Ukraine, US sign minerals deal backed by Trump

Ukraine and the United States signed a pivotal minerals and investment agreement in Washington, a deal heavily promoted by U.S. President Donald Trump.

The agreement grants the US preferential access to Ukraine’s rare earth resources and establishes a joint investment fund to support the country’s post-war reconstruction.

The signing followed months of strained negotiations and was finalized after an eleventh-hour delay.

U.S. Treasury Secretary Scott Bessent and Ukrainian First Deputy Prime Minister Yulia Svyrydenko signed the accord, which was described by the Treasury Department as a demonstration of the Trump administration’s commitment to a “free, sovereign, prosperous Ukraine.”

US-Ukraine Reconstruction Investment Fund established

The deal creates the US-Ukraine Reconstruction Investment Fund, which will channel global investments into Ukraine’s recovery. Svyrydenko confirmed the fund’s creation in a post on X, stating, “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

According to Ukrainian Prime Minister Denys Shmyhal, the fund will be split evenly between the two countries, with equal voting rights.

Ukraine will maintain full ownership and control over its natural resources, including its subsoil and state-owned companies such as Ukrnafta and Energoatom.

Rare earth minerals and strategic interests

Ukraine is home to an estimated 5% of the world’s mineral and rare earth resources, vital for electric vehicles, consumer electronics, and defense systems. The deal comes amid a global supply chain battle dominated by China, which remains the leading rare earth exporter.

U.S. President Trump has repeatedly stated that US support for Ukraine should yield economic returns. “The American presence will, I think, keep a lot of bad actors out of the country or certainly out of the area where we’re doing the digging,” he said during a cabinet meeting.

The agreement allows Ukraine to issue new licenses for mineral extraction, while revenues from existing projects remain excluded. Svyrydenko emphasized that no debt obligations arise from the deal, a crucial point for Kyiv.

Agreement reflects long-term US commitment to Ukraine

U.S. Secretary of the Treasury Scott Bessent called the agreement a symbol of Washington’s long-term dedication, stating, “Thanks to President Trump’s tireless efforts to secure a lasting peace, I am glad to announce the signing of today’s historic economic partnership agreement between the United States and Ukraine establishing the United States-Ukraine Reconstruction Investment Fund.”

Thanks to @POTUS @realDonaldTrump’s tireless efforts to secure a lasting peace, I am glad to announce the signing of today’s historic economic partnership agreement between the United States and Ukraine establishing the United States-Ukraine Reconstruction Investment Fund to help… pic.twitter.com/N1jPa35DYh

— Treasury Secretary Scott Bessent (@SecScottBessent) April 30, 2025

“As the President has said, the United States is committed to helping facilitate the end of this cruel and senseless war. 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 added.

“President Trump envisioned this partnership between the American people and the Ukrainian people to show both sides’ commitment to lasting peace and prosperity in Ukraine. 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,” Svyrydenko added.  

Criticism and final terms of the deal

Initial U.S. proposals included full American control over the fund’s revenues, sparking backlash in Kyiv.

The final agreement, however, retains Ukraine’s control and excludes taxation on fund contributions in either country. The deal must still be ratified by Ukraine’s parliament.

Democratic Congressman Gregory W. Meeks described the deal as “Donald Trump’s extortion of Ukraine,” criticizing the administration’s focus on resource leverage rather than applying pressure on Russia.

With the signing of Donald Trump’s extortion of Ukraine deal, even as Ukraine continues to defend itself from Russia’s illegal invasion, I hope the administration can now turn to the real roadblock for peace: Vladimir Putin. President Zelenskyy has shown time and again that he is willing to negotiate to work towards a sustainable peace; now is the time for Trump to put the pressure on Putin where it belongs. 

“President Trump should work with Congress to put pressure on Putin and make clear that unless Russia is willing to make real concessions and engage in a peace process, the U.S. will work with its partners and allies to impose significant consequences. That includes holding Russia accountable for its war crimes, additional security support for Ukraine, increased sanctions on Russia, and funding Ukraine’s reconstruction by leveraging gains from Russia’s frozen assets. Both the comprehensive Ukraine assistance bill I introduced last month and the Graham-Blumenthal bill in the Senate are avenues through which the U.S. can make clear that Russia cannot simply wait out international support for Ukraine and push Putin to the negotiating table.

Democratic Congressman Gregory W. Meeks

“Unfortunately, Donald Trump has so far demonstrated nothing but weakness by capitulating to Putin every step of the way, with nothing to show for it in return, while fixating his attacks on Zelenskyy and Ukraine. It should be news to no one that Vladimir Putin is a bully and will only respond to strength, not groveling,” Meeks added.

In contrast, U.S. Secretary of State Marco Rubio supported the deal, calling it “a milestone in our shared prosperity and an important step in ending this war.”

Thanks to @POTUS's leadership, today the U.S. and Ukraine signed the Reconstruction Investment Fund Agreement—a milestone in our shared prosperity and an important step in ending this war.

— Secretary Marco Rubio (@SecRubio) May 1, 2025

Negotiations marked by tension and ultimatums

According to the Financial Times, the U.S. officials pressured Kyiv to sign multiple agreements or abandon the deal altogether. Ukraine had pushed back on last-minute changes, and the signing was briefly at risk.

Reuters confirmed that Ukraine removed provisions requiring repayment for past U.S. military aid, while no formal U.S. security guarantees were included in the final document.