U.S. and Ukraine sign minerals deal, Treasury Department announces

Ukrainian and U.S. officials have signed a joint economic investment deal that includes granting the U.S. access to Ukrainian rare earths minerals, the Treasury Department announced Wednesday.

A Treasury Department press release said the two countries have agreed to establish a “United States-Ukraine Reconstruction Investment Fund,” referring to it as an “economic partnership.” The statement did not include more detail about the agreement.

Yulia Svyrydenko, Ukraine’s economic development minister, confirmed that she signed the deal. In a series of posts on X written in Ukrainian, she described it as a 50/50 partnership between the U.S. and Ukraine that includes development of mineral, oil and gas projects. She said the deal would be funded through direct investment, future U.S. aid and revenue from new mineral licensing deals — and does not set up any Ukrainian debt obligations. 

According to a Ukrainian fact sheet, the U.S. would contribute to the fund “either through direct financial input or through new military assistance,” and the agreement “focuses on further, not past U.S. military assistance.” Ukraine would contribute 50% of any royalties from future — but not existing — oil, gas and mineral licenses. 

Under the deal, Ukraine would hold onto ownership of its natural resources, and the fund can only be invested in resource and infrastructure projects within Ukraine. Profits from the fund would be reinvested in the Ukrainian economy for the first decade, and can be “distributed between the partners” after that, the fact sheet also said.

President Trump had pressed Ukrainian President Volodymyr Zelenskyy about an economic deal that would include access to Ukraine’s minerals, framing it as a way of paying the U.S. back for aiding the Ukrainian military in its war with Russia. Ukraine is believed to hold about 5% of the world’s reserves of rare earth elements, which are used in electronics, defense technology and energy projects. Some of the country’s reserves are located in parts of eastern Ukraine that are occupied by Russia.

Zelenskyy initially traveled to Washington in February to sign a mineral deal with Mr. Trump. Those plans were derailed after an explosive Oval Office meeting between Mr. Trump, Zelenskyy and U.S. officials including Vice President JD Vance. During the meeting, Vance accused Zelenskyy of being insufficiently grateful for U.S. military aid.

Negotiations continued despite the public acrimony. Earlier Wednesday, Treasury Secretary Scott Bessent said at a Cabinet meeting the U.S. was prepared to sign a deal, but Ukraine had requested “last minute changes.”

contributed to this report.