US, Ukraine sign deal giving US access to country’s valuable mineral wealth

Washington: The United States and Ukraine have formalised a long-anticipated agreement granting Washington access to Ukraine’s mineral resources, a move that could play a crucial role in shaping the future of US military assistance to Kyiv. Signed in Washington on Wednesday, the pact establishes what the two governments are calling the United States–Ukraine Reinvestment Fund.

While detailed provisions of the deal remain undisclosed, the framework appears to provide American companies with access to Ukraine’s rare earth elements and other critical raw materials. In return, Kyiv is expected to receive assurances of continued US support as it continues to defend against Russia’s full-scale invasion, now in its third year.

“This agreement signals clearly to Russia that the Trump administration is committed to a peace process centred on a free, sovereign, and prosperous Ukraine over the long term,” said Treasury Secretary Scott Bessent following the signing ceremony.

He credited President Donald Trump with envisioning the deal as a joint effort toward peace and development.

The signing follows months of negotiations, including a previous attempt that collapsed during a high-stakes Oval Office meeting involving Trump, Vice President JD Vance, and Ukrainian President Volodymyr Zelenskyy. Officials familiar with the talks said that last-minute revisions by Kyiv had stalled progress until this week.

Prime Minister Denys Shmyhal described the finalised pact as “a strategic deal for the creation of an investment partner fund”, adding, “This is truly an equal and good international deal on joint investment in the development and restoration of Ukraine between the governments of the United States and Ukraine.”

Ukraine’s economy minister, Yulia Svyrydenko, flew to Washington to finalise the signing. “Together with the United States, we are creating the Fund that will attract global investment to our country,” she wrote on X (formerly Twitter) after the ceremony.

The deal is structured to run for ten years and involves financial contributions from both governments to a shared investment fund. Only new US military aid will be counted toward the American contribution, Ukrainian officials said. Provisions were added to ensure the agreement does not interfere with Ukraine’s ambitions to join the European Union — a sticking point in earlier drafts.

Trump, who has expressed ambivalence over the conflict, said Wednesday on NewsNation that the agreement would ensure the US gains economic value from its involvement in Ukraine. “In theory, this means we get more from Ukraine than we contributed,” he said. “I wanted to be protected... not looking foolish by not getting something back.”

The United States has been targeting access to more than 20 strategically vital resources, including titanium, uranium, lithium, and graphite. These materials are essential for sectors ranging from defence to clean energy. Ukraine’s deposits have drawn growing interest amid concerns about reliance on Chinese or Russian supply chains.

Bessent acknowledged earlier in the day that Ukraine had made late adjustments to the terms. “The Ukrainians decided last night to make some last-minute changes,” he told reporters at a Cabinet meeting. “We’re sure they will reconsider that. And we are ready to sign this afternoon if they are.”

The Ukrainian Cabinet approved the revised agreement on Wednesday morning, giving Svyrydenko the authority to proceed. The pact now awaits ratification by Ukraine’s Parliament.

The signing occurs amid a broader push by Washington to accelerate peace negotiations between Kyiv and Moscow. The Kremlin indicated on Wednesday that President Vladimir Putin remains open to direct talks but called for further clarification on key issues.

“We realise that Washington wants to achieve quick progress, but we hope for understanding that the Ukrainian crisis settlement is far too complex to be done quickly,” Kremlin spokesperson Dmitry Peskov said during a press briefing.

While the diplomatic track inches forward, the conflict on the ground remains unrelenting. The UN reported a sharp rise in civilian casualties in Ukraine this year, including a 46% increase in April compared to the same period in 2024. Ukrainian officials said a Russian drone strike on Kharkiv overnight wounded at least 45 civilians.

Separately, Ukraine’s security services claimed responsibility for a drone strike on a Russian military plant in the Vladimir region. The report remains unconfirmed by independent sources.

As political and military uncertainty continues, Wednesday’s mineral access agreement may signal a recalibration in

US engagement with Ukraine — one that balances economic interest with military commitment.Agencies