Ukraine is ready to sign an agreement on mineral resources – Shmyhal
4 March 2025 13:17
Ukrainian Prime Minister Denys Shmyhal says Ukraine is ready to continue cooperation with the United States and sign an agreement on minerals, "Komersant Ukrainian" reports.
The prime minister noted that the government is not succumbing to the general hysteria, but instead continues to cooperate with the United States in a calm and focused manner.
“We will continue to work calmly with the United States of America, with the US Congress, with the Trump Administration and President Trump through all diplomatic channels available to us. To ensure that Ukraine and the United States continue our struggle for a just, lasting, stable peace in Ukraine and on the European continent. And today Ukraine is absolutely determined to continue cooperation with the United States of America,”
– he said.
Moreover, the Prime Minister expressed confidence that the United States, as a world leader and one of our largest partners, will continue to support Ukraine.
And Ukraine is ready to sign an agreement on subsoil, he said.
“We are looking for these opportunities for pragmatic cooperation, based on economic ones, including an agreement on the joint creation of an investment fund in Ukraine. We are ready to sign it, we will move in this direction,”
– the Prime Minister said.
He added that Ukraine continues to cooperate with European partners and the G7 countries and is actively raising funds for domestic military production. Ukraine has big plans in this area.
“We are working to raise funds for Ukrainian production. I would like to emphasize that Ukraine already produces more than 30% of the weapons, equipment, and ammunition needed for defense on its own. The target is 50%. I am confident that we will achieve this goal this year,”
– the Prime Minister said.
However, according to him, the United States remains a strategic partner.
“But of course, the United States is an important military, financial, and political partner of Ukraine. And it is important to maintain this partnership. It is important to find ways to work together. Ukraine, like no one else, wants a just and secure peace for our country and for the European continent,”
– summarized Prime Minister of Ukraine Denys Shmyhal.
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Draft agreement between Ukraine and the United States: what is known
In February 2025, the United States and Ukraine reached a preliminary agreement aimed at jointly developing and managing Ukraine’s mineral resources. The agreement, known as the Bilateral Agreement Establishing Conditions for the Reconstruction Investment Fund, provides for the establishment of a joint investment fund to rebuild Ukraine’s war-ravaged economy. The main objective of the fund is to attract and reinvest revenues from Ukraine’s substantial mineral wealth to contribute to its recovery and long-term stability.
Key provisions of the draft agreement
Establishment of the Reconstruction Investment Fund. According to the text of the draft agreement published by The Kyiv Independent, the fund will be jointly owned and managed by the governments of the United States and Ukraine. The ownership and financial interests of each party will be defined in a subsequent agreement on the fund. The fund will be managed by representatives of both governments, and more detailed terms will be set out in a subsequent agreement.
Ukraine’s contribution. Ukraine commits to allocate 50% of its future revenues from the monetization of its natural resources, including minerals, hydrocarbons, oil, natural gas and other extractive infrastructure, to the Reconstruction Investment Fund. These contributions will continue until the amount reaches USD 500 billion. It is important to note that current sources of revenue that are already included in the general budget of Ukraine are not covered by this agreement.
The role of the United States. The U.S. government is committed to maintaining a long-term financial commitment aimed at developing a stable and economically prosperous Ukraine. This includes investments, financial instruments, and other tangible and intangible assets critical to Ukraine’s recovery. However, the agreement does not include specific security guarantees or continued arms sales to Ukraine; these issues will be negotiated separately.
