The United States and Ukraine are expected to finalize a landmark agreement that would give Washington preferential access to new Ukrainian mineral and energy projects in exchange for future investment and military assistance, multiple media outlets reported on Wednesday.
According to a draft of the deal reviewed by Reuters, the agreement includes the creation of a joint U.S.-Ukrainian reconstruction fund that would receive half of the profits and royalties earned by Ukraine from newly issued natural resources permits. While this does not hand over direct ownership of assets or infrastructure, it allows the U.S. — or designated entities — first-in-line access to new licences and projects.
The draft clarifies that existing mineral or energy contracts will not be affected, and earlier proposals that would have given the U.S. influence over Ukraine’s gas infrastructure have been dropped, Reuters reported.
Development opportunities
The deal’s scope also includes development opportunities across a range of critical commodities such as aluminum, graphite, oil, and natural gas, according to Bloomberg. Officials familiar with the process said the agreement has been in the works since February and will require ratification by Ukraine’s parliament, Bloomberg reported.
As part of the arrangement, the U.S. has agreed that only future military aid will count toward its contributions to the fund. Ukrainian Prime Minister Denys Shmyhal confirmed this change on Sunday, noting that previously delivered assistance— worth tens of billions of dollars—will not be monetized under the new framework.
Shmyhal described the agreement as a beneficial and equal international agreement to rebuild Ukraine and foster its long-term development, according to CNN.
‘Repaying’ US
U.S. President Donald Trump has linked the partnership to broader questions around Ukraine’s ability to “repay” Washington for its support since Russia’s 2022 invasion. The deal also aligns with Trump’s broader push for a negotiated ceasefire. However, progress on that front remains stalled as Russia demands complete control over contested eastern Ukrainian regions.
Despite the high-level tensions—including a failed signing attempt in February following a contentious Oval Office meeting—Ukrainian President Volodymyr Zelenskyy and Trump appear to have restarted dialogue. The two met privately at the Vatican over the weekend during Pope Francis’s funeral.
CNN reported that Ukrainian Economy Minister Yulia Svyrydenko was en route to Washington on Wednesday to finalize the remaining details.
Ukraine claims to hold nearly $15 trillion worth of mineral resources, making it one of the most resource-rich nations in Europe. The country is home to the continent’s largest reserves of lithium, titanium, and uranium.
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