WASHINGTON — The U.S. and Ukraine on Wednesday signed an agreement granting American access to Ukraine’s vast mineral resources, finalizing a deal months in the making.
The two sides offered only barebone details about the structure of the deal, which they called the United States-Ukraine Reinvestment Fund. But it is expected to give the U.S. access to Ukraine’s valuable rare earth minerals while providing Kyiv a measure of assurance about continued American support in its grinding war with Russia.
“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,” Treasury Secretary Scott Bessent said in a statement. “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.”
The announcement comes at a critical moment in the three-year war as President Donald Trump has grown increasingly frustrated with both sides. The signing comes two months after a different but similar agreement was nearly signed before being derailed in a tense Oval Office meeting involving President Trump, Vice President JD Vance and Ukrainian President Volodymyr Zelenskyy.
Trump has long criticized Zelenskyy, saying he didn’t “have the cards” to win the war and blaming him for prolonging the killing by not giving up Crimea, but in recent days has rebuked Russian President Vladimir Putin as well, saying he was complicating negotiations with “very bad timing” in launching deadly strikes on Kyiv.
Trump said Wednesday night on NewsNation that the deal, “in theory,” means that the U.S. will get more from Ukraine than it contributed.
Ukraine praises signing as an ‘equal and good international deal’
For Ukraine, the agreement is seen as key to ensuring its access to future U.S. military aid.
“Truly, this is a strategic deal for the creation of an investment partner fund,” said Prime Minister Denys Shmyhal. “This is truly an equal and good international deal on joint investment in the development and restoration of Ukraine between the governments of the United States and Ukraine.”
Ukraine’s economy minister, Yulia Svyrydenko, flew to Washington on Wednesday to help finalize the deal.
“Together with the United States, we are creating the Fund that will attract global investment to our country,” she said in a post on X after the signing.
The White House had raised doubts that agreement was ready.
Earlier Wednesday, Bessent said during a Cabinet meeting at the White House — hours after Ukrainian officials indicated a deal was nearly finalized — that there was still work to do.
“The Ukrainians decided last night to make some last-minute changes," Bessent said when asked about reports that Ukraine was ready to agree to the pact. "We’re sure that they will reconsider that. And we are ready to sign this afternoon if they are.”
He didn't elaborate as to the late changes he said Ukraine made.
The U.S. has been seeking access to more than 20 raw materials deemed strategically critical to its interests, including some non-minerals such as oil and natural gas. Among them are Ukraine's deposits of titanium, which is used for making aircraft wings and other aerospace manufacturing, and uranium, which is used for nuclear power, medical equipment and weapons. Ukraine also has lithium, graphite and manganese, which are used in electric vehicle batteries.
According to Shmyhal, the latest version would establish an equal partnership between the two countries and last for 10 years. Financial contributions to a joint fund would be made in cash, and only new U.S. military aid would count toward the American share. Assistance provided before the agreement was signed would not be counted. Unlike an earlier draft, the deal would not conflict with Ukraine’s path toward European Union membership — a key provision for Kyiv.
The Ukrainian Cabinet approved the agreement Wednesday, empowering Svyrydenko to sign it in Washington. The deal still needs to be ratified by the Ukrainian Parliament before it can take effect.
(Kullab and Arhirova reported from Kyiv, Ukraine. Associated Press writer Fatima Hussein in Washington contributed to this report.)
http://accesswdun.com/article/2025/5/1290889/us-ukraine-sign-rare-earth-minerals-deal