Earth and minerals are loaded into open mine trucks near the frontline despite the threat of bombing by Russian invasion forces in the Donetsk region of Ukraine on February 26, 2025.
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The US and Ukraine have signed the much-anticipated minerals contract, providing Washington with priority access to Kiev’s natural resources in exchange for the formation of a reconstruction investment fund.
The highly anticipated agreement, coveted by US President Donald Trump, has been more than three years since the onset of a full-scale invasion of Russia’s Ukraine after months of tense negotiations.
US Treasury Secretary Scott Bescent said on Wednesday that the economic partnership will allow the two countries to invest together to accelerate Ukraine’s economic recovery and “promote the end of this cruel and pointless war.”
“The agreement clearly shows Russia that the Trump administration is committed to a peace process centered around Ukraine, which has long been free, sovereign and prosperous,” Bescent said in a statement.
Since taking office in January, Trump has stated an agreement to promote mineral trade with Ukraine and jointly develop and monetize Kiev’s rare earth sediments, important minerals, oil, gas and other natural resources.
In this handout, Ukrainian President Voldy Mirzelensky (R), released via the official social media channels of the Ukrainian President’s office, will meet with President Donald Trump (L) during the funeral of Pope Francis at St. Peter’s Cathedral at Vatican Market in Vatican City, on April 26, 2025.
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In a comment on the town hall on the news network, Trump said the deal represents a return for the money he has so far spent to support Ukraine’s war efforts.
“I wanted to be protected. I never looked stupid there,” Trump added.
The US President also confirmed that he had discussed mineral trade with Ukrainian President Voldymir Zelensky when he attended Pope Francis’ funeral last week.
Ukraine decides where and what to take
Zelenskyy signaled that a transaction outline had already been agreed in mid-April.
Ukraine’s Minister of Economic Development and Trade Yulia Svyrdenko said on Wednesday that economic transactions could bring success to both the US and Ukraine.
“It is important that this agreement is a signal that in the long run we can trust to work with Ukraine,” said Svyrydenko, according to Google’s translation via Google Media Platform X.
As part of the deal, Svyrydenko said, “It is Ukraine that decides where and what to extract.
She added that the fund is created on a 50-50 basis and reflects the equal partnership between Washington and Kiev. Neither party votes dominantly, Swillidenko said.
– Holly Ellyatt of CNBC contributed to this report.
