The United States and Ukraine have completed an “Economic Partnership Agreement” to grant Washington priority to the use of Kiev mineral resources in exchange for the Ukrainian Joint Investment Fund.
The deal begins months of difficult negotiations after President Donald Trump returned to office in January. The final agreement is more balanced than the earlier drafts, no longer requiring Ukraine to repay U.S. military aid. Instead, future aid will count as part of the U.S. contribution to the investment funds.
President Trump described the deal as a strategic move to “protect” American interests, saying: “In theory, we have a deal that is much more than $350 billion for $350 billion, but I want to be protected. I don’t want to look stupid there.”
Trump had previously claimed aid to Ukraine and had mistakenly claimed to have provided $350 billion since the Russian invasion in February 2022. According to the Kiel World Economics Institute, the actual amount is close to $120 billion.
The agreement grants Ukraine full ownership and control over its resources. Ukrainian Economy Minister Yulia Svyrydenko stressed: “All resources on our territory and territories belong to Ukraine. The Ukrainian state determines what and when to extract it.”
The last minute controversy was almost a dispute about the documentation, but it was finally settled in Washington. Ukrainian Prime Minister Denys Shyhal clarified that the deal did not provide assistance before signing and described it as “an equal and beneficial agreement on co-investment in Ukraine’s development and recovery.”
In its shift to previous remarks, the U.S. Treasury called the war a “full invasion of Russia” and described the agreement as a “historical economic partnership.” “The agreement clearly sends instructions to Russia, and the Trump administration is committed to a peace process centered on a liberal, sovereign and prosperous Ukraine,” said Finance Minister Scott Bessent.
The speed of implementation remains uncertain due to ongoing conflict. However, both countries agreed to establish a common management fund with equal contributions. New U.S. military aid could count as part of Washington’s investment.
Negotiations had previously stalled security assurances, and Trump initially insisted on sticking to the Ukrainian logo before discussing any such assurances. During a February visit to the White House, Ukrainian President Volodymyr Zelensky refused to sign an earlier draft, saying he asked him to “sell” his country. The consequences included a temporary suspension of Ukraine, which later restored commitments from European allies and prompted Ukraine’s aid.
Trump facilitated the deal as Ukraine “repays” former U.S. support. Treasury Secretary Bessent told Fox News that the agreement “signs to the American people that we have the opportunity to participate and get some compensation.”
Ukraine holds 22 deposits in 50 materials classified as key by the U.S. Geological Survey, including rare earth elements that are critical to electronics, green energy technologies and weapon systems. As China ruled global supply, Ukraine’s resources provided an attractive alternative to the West.
Under the Biden administration, the United States has expressed interest in Ukraine’s mineral potential. The 2023 memorandum aims to encourage U.S. investment in Ukrainian mining in exchange for economic incentives and environmental standards. Ukraine also signed a similar agreement with the EU in 2021.
