The United States and Ukraine on Wednesday, April 30th, signed a minerals deal after a two-month delay, in what President Donald Trump’s administration called a new form of U.S. commitment to Kyiv after the end of military aid.
Trump had initially demanded rights to Ukraine’s mineral wealth as compensation for U.S. weapons sent under former president Joe Biden after Russia invaded just over three years ago.
After initial hesitation, Ukraine has accepted a minerals accord as a way to secure long-term investment by the United States.
Announcing the deal in Washington, Treasury Secretary Scott Bessent said it showed “both sides’ commitment to lasting peace and prosperity in Ukraine.”
In Kyiv, Prime Minister Denys Shmygal said the agreement was “good, equal, and beneficial.”
Shmygal said the two countries would establish a Reconstruction Investment Fund with each side having equal voting rights and Ukraine would retain “full control over its subsoil, infrastructure, and natural resources.”
Meeting a key concern for Kyiv, he said Ukraine would not be asked to pay back any “debt” for billions of dollars in U.S. support since Russia invaded in February 2022.
“The fund’s profits will be reinvested exclusively in Ukraine,” he said.
Trump said on Wednesday that a U.S. presence on the ground would benefit Ukraine.
Ukraine holds some 5% of the world’s mineral resources and rare earths, according to various estimates. But work has not yet started on tapping many of the resources and many sites are in territory now controlled by Russian forces.
