Kyiv: The United States and Ukraine have finalized an agreement granting the U.S. preferential access to Ukraine’s critical mineral resources. This agreement, concluded after months of negotiations, aims to establish a joint Recovery Investment Fund to support Ukraine’s post-war reconstruction and economic development. The deal outlines that Ukraine will invest 50% of future revenues from its state-owned natural resources, such as lithium, titanium, uranium, and graphite, into the fund without incurring debt obligations.
According to Azeri-Press News Agency, the fund will be jointly managed by both countries and will reinvest in Ukraine over at least a ten-year period using the generated revenues. While preserving Ukraine’s ownership and control over its resources, the fund will be co-governed by U.S. and Ukrainian representatives, with its structure, governance rules, and financial mechanisms to be agreed upon separately. The fund’s operations will consider U.S. legislation, and the U.S. government’s financial stake and decision-making authority will be defined within this framework.
Under the agreement, Ukraine’s government will allocate 50% of revenues from monetizing state-owned natural resources, including oil and gas, into the fund. These funds will support Ukraine’s recovery through new projects. If necessary, the fund may reimburse or provide loans to the Ukrainian government for project costs. Both parties can take steps to increase the fund’s revenues and preserve its capital value. The fund’s activities will not violate existing sanctions or conflict with Ukraine’s European Union accession process or its commitments to international financial institutions.
Ukrainian military expert Oleksandr Kovalenko highlighted that the agreement, while signed, remains unfinalized as Ukraine works to align it with its Constitution and ensure its position is acknowledged. Kovalenko noted that although the agreement came to the forefront in November 2024, its parameters began development during Joe Biden’s presidency. Delays followed Biden’s election loss, but with Donald Trump’s return to power, the agreement was signed within the first month of his presidency. However, continuous efforts to amend the agreement have been made since its signing.
Ukrainian President Volodymyr Zelensky stated that the agreement does not include specific security guarantees and that this issue would be addressed in future negotiations. Some Ukrainian officials expressed concerns about the deal’s conditions, which could put the country’s sovereignty at risk. An expert confirmed that the agreement contains no formal security guarantees for Kyiv, but investments in mineral deposits of interest to Washington could align interests as a form of security guarantee, though not legally binding.
Military expert Kovalenko also noted a shift in U.S. policy toward Ukraine following Trump’s inauguration and the agreement’s signing. The White House approved the delivery of $50 million worth of defense-related products to Ukraine, marking the first batch of weapons sent during Trump’s presidency. Additionally, a proposal by Senator Lindsey Graham suggested imposing a 500% customs duty on countries importing oil from Russia if President Vladimir Putin refused to negotiate. These developments suggest a major policy shift in the White House’s Ukraine strategy is expected in 2025.
American political scientist Peter Tase emphasized the strategic significance of the agreement for Ukraine’s future, highlighting Ukraine’s Deputy Prime Minister Yulia Svyrydenko’s commitment to peace and national security. The joint exploitation agreement, signed by U.S. Treasury Secretary Scott Bessent, is seen as a step toward peace between Ukraine and Russia. The deal will attract strategic investors to Kyiv and reflects the U.S. interest in preserving Ukraine’s peace and security.
An American analyst described the agreement as a significant foreign policy step during Trump’s presidency, likening it to President Rutherford B. Hayes’ defense of Paraguay’s territorial sovereignty. The agreement is seen as a recalibration of U.S. strategic discourse toward Russia and a path to economic cooperation with Kyiv. However, it also entails Ukraine losing territories currently controlled by Russian forces, limiting its access to the Black Sea. Despite misinformation about Ukraine’s security assurances, the agreement prevents exploitation of Ukraine’s critical minerals by China or Russia.