cut short after a heated Oval Office exchange. A key obstacle: whether the US would offer formal security guarantees as part of the deal.
Trump had insisted Ukraine sign first and discuss guarantees later. At the time, Zelensky described the proposal as an attempt to make him “sell” his country. Since then, Kyiv has signaled that US investment and business presence may lead to deeper American security engagement.
Following that failed visit, Trump froze US military aid to Ukraine. Although the aid was eventually restored, the episode alarmed European allies, many of whom have since pledged to boost their own support to Ukraine.
US, Ukraine sign key critical minerals pact after months of tense talks
Ukraine’s strategic minerals
Trump previously framed the deal as Ukraine “repaying” the US for its assistance since 2022. On Fox News Wednesday, Bessent described the agreement as a way for America to “participate, receive funding, and get compensated” for its military contributions.
The pact creates a joint investment fund with equal contributions and shared management between the US and Ukraine, according to Prime Minister Shmyhal. “The American side may also count new—emphasis on new—military aid as contributions to the fund,” he noted.
Ukraine’s rich mineral deposits have long drawn international attention. The country holds reserves of 22 of the 50 materials deemed critical by the US Geological Survey—many of them essential to electronics, green energy tech, and modern weaponry.
Currently, China dominates global production of rare earth elements and other critical materials. Western governments are increasingly looking to countries like Ukraine to diversify supply chains.
A 2023 memorandum signed under the Biden administration committed the US to promoting American private-sector investment in Ukrainian mining, in return for Kyiv offering economic incentives and enforcing sound environmental and business standards.