The U.S. and Ukraine signed an agreement on mineral resources

Ukraine and the United States have signed an agreement on cooperation in the field of natural resource extraction and the creation of the U.S.-Ukraine Recovery Investment Fund.

The announcement was made by Ukrainian Economy Minister Yuliia Svyrydenko.

The agreement outlines an equal partnership: the fund will be established on a 50/50 basis, with neither side having a dominant voting right. The natural resources remain the property of Ukraine.

The fund will be financed through 50% of revenues from new licenses for the extraction of minerals, oil, and gas. Projects initiated before the agreement enters into force will not be counted, and previously provided U.S. aid will not be considered a contribution to the fund.

The U.S. may contribute to the fund directly or through the provision of equipment, such as air defense systems — at its own discretion. However, there are no binding commitments on the U.S. side to make specific investments.

The fund will be supported by the U.S. government through the U.S. International Development Finance Corporation (DFC), which will be responsible for attracting investment and technology. Fund revenues and contributions will be tax-exempt in both countries.

The fund’s investment scope includes resource extraction (minerals, oil, gas), infrastructure development, and resource processing. Specific projects will be approved jointly by Ukraine and the United States. For the first 10 years, profits will be reinvested in Ukraine and not distributed.

The agreement does not provide for the privatization of Ukrainian state enterprises: companies such as Ukrnafta and Energoatom will remain state-owned. To implement the agreement, amendments to Ukraine’s Budget Code and ratification by the Verkhovna Rada will be required.

The agreement does not contain formal security guarantees for Ukraine. Neither the Ukrainian nor the American side has mentioned such provisions.

Previously, U.S. President Donald Trump stated that American involvement in resource development is, in itself, a form of protection:

“We’ve made a deal where our money is protected. American presence, I think, will deter many bad actors from attacking,” Trump said.

Statements by officials:

• Yuliia Svyrydenko: “The agreement creates no debt obligations for Ukraine. We expect the fund to be fully reinvested into the country’s recovery.”

• Donald Trump: “The U.S. has invested $350 billion, while Europe has only put in $100 billion. We want to recover at least part of those investments. Access to Ukraine’s rare earth resources is a valuable asset.”

• Scott Bessent, U.S. Secretary of the Treasury: “This historic partnership will unlock Ukraine’s economic potential, mobilize American capital, and accelerate the country’s recovery.”