Ukraine and the United States signed a landmark minerals and profit-sharing agreement on April 30 in Washington, marking the end of months of turbulent negotiations and the beginning of a new phase of economic cooperation focused on reconstruction.
The agreement gives the U.S. preferential access to future Ukrainian mineral deals and establishes a joint investment fund for rebuilding Ukraine’s war-torn infrastructure. It also secures Ukraine’s full sovereignty over its natural resources, following President Volodymyr Zelensky’s refusal to sign earlier versions that would have required Ukraine to repay past military aid or relinquish control of key assets.
“This is a win for Ukraine,” said Prime Minister Denys Shmyhal. “We will attract major investments, secure growth, and remain in control of our critical minerals.”
The U.S. had previously pushed for terms granting it up to 50% of Ukraine’s revenues from rare earths, oil, and gas, and even a stake in infrastructure like ports. President Donald Trump reportedly demanded repayment of $300 billion in aid and up to $500 billion in future mineral revenue — conditions Kyiv firmly rejected.
Only after Zelensky sent Trump a letter expressing willingness to negotiate and praising U.S. support did tensions ease. “Nobody wants peace more than the Ukrainians,” Trump quoted Zelensky as writing, using the letter to bolster support for the deal during a speech to Congress.
The final agreement establishes a joint fund where both nations will equally manage proceeds from newly issued licenses for critical minerals. For the first ten years, profits will be reinvested into Ukraine’s infrastructure and economic development. Past revenues and aid are excluded, and there are no debt obligations.
Ukraine’s mineral wealth includes Europe’s largest lithium deposits, 20% of global graphite resources, and significant reserves of rare earth elements vital to defense and green technologies. But much of this wealth lies in or near Russian-occupied territories, making future exploitation a complex and risky endeavor.
Despite securing equal partnership terms and full resource control, the deal offers no U.S. security guarantees. Critics say the agreement may remain symbolic if the war drags on.
Still, U.S. Treasury Secretary Scott Bessent called the agreement a signal to Russia of Washington’s enduring support for a “free, sovereign, and prosperous Ukraine.”
