U.S. and Ukraine Sign Landmark Mineral Agreement Amid Reconstruction Push

Ukraine’s First Deputy Prime Minister Yulia Svyrydenko signed a strategic mineral framework agreement in Washington on April 30 with U.S. Treasury Secretary Scott Bessent, launching a jointly managed Ukraine-U.S. Reconstruction Investment Fund aimed at bolstering the war-torn country’s recovery and long-term economic growth.

"Thanks to President Trump’s tireless efforts to secure a lasting peace, I’m pleased to announce that the United States and Ukraine have signed a historic economic partnership to establish the U.S.-Ukraine Reconstruction Investment Fund," Secretary Bessent said in a statement. "This agreement sends a clear message to Russia: The Trump administration remains committed to building a free, sovereign, and prosperous Ukraine."

Ukrainian Prime Minister Denys Shmyhal explained via Telegram that the new fund will be co-managed by both governments with equal voting rights. Future U.S. military aid will count as a contribution to the fund, though past assistance will not. Additionally, 50% of revenue from newly licensed mining, oil, and gas projects in Ukraine will go into the fund, while proceeds from existing ventures will be excluded.

Ukraine will retain full ownership and control over its natural resources, including its mineral reserves and energy infrastructure. Shmyhal emphasized that the agreement will not hinder Ukraine’s bid to join the European Union and clarified that Kyiv will not be asked to repay any debt for the billions of dollars in weapons and aid previously provided by the U.S. "All fund profits will be reinvested directly into Ukraine," he stated. "This is a fair, balanced, and mutually beneficial deal."

Svyrydenko added that contributions to the fund will be tax-exempt in both countries and that the U.S. has pledged to help attract private investment and advanced technology as part of the deal. The agreement must now be ratified by the Ukrainian parliament.

While the U.S. Treasury has not disclosed detailed terms, it confirmed that the U.S. International Development Finance Corporation (DFC) will work closely with Ukraine to finalize implementation. According to U.S. media reports, the agreement does not include any formal security guarantees for Kyiv. Instead, it emphasizes a long-term strategic partnership, continued U.S. support for Ukraine’s security and reconstruction, and closer integration into the global economy.

Notably, the deal does not reference the Zaporizhzhia nuclear power plant, which remains under Russian control. U.S. officials had previously floated the possibility of addressing the facility's future as part of broader peace negotiations between Kyiv and Moscow.

The agreement had originally been scheduled for signing during President Volodymyr Zelensky’s February 28 visit to Washington, but it was delayed following a contentious exchange between Zelensky and President Trump at the White House.

Ukraine ranks 40th globally in mineral output but holds approximately 5% of the world’s known mineral reserves, according to the 2024 World Mining Data report. However, much of the country’s resource wealth remains untapped or difficult to access.

France’s Bureau of Geological and Mining Research (BRGM) reported in 2023 that Ukraine contains over 100 types of minerals, including iron, manganese, graphite, titanium, lithium, and uranium. Lithium and graphite are both critical components in battery production.

The United States is Ukraine’s largest military donor, having provided approximately $72 billion in assistance since the start of the war, according to the Kiel Institute for the World Economy.

(Reporting by AFP, Reuters)

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