U.S. and Ukraine Reach Agreement on Resource Access

The United States and Ukraine have signed an agreement regulating access to Ukraine’s natural resources and establishing a joint investment fund aimed at reconstruction. The announcement was made by the U.S. Department of the Treasury, detailing the agreement signed by Ukrainian Minister of Economy Yulia Svyrydenko and U.S. Secretary of the Treasury Scott Bessen.

The primary goal of the agreement is to attract investment into Ukraine’s economy, which has suffered greatly due to ongoing conflict. It also seeks to strengthen the economic partnership between the two nations. The agreement outlines a framework for joint management of the fund, which is set to finance projects in mining, energy, and infrastructure.

Under the terms of the deal, Ukraine will allocate 50% of revenue from new licenses for natural resource development—including oil, gas, and rare earth metals—into the fund. In return, the U.S. will offer financial instruments and technology through the U.S. International Development Finance Corporation (DFC), enhancing the flow of global investments into Ukraine. Notably, the agreement does not include any requirement for Kyiv to repay debts related to military assistance, a contentious issue in previous negotiations. President Volodymyr Zelensky emphasized that the resources and subsoil remain under Ukrainian jurisdiction, and the fund will operate on principles of equal partnership.

Negotiations for this agreement began in February 2025. Initial U.S. proposals, which sought full control over the fund and a $500 billion payment for military assistance, were rejected by Ukraine. After several rounds of discussions, including a meeting between Zelensky and U.S. President Donald Trump in the Vatican, the two sides reached a compromise. The updated agreement, as reported by the Financial Times on April 28, 2025, removes the most controversial clauses while maintaining priority rights for American companies to invest in Ukrainian projects.

The joint management structure will include a supervisory board, with the U.S. appointing three of the five members and retaining veto power. This arrangement has sparked criticism within Ukrainian society; Verkhovna Rada member Yaroslav Zheleznyak termed the agreement “imbalanced,” highlighting concerns over potential dependency on American decisions.

The agreement covers a wide array of resources beyond rare earth metals, including oil, gas, and essential infrastructure such as ports and railways. Additionally, the U.S. has secured the right to purchase Ukrainian resources on commercial terms before other buyers, while Kyiv is restricted from selling strategic materials to nations viewed as competitors to Washington.