U.S. and Ukraine Sign Minerals Deal
The United States and Ukraine have signed the long-debated “Minerals Deal,” which has been a source of ongoing contention between Washington and Kiev since January.
Reports had begun circulating on Tuesday that the deal would be signed the following day, but delays throughout Wednesday were attributed to Ukraine allegedly attempting last-minute changes to the agreement.
The deal originated from Ukrainian President Volodymyr Zelensky’s offer last year to provide access to Ukraine’s natural resources in exchange for continued U.S. support in its war against Russia. However, the final version of the agreement appears to offer Ukraine no tangible return.
A joint U.S.-Ukraine Reconstruction Investment Fund will be set up as part of the deal, though it does not provide Ukraine with any security guarantees they have sought or any promise of continued military aid from Washington.
The Trump administration first proposed the minerals deal to Zelensky in February, framing it as a form of repayment for what it claimed was over $350 billion in prior U.S. aid—an amount both the figure and the notion of the aid being a loan were strongly disputed by Zelensky.
Zelensky’s initial refusal to sign led to a heated confrontation in the Oval Office on February 29 between himself, President Trump, and Vice President J.D. Vance.
Ukraine’s Prime Minister Denys Shmyhal stated on Monday that the Trump administration ultimately dropped the repayment demand during the final stages of negotiation.
Ukraine’s eventual acceptance of the deal may be linked to reports that President Trump is pressuring Zelensky to begin direct negotiations with Russia—something Moscow is now reportedly insisting upon following the recent collapse of the Trump-led peace process.
By securing U.S. economic involvement in Ukraine’s resource sector, the deal may serve to keep Washington engaged and potentially discourage the administration from disengaging from the country or the broader negotiation process.
President Trump has repeatedly asserted that U.S. economic investment in Ukraine offers a de facto security guarantee, arguing it would deter Russia from attacking again.
U.S. Treasury Secretary Scott Bessent, in announcing the agreement, stated that the deal sends a “clear message” to Russia and reaffirms President Trump’s support for a “free, sovereign, and prosperous Ukraine.”
Currently, a significant portion of Ukraine’s mineral and natural resource wealth lies in Russian-controlled territories or areas near the frontlines. Russia recently seized control of the largest lithium deposit in Europe, located in Ukraine’s Donetsk region.