2025-04-30

The United States and Ukraine have signed a long-awaited agreement to share profits from the future sale of Ukraine’s mineral and energy reserves, ending months of tense negotiations and creating a new investment vehicle for reconstruction.

The deal matters well beyond its technical language. For Washington, it ties future economic gains to a relationship that has been under repeated strain since Russia’s invasion in February 2022. For Kyiv, it is meant to secure continued American backing for defence and recovery while keeping ownership of the underlying resources inside Ukraine.

According to the agreement described by US Treasury officials, the countries will establish a US-Ukraine Reconstruction Investment Fund. The fund is intended to support economic recovery and attract investment into sectors including minerals, oil and gas. Ukrainian Deputy Prime Minister Yulia Svyrydenko said the arrangement would be based on a 50:50 partnership, and that the resources would remain the property of Ukraine.

The White House had pushed hard for a deal as a prerequisite for further military assistance. President Donald Trump had repeatedly framed access to Ukraine’s critical minerals as part of a broader calculation about US support, and the wording of the final agreement reflects that pressure. Yet the final text appears to stop short of the most aggressive version of Trump’s demands, which had included the idea that the United States should be repaid for all aid already sent since the war began.

The timing is important. The deal came after a breakdown in February and a later breakthrough following a face-to-face meeting between Trump and Volodymyr Zelensky on the sidelines of Pope Francis’ funeral. Ukrainian officials still need to ratify the arrangement in Kyiv, so the political process is not complete.

Ukraine’s mineral base is one of the core reasons the agreement has attracted attention. The country is believed to hold significant reserves of graphite, titanium and lithium, materials central to renewable energy systems, military hardware and infrastructure. That makes the partnership economically relevant as well as strategically sensitive.

The US Treasury said the arrangement recognises the scale of American support since the war began and described the new fund as part of a broader effort to unlock Ukraine’s growth assets. The language was notably more supportive of Kyiv than the Trump administration’s usual tone on the conflict, including a direct reference to Russia’s full-scale invasion and a pledge that those who financed or supplied the Russian war machine would not benefit from Ukraine’s reconstruction.

There are still practical and political questions ahead. The deal was delayed after reports that Kyiv wanted last-minute changes, and US officials complained that some terms had been reopened after being thought settled. Governance of the fund, transparency, and how money would be traced were all said to have been sticking points.

Still, the agreement represents a clear shift in the US-Ukraine relationship. It couples future investment with the possibility of fresh security support, and it gives both governments a framework they can present to their domestic audiences as a concrete step forward after months of bargaining and public friction.