Ukraine and the US agree on a minerals deal: awaits Trump and Zelensky’s signatures
28 February 2025 07:50
U.S. Treasury Secretary Scott Bessent said that the framework agreement on minerals between Ukraine and the United States is ready. Now it has to be signed by the presidents of both countries. Bessent said this on Fox Businesses, "Komersant Ukrainian" reports
He emphasized the importance of the agreement, noting that Ukrainian President Volodymyr Zelenskyy and US President Donald Trump are to officially sign the agreement during a meeting on February 28.
“It (the agreement – ed.) is completed, it is on paper, and the Ukrainian government has approved it. Tomorrow (February 28 – ed.) the heads of state are expected to sign it. This is an agreement on minerals, oil, gas and infrastructure assets. This is a truly mutually beneficial agreement because it brings the Ukrainian people and the American business community closer together,” said Scott Bessent.
According to the US Treasury Secretary, the agreement shows the American people the benefits to Washington and that it “eliminates the possibility of any corruption using the best American practices.”
To recap, Ukrainian President Volodymyr Zelenskyy confirmed that he plans to meet with US President Donald Trump on Friday, February 28.
Ukraine-US agreement: 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 agreement
Establishment of the Reconstruction Investment Fund. According to the text of the 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 transfers to Ukraine; these issues will be discussed separately.
Background and reaction
President of Ukraine Volodymyr Zelenskyy welcomed US President Donald Trump’s decision to meet with him ahead of a possible meeting with Russian President Vladimir Putin, calling it a “very good signal.” Zelenskiy is expected to visit Washington to officially sign the deal, but there was no official confirmation from Kyiv at the time of publication.
The deal has raised concerns among Ukraine’s European allies, who fear possible concessions to Russia in favor of the United States in peace talks.
