US, Ukraine sign long-awaited minerals deal

The US and Ukraine have put pen to paper on the the long-awaited minerals agreement after months of negotiations and some in-between drama, sealing a deal that the Trump administration views a key step in ceasefire talks with Russia.

The agreement “signals clearly to Russia that the Trump administration is committed to a peace process centered on a free, sovereign and prosperous Ukraine over the long term,” Treasury Secretary Scott Bessent said in a statement late Wednesday.

Ukrainian Economy Minister Yulia Svyrydenko also confirmed the deal on social media. In a post on X, she wrote: “Together with the United States, we are creating the Fund that will attract global investment into our country.”

Thanks to the leadership and agreements between President Volodymyr Zelenskyy and President Donald Trump, Secretary of the Treasury Scott Bessant and I signed the agreement between Ukraine and the United States to establish the United States–Ukraine-Ukraine Reconstruction… pic.twitter.com/SOoeLv3HJw

— Yulia Svyrydenko (@Svyrydenko_Y) April 30, 2025

The deal, as first reported by Bloomberg News, will grant the US priority access to new investment projects involving critical materials such as aluminum, graphite, oil and natural gas. It also establishes a reconstruction fund, managed by Washington, through which profits will be funneled.

The fund is intended to support Ukraine’s recovery and offset future US military assistance, the draft of the agreement reads.

Trump’s 100th day

The announcement comes as US President Donald Trump marks the first 100 days of his new term, amid mounting pressure to deliver foreign policy wins and restore his political standing. Trump, whose support Kyiv views as critical to any potential truce with Moscow, has expressed frustration with the pace of ceasefire negotiations.

“We made a deal where our money is secure, where we can start digging and doing what we have to do,” Trump told a Cabinet meeting on Wednesday. “It’s also good for them because you’ll have an American presence at the site … that will keep a lot of bad actors out.”

The agreement follows weeks of negotiations, including a visit by Ukrainian officials to Washington earlier this month. Talks had stalled over technical details until the sides agreed to finalize all components of the deal simultaneously.

Earlier in the day, the Financial Times reported the deal had hit a last-minute snag, with issues arising related to governance, transparency mechanisms and the traceability of funds.

Resource partnership

The reconstruction fund is designed to facilitate future cooperation in energy and resource development, including mining and technology. Kyiv views the pact as a strategic step toward its long-term goal of joining the European Union—an issue Ukraine insisted must not be compromised.

According to Reuters, while the agreement gives US preferential access to new Ukrainian natural resources deals, it would not automatically hand Washington a share of Ukraine’s mineral wealth.

US officials said that the deal does not require Ukraine to repay past military aid, estimated in the billions of dollars since Russia’s full-scale invasion began over three years ago. Ukrainian Prime Minister Denys Shmyhal confirmed that Washington had dropped its earlier demand for retroactive compensation.

“This economic partnership positions our two countries to work collaboratively and invest together,” the US Treasury said.