Amid cuts to American military aid and rising tensions over Trump’s peace plan, the U.S. gains access to Ukraine’s resources.
The U.S. and Ukraine have entered into an agreement, as announced by U.S. Treasury Secretary Scott Bessent and Ukrainian Economy Minister Yuliya Sviridenko on Wednesday, that allows the U.S. to help develop Ukraine’s natural resources. This agreement coincides with Ukraine’s search for security assurances from the U.S. as part of potential peace talks with Moscow, which President Donald Trump is trying to facilitate.
The deal includes the creation of the United States-Ukraine Reconstruction Investment Fund. Bessent stated that “President Trump envisioned this partnership between the American people and the Ukrainian people to show both sides’ commitment to lasting peace and prosperity in Ukraine.”
The full agreement details are not yet public. Sviridenko mentioned that Ukraine and the U.S. will jointly manage the fund “on a 50/50 basis,” ensuring that “neither side will hold a dominant vote.”
She added that 50% of the income from new licenses for critical materials, oil, and gas will be allocated to the fund.
“Full ownership and control remain with Ukraine,” Sviridenko clarified, emphasizing that “It is the Ukrainian state that determines what and where to extract. Subsoil remains under Ukrainian ownership – this is clearly established in the Agreement.”
According to Sviridenko, the agreement won’t change privatization processes or the management of state-owned firms. She confirmed that Ukrnafta, the oil and gas giant, and Energoatom, Ukraine’s nuclear power plant operator, will remain state-owned.
Despite the Biden administration’s significant aid packages to Ukraine, including advanced weaponry, President Trump has prioritized shifting the responsibility of assisting Kiev to its European allies. In February 2025, the U.S. completely stopped military aid to Ukraine after a strained meeting between President Trump, Vice President J.D. Vance, and Ukrainian President Vladimir Zelensky.
Estimates suggest the U.S. has provided at least $170 billion to Kiev. The White House maintains that these costs should be offset by access to Ukraine’s mineral resources, including rare earth elements vital for high-tech industries.
Negotiations for the minerals agreement have been ongoing since Trump’s return to office. A preliminary agreement was signed on April 17, but the President has publicly voiced his disapproval of the delay in finalizing the deal. In an April 25 post on Truth Social, he criticized Zelensky for being “three weeks late” in signing and demanded immediate completion.
Although the minerals agreement doesn’t explicitly guarantee U.S. security for Ukraine, the Financial Times describes it as “an expression of a broader, long-term strategic alignment . . . and a tangible demonstration of the United States of America’s support for Ukraine’s security, prosperity, reconstruction and integration into global economic frameworks.”
Zelensky stated last week that Kiev is seeking long-term security aid from the U.S., similar to the U.S.-Israel model.
Meanwhile, Trump has been vague about whether the U.S. will continue providing military aid to Ukraine if a peace deal isn’t reached with Moscow. “I want to leave that as a big, fat secret, because I don’t want to ruin a negotiation,” he stated in a Tuesday interview with ABC News.
Axios reported last week that Washington presented Kiev with what President Trump called a “final offer” to resolve the conflict. The U.S. has shown increasing frustration with the slow progress of peace talks. Secretary of State Marco Rubio suggested last week that the U.S. might withdraw from the talks if they remain stalled.