Ukraine has reached a deal with the United States, granting the US access to Ukraine’s rare minerals as it works with the Trump administration to end its three-year conflict with Russia.
Yulia Svyrydenko, Ukraine’s Economy Minister and Deputy Prime Minister, flew to Washington, D.C., on Wednesday to help clinch the deal.
“On behalf of the Government of Ukraine, I signed the Agreement on the Establishment of a US-Ukraine Reconstruction Investment Fund. Together with the United States, we are establishing the Fund to encourage global investment into our country,” she wrote on X.
When President Donald Trump took office, he stated that he wanted Ukraine’s rare earth elements in exchange for ongoing US backing in the war. He described it as compensation for the billions of dollars in US military aid provided to Ukraine.
After a tense meeting in the Oval Office between Trump administration officials and Ukrainian President Volodymyr Zelenskyy, talks on a potential deal came to a halt.
Treasury Secretary Scott Bessent stated that the deal will establish the United States-Ukraine Reconstruction Investment Fund to help speed Ukraine’s economic recovery.
“This agreement signals clearly to Russia that the Trump Administration is committed to a peace process centered on a free, sovereign, and prosperous Ukraine over the long term,” Bessent wrote in a press release.
“President Trump envisioned a collaboration between the American and Ukrainian people to demonstrate both sides’ commitment to long-term peace and development in Ukraine. And, to be clear, no state or individual who financed or supported the Russian war machine will be allowed to gain from Ukraine’s rehabilitation.”
The United States is seeking access to over 20 raw commodities deemed strategically important to its interests, including non-minerals such as oil and natural gas.
Among these are Ukraine’s titanium reserves, which are used to manufacture aircraft wings and other aerospace components, as well as uranium deposits, which are utilized in nuclear power, medical equipment, and weapons production.
Ukraine also contains lithium, graphite, and manganese, which are utilized in electric vehicle batteries.
The agreement will establish an equal relationship between the two countries and extend for ten years. Financial contributions to a joint fund would be made in cash, with only new US military funding counting toward the American portion.
Svyrydenko stated that neither party will have a majority vote, representing Ukraine and the United States’ equal relationship. The fund is financed by the United States government through the International Development Finance Corporation.
Unlike a previous draft of the accord, the arrangement would not interfere with Ukraine’s road to European Union membership, which is an important element for Kyiv.
According to the provisions of the agreement, the Ukrainian government will decide what minerals will be harvested and where, Svyrydenko stated.
