WASHINGTON — The U.S. and Ukraine on Wednesday signed off on a deal that will give Washington access to Ukraine’s vast critical minerals and natural resources, finalizing an agreement weeks in the making to compensate the U.S. for its help in repelling Russia’s invasion.
The two sides offered only barebone details about the structure of the deal, which they called the United States-Ukraine Reinvestment Fund. But it is expected to give the U.S. access to Ukraine’s valuable rare earth minerals while providing Kyiv a measure of assurance about continued American support in its grinding war with Russia.
“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,” Treasury Secretary Scott Bessent said in a statement. “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 announcement comes at a critical moment in the three-year war as Trump has grown increasingly frustrated with both sides. The signing comes two months after a different but similar agreement was nearly signed before being derailed in a tense Oval Office meeting involving President Donald Trump, Vice President JD Vance and Ukrainian President Volodymyr Zelenskyy.
Trump has long criticized Zelenskyy, saying he didn’t “have the cards” to win the war and blaming him for prolonging the killing by not giving up Crimea, but in recent days has rebuked Russian President Vladimir Putin as well, saying he was complicating negotiations with “very bad timing” in launching deadly strikes on Kyiv.
Trump said Wednesday night on NewsNation that the deal, “in theory,” means that the U.S. will get more from Ukraine than it contributed. “I wanted to be protected,” he said, adding that he didn’t want to be looking “foolish” by not getting money back for the investment.
Ukraine praises signing as an ‘equal and good international deal’
For Ukraine, the agreement is seen as key to ensuring its access to future U.S. military aid. “Truly, this is a strategic deal for the creation of an investment partner fund,” said Prime Minister Denys Shmyhal. “This is truly an equal and good international deal on joint investment in the development and restoration of Ukraine between the governments of the United States and Ukraine.”
Ukraine’s economy minister, Yulia Svyrydenko, flew to Washington on Wednesday to help finalize the deal.
“Together with the United States, we are creating the Fund that will attract global investment to our country,” she said in a post on X after the signing.
White House had raised doubts that agreement was ready
Earlier Wednesday, Bessent said during a Cabinet meeting at the White House — hours after Ukrainian officials indicated a deal was nearly finalized — that there was still work to do.
“The Ukrainians decided last night to make some last-minute changes,” Bessent said when asked about reports that Ukraine was ready to agree to the pact. “We’re sure that they will reconsider that. And we are ready to sign this afternoon if they are.”
After Kyiv felt the initial U.S. draft of the deal disproportionately favored American interests, it introduced new provisions aimed at addressing those concerns.
According to Shmyhal, the latest version would establish an equal partnership between the two countries and last for 10 years. Financial contributions to a joint fund would be made in cash, and only new U.S. military aid would count toward the American share. Assistance provided before the agreement was signed would not be counted. Unlike an earlier draft, the deal would not conflict with Ukraine’s path toward European Union membership — a key provision for Kyiv.
