In a major policy shift following the halt in U.S. military aid, the United States and Ukraine on Wednesday signed a long-delayed minerals agreement, signaling continued support for Kyiv through economic means.
After intense negotiations, Ukraine announced that it had secured key national interests in the deal, including full control over its rare earth minerals—crucial components for modern technology that remain largely untapped in the region.
Former President Donald Trump, now leading the current administration, had earlier demanded access to Ukraine’s mineral wealth in exchange for the billions of dollars in weapons supplied under President Biden’s leadership following Russia’s invasion in 2022.
Despite initial pushback, Ukrainian leaders accepted the deal to attract long-term American investment as Trump recalibrates U.S. global security commitments.
“A Commitment to Peace and Prosperity”
Treasury Secretary Scott Bessent, announcing the agreement in Washington, emphasized the significance of the deal. “This 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,” he said.
Bessent further clarified, “And to be clear, no state or person who financed or supplied the Russian war machine will be allowed to benefit from the reconstruction of Ukraine.”
The official statement from the Treasury Department notably referred to Russia’s actions as a “full-scale invasion”—a departure from the Trump administration’s previous description of the conflict as one in which Kyiv shared considerable responsibility.
Ukraine Retains Control, Gains Investment
Back in Kyiv, Prime Minister Denys Shmygal called the agreement “good, equal and beneficial” during a national television address. On Telegram, he added that a new Reconstruction Investment Fund would be established, with both nations holding equal voting rights.
“Ukraine retains full control over its subsoil, infrastructure and natural resources,” Shmygal affirmed.
Crucially, he reassured the public that Ukraine would not be required to repay any “debt” for past military aid provided by the U.S. since the war began.
“The fund’s profits will be reinvested exclusively in Ukraine,” Shmygal stated.
Ukrainian Economy Minister Yulia Svyrydenko echoed the sentiment in a Facebook post, highlighting that the deal would also support oil and gas development, as well as infrastructure and processing linked to mineral extraction.
While Trump initially demanded access to $500 billion worth of Ukraine’s mineral reserves—roughly four times the total U.S. contribution since 2022—the final deal reflects a more balanced approach, according to Ukrainian officials.
