The United States and Ukraine have signed a wide-ranging natural resources agreement granting the U.S. preferential access to critical Ukrainian commodities, including aluminum, graphite, oil, and natural gas. The deal, reached after weeks of delicate negotiations, marks a significant geopolitical and economic milestone as the Trump administration seeks to bolster its position in Ukraine amid peace talks with Russia.
The agreement offers assurance to Kyiv, where officials had grown uneasy over President Donald Trump’s mixed signals on continued U.S. support for Ukraine’s sovereignty and defense amid ongoing conflict. The deal was finalized just as Trump marks his first 100 days back in office, under pressure to deliver strategic wins both at home and abroad.
A Strategic Signal to Moscow
In a statement Wednesday, Treasury Secretary Scott Bessent emphasized the symbolic and strategic significance of the pact. “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,” he said. He added that individuals or entities linked to Russia’s war effort would be barred from participating in Ukraine’s reconstruction.
The U.S. will have first claim on profits generated through a jointly managed reconstruction fund, financed by 50% of revenues from newly licensed extraction and energy projects. This structure is designed to help reimburse the U.S. for future military aid to Ukraine, while simultaneously encouraging private investment in rebuilding Ukraine’s economy.
Zelenskiy and Trump: A Testy Relationship
Ukrainian President Volodymyr Zelenskiy hailed the agreement as a major step forward. “Together with the United States, we are creating the Fund that will attract global investment into our country,” said Economy Minister Yulia Svyrydenko, underscoring the deal’s dual economic and symbolic importance.
The agreement follows a period of diplomatic strain. A planned signing during Zelenskiy’s February visit to Washington fell apart after a contentious meeting with Trump and Vice President JD Vance, widely reported for its public tension. The eventual accord was reportedly brokered with assistance from U.S. Treasury and State Department officials, and sealed after a conversation between Trump and Zelenskiy during Pope Francis’s funeral at the Vatican.
Balancing Peace Efforts With Economic Gain
For Trump, the deal is also an effort to revive political momentum. His administration has faced setbacks in foreign policy — particularly in Ukraine and Gaza — and polls have shown waning favorability tied to economic uncertainty and unresolved foreign conflicts. By linking economic development and postwar reconstruction to U.S. interests, the administration is attempting to frame Ukraine aid as a “profitable peace” strategy rather than a prolonged expense.
“This is about shared responsibility and mutual return,” said a senior administration official familiar with the negotiations. “We’re helping Ukraine win the peace — and ensuring that American taxpayers see a benefit.”
Minerals and Markets: What’s at Stake
The agreement places a strong focus on critical minerals, especially graphite and aluminum, which are vital to global supply chains for EVs, defense technologies, and renewable energy infrastructure. Ukraine is believed to hold substantial untapped reserves, and Western investors have increasingly viewed the country as a future strategic supplier, particularly amid tensions with China and Russia.
The U.S. will also gain a preferential position in oil and gas development zones, though officials in Kyiv stressed that Ukrainian sovereignty over resources remains intact and that licenses will be issued under Ukrainian law with joint oversight mechanisms.
What’s Next
Implementation of the fund is expected to begin in the second half of 2025, with the first projects likely focused on restarting mining operations in central and eastern Ukraine, where infrastructure damage remains significant. A multinational consortium of energy and mining firms is reportedly being assembled to support early-stage development.
The deal represents a new model for post-conflict recovery, pairing foreign assistance with economic return, and could become a template for future U.S. aid efforts in conflict zones.
