The United States and Ukraine are working to finalize a natural resources agreement that would grant Washington access to Kyiv’s untapped mineral wealth in exchange for U.S. investments and what Ukraine hopes will include concrete security assurances.
Ukrainian President Volodymyr Zelenskyy, speaking to reporters on Wednesday, described the potential deal as a “big success” but emphasized that negotiations with U.S. President Donald Trump would be crucial. While Trump stated that an agreement would be signed when Zelenskyy visits the White House on Friday, Zelensky has remained cautious, calling the deal a “framework” with unresolved key issues.
Key Elements of the Agreement
The draft agreement proposes the creation of a “reconstruction investment fund,” jointly managed by American and Ukrainian authorities. Ukrainian Prime Minister Denys Shmyhal noted that Kyiv would allocate half of future revenues from new natural resource projects into this fund for reinvestment, but existing deposits, licenses, and royalties would not be included.
The U.S. initially sought a $500 billion stake in Ukraine’s rare earth minerals in exchange for past aid, a demand Zelenskyy rejected, calling it akin to “selling” his country. Trump has since claimed Ukraine would receive $350 billion in funds and military equipment under the deal, though the specifics remain unclear. Security guarantees, a key priority for Kyiv, are notably absent from the draft agreement.
Ukraine’s Goals and Strategic Interests
Ukraine sees its vast mineral deposits as a crucial bargaining tool for securing Western support. Some of these resources are in Russian-occupied territories, and Zelenskyy has argued that protecting them from Moscow is essential for Ukraine’s sovereignty.
Nataliya Katser-Buchkovska, co-founder of the Ukrainian Sustainable Investment Fund, stressed that a viable deal must include security provisions, noting that “for the U.S. to access these deposits, Ukraine must regain control, clear mines, and rebuild infrastructure.”
Why Trump Wants the Deal
Critical minerals such as graphite, lithium, and uranium are vital to U.S. economic and national security interests. The U.S. depends heavily on imports, with China dominating global production and processing. Trade tensions with Beijing have heightened Washington’s urgency to diversify suppliers, making Ukraine’s resources increasingly attractive.
Russia’s Position
Trump’s return to the White House has led to renewed U.S.-Russia diplomatic efforts. This month, U.S. and Russian officials met in Saudi Arabia to discuss ending the war in Ukraine—without Kyiv’s involvement. Trump has also hinted at economic deals with Moscow, while Russian President Vladimir Putin has offered foreign investors access to mineral-rich territories, including occupied Ukrainian regions.
As negotiations continue, the final terms of the U.S.-Ukraine agreement remain uncertain, with both countries seeking to balance economic opportunities with national security imperatives.
