• Ukraine and the US are finalizing details of a landmark minerals agreement, with signing expected imminently.
  • The deal establishes a joint reconstruction investment fund, with Ukraine contributing 50% of future mineral revenues.
  • Two additional agreements are planned, though details remain undisclosed.

Deal Nears Completion After Technical Talks

Ukraine and the United States have concluded technical negotiations and are now ironing out final details of a significant minerals agreement, according to Ukraine's Prime Minister Denys Shmyhal. The deal—expected to be signed "in the nearest future"—marks a pivotal moment in bilateral relations and economic cooperation between the two nations.

Technical delegations made "good progress" during talks held in Washington between April 24-26, 2025, though the signing has faced minor delays. U.S. President Donald Trump had previously expressed frustration on April 25, stating Ukraine was "at least three weeks late" in finalizing the agreement. Mining industry sources now indicate a signing could occur within days.

Revised Framework and Key Terms

The finalized agreement represents a substantial departure from initial proposals. Rather than using mineral resources to repay $500 billion in prior military aid—as originally suggested—the current framework creates a joint reconstruction investment fund. Ukraine will contribute half of all revenues generated from future monetization of government-owned natural resources, including critical minerals like graphite, lithium, and titanium, along with oil, gas, and related infrastructure.

Crucially, the deal explicitly excludes existing revenue streams from state enterprises like Naftogaz and Ukrnafta. Prime Minister Shmyhal emphasized this point, noting the agreement "does not count the assistance provided before its signing"—a key concession for Ukraine.

Ukraine's Conditions and Strategic Implications

Kyiv has set clear parameters for the deal, insisting it must comply with European obligations, Ukrainian law, and constitutional requirements. Parliamentary ratification will be required before implementation.

The agreement holds strategic importance for both nations. For the U.S., it secures access to critical minerals essential for technology and clean energy. For Ukraine, it provides much-needed investment opportunities during reconstruction. The success of the joint fund will hinge on developing new resource projects rather than tapping existing operations.

While details of the two forthcoming supplementary agreements remain undisclosed, this deal may establish a template for similar arrangements with other resource-rich nations. The Democratic Republic of the Congo has reportedly expressed interest in pursuing a comparable framework with Washington.

Editor's Note: This article was updated to clarify that existing revenue streams from Naftogaz and Ukrnafta are excluded from the deal terms.