Washington/ Kyiv, May 2 – The United States and Ukraine have signed a long-anticipated agreement granting Washington a share in profits from Ukraine’s future mineral and energy exports, a move aimed at strengthening bilateral ties and securing future U.S. support for Kyiv’s defense and recovery efforts.
The agreement, signed in Washington on Wednesday, also establishes a U.S.-Ukraine Reconstruction Investment Fund intended to drive Ukraine’s post-war economic recovery. The fund will operate on a 50:50 partnership basis, Ukrainian Deputy Prime Minister Yulia Svyrydenko said.
“This deal helps unlock Ukraine’s growth assets and deepens our shared commitment to peace and prosperity,” U.S. Treasury Secretary Scott Bessent said in a video statement.
Ukraine is believed to possess significant reserves of critical minerals, including graphite, titanium and lithium, which are essential for renewable energy technologies, military applications and global infrastructure. Under the deal, the resources remain Ukrainian state property, but profits from development projects will be shared.
The agreement comes after months of tense negotiations and follows repeated calls from President Donald Trump for such a deal as a prerequisite for future U.S. security guarantees. Trump, speaking on NewsNation on Wednesday evening, said he pressed Ukrainian President Volodymyr Zelensky during a meeting at the Vatican to finalize the deal.
“Ukraine has tremendous rare earth materials,” Trump said. “This agreement allows us to recuperate our investment and ensures America has access to key assets we can’t get elsewhere.”
While the final agreement falls short of Trump’s demand for repayment of all U.S. military aid to date, it does include provisions for continued U.S. assistance, including additional air defense systems.
Talks were reportedly stalled in recent weeks over issues of fund governance, transparency and traceability of financial flows. A U.S. official familiar with the matter said Ukraine attempted last-minute changes, prompting frustration in Washington.
The language of the agreement marks a notably firm stance from the Trump administration, referring to “Russia’s full-scale invasion” and explicitly excluding any entities that supported Russia’s war effort from benefiting in the reconstruction of Ukraine. The Kremlin has yet to comment on the agreement.
The initial version of the deal was set for signing in February but collapsed following a heated exchange between Trump and Zelensky at the White House. The renewed momentum comes amid ongoing U.S.-Russia backchannel discussions on a potential ceasefire. The agreement must still be ratified by the Ukrainian parliament to take full effect.
