Ukrainian and U.S. officials have agreed on a framework for a mineral resources deal, with Western media reporting that the agreement removes all "unreasonable terms" for Kyiv.
On February 25, U.S. President Donald Trump told reporters that Ukrainian President Volodymyr Zelensky is expected to visit Washington on February 28 after both governments finalized the terms of the mineral agreement.
While Trump did not disclose details, Western media reports indicate that the framework outlines a joint U.S.-Ukraine mineral extraction plan, with revenues directed into a newly established investment fund "co-managed by Ukraine and the U.S."
Key Terms of the Agreement
According to Financial Times, the final draft, completed on February 24, specifies that Ukraine will contribute 50% of future revenues from state-owned mineral resources, including oil, gas, and related logistics operations, into the new fund. These funds will be reinvested in projects within Ukraine.
However, the deal does not include revenues from existing mineral resources already allocated to the Ukrainian government’s budget, meaning current operations of Naftogaz and Ukrnafta, Ukraine’s largest oil and gas producers, will remain unaffected.
Crucial details—such as the U.S. ownership stake in the fund and co-ownership terms—will still require further negotiations in follow-up agreements.
Ukraine Secures More Favorable Terms
CNN, citing Ukrainian officials, reported that the agreement was finalized only after all "unacceptable provisions" were removed and that the current version clearly defines how the deal will contribute to Ukraine’s security and stability.
A Ukrainian official told Financial Times that the U.S. dropped its initial demand for $500 billion in mineral revenue shares.
While the draft does not contain explicit security guarantees, Ukrainian officials believe they negotiated significantly better terms and view the deal as a way to strengthen long-term ties with the U.S., improving Ukraine’s post-war prospects.
"The agreement includes a broad clause stating that the U.S. will invest in a sovereign, stable, and prosperous Ukraine, aiming for lasting peace while supporting security assurances for Ukraine," a source familiar with the negotiations said.
Security Guarantees Still Up for Discussion
Trump indicated that security guarantees for Ukraine may be discussed separately during his meeting with Zelensky.
"We’ll look at Ukraine’s security later. I don’t think there will be any issues. Many parties are interested, and I have spoken with Russia. They don’t seem to have a problem with this deal," Trump said. "I believe Ukraine still needs approval from its parliament or relevant authorities, but I’m confident this agreement will be finalized."
Ukraine’s Mineral Potential
Ukraine ranks 40th among global mineral producers and holds approximately 5% of the world’s known mineral reserves, according to the 2024 World Mining Data (WMD). However, not all of these resources have been extracted or are easily accessible.
A 2023 geological study by France’s Bureau of Geological and Mining Research (BRGM) identified over 100 mineral types in Ukraine, including iron, manganese, graphite, titanium, lithium, and uranium.
Lithium and graphite are key materials for battery production, making them critical for global energy and technology industries.
(Sources: AFP, Reuters, CNN, Financial Times)
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