- The U.S. and Ukraine have signed a major economic agreement granting America preferential access to Ukraine’s rare earth resources through a jointly run investment fund, signaling improved relations between Donald Trump and Volodymyr Zelensky. While the deal avoids framing the aid as debt repayment, it strengthens U.S. influence in Ukraine’s reconstruction and sends a clear message of ongoing support against Russian aggression.
Donald Trump and Volodymyr Zelensky seem to have buried the hatchet as their nations sign a long-awaited minerals deal, solidifying America’s aid to Ukraine in its war with Russia.
Since taking over the Oval Office, President Trump has needled the Ukrainian president on how he would repay the billions in military aid supplied to the Eastern European nation after its territory was invaded by Russia.
The deal agreed to yesterday—which would give the U.S. investment powers and preferential access to Ukraine’s rare earth resources—is less about settling the debt and more about securing America’s role in Ukraine’s rebuilding.
Most notably, it gives the U.S. access and voting rights over Ukraine’s sought-after natural resources such as oil, gas, and minerals including titanium, zirconium, graphite, and manganese.
The deal revolves around the establishment of the United States–Ukraine Reconstruction Investment Fund, which will “unlock” Ukraine’s natural resources.
The fund will be run 50-50 by Ukrainian and American representatives, with each nation having three seats on the board.
A Ukrainian official has described the deal as “friendly,” a far cry from the barbed outlook when the deal was first tabled.
“This agreement is a win-win, and it is written in friendly language. It is about investments, investments, and investments,” Ukraine’s deputy economy minister, Taras Kachka, told Axios.
What does the U.S.-Ukraine mineral deal entail?
While the finer points of the negotiations haven’t been made public, Ukraine’s economy minister, Yulia Svyrydenko, did share some of the headlines on X.
Perhaps the most salient point is that the deal contains “no debt”—nixing President Trump’s complaints that Ukraine has a bill to foot when it comes to American aid.
“The agreement does not mention any debt obligations of Ukraine to the USA,” wrote Svyrydenko. “The implementation of the agreement will allow both countries to enhance their economic potential through equal cooperation and investments.”
President Trump previously claimed America has spent approximately $350 billion on supporting Ukraine, though the Council on Foreign Relations has calculated a figure of $128 billion for the war effort.
For example, Svyrydenko confirmed the agreement does not change the status of private or state-owned companies—such as oil company Ukrnafta or electricity provider Energoatom—currently operating in the minerals industry.
Other details include the fact that the fund will be replenished solely from new licenses established following the deal and that “revenues from already started projects or planned budget receipts are not included.”
The politician added that the agreement is legal and compliant with Ukraine’s national constitution and does not violate any international laws. Any “envisioned” changes only relate to the budget.
‘The agreement is truly a partnership’
Ukrainian Prime Minister Denys Shmyhal clarified further that any disputes would not be handled overseas: “Disputes under this agreement are resolved through mutual consultations. In the previous agreement, this was stipulated [through proceedings in a U.S. court] under U.S. law.
“We’ve removed this so that the agreement is truly a partnership. This is an important achievement.”
And the budget could change—likely for the upside, added Svyrydenko. That’s because the deal not only says America “will help attract additional investments and technologies” but, Svyrydenko adds: “Ukraine contributes 50% of state budget revenues from the new rent on new licenses for new plots.
“Ukraine may also make additional contributions beyond this baseline if it deems it necessary. This pertains to cooperation for decades ahead.”
The fund will also be exempt from tax in both Ukraine and the U.S. to ensure maximum returns, added the diplomat.
Does this guarantee military aid for Ukraine?
Like the finer financial details of the agreement, no confirmation of military support has been made public.
However, Trump and Zelensky’s tone has warmed up since their famous showdown in Washington, D.C.
While Trump has framed the deal as “protecting” America’s contribution to Ukraine’s war effort, his administration has made it clear this is a siding against Russia.
Trump, for example, told NewsNation on Wednesday that the Ukrainian president signing would be a “very good thing” because “Russia is much bigger and much stronger.”
Likewise, in a video released following the deal’s announcement, Treasury Secretary Scott Bessent said: “Today’s agreement signals clearly to Russian leadership that the Trump administration is committed to a peace process centered on a free, sovereign, and prosperous Ukraine over the long term.
“It’s time for the cruel and senseless war to end. The killing must stop, and both the United States and the government of Ukraine look forward to quickly operationalizing this historic economic partnership for both the Ukrainian and American people.”
Likewise, Svyrydenko added that, as part of the deal, the U.S. will help Ukraine “in attracting investments and technologies … that support our fight against the Russian enemy.”
She further added that in addition to direct funds, America could also contribute to projects like air defense systems.
The deal opens doors for further support and ensures the Trump administration can’t pull the rug out from under Ukraine’s feet.
This has happened previously, with America reportedly temporarily pausing intelligence sharing with Ukraine in March to push Kyiv toward peace negotiations.
The White House did not respond to Fortune’s request for comment on any further military aid the U.S. may offer to Ukraine.
