Washington, May 1, 2025 – The Europe Today: Ukraine and the United States signed a significant bilateral agreement on Wednesday in Washington, D.C., establishing a joint investment fund for Ukraine’s reconstruction and granting the U.S. preferential access to new Ukrainian mineral projects. The deal, heavily promoted by U.S. President Donald Trump, comes amid ongoing efforts by Washington to broker a peace settlement in Russia’s three-year-old war in Ukraine.
The agreement follows months of complex and, at times, tense negotiations, with reports of a last-minute obstacle casting uncertainty on the final signing. The accord is seen as a major step in restoring trust between Kyiv and the Trump administration, whose relations have been strained since Trump’s inauguration in January.
The U.S. Department of the Treasury shared a photograph on social media platform X showing U.S. Treasury Secretary Scott Bessent and Ukraine’s First Deputy Prime Minister and Economy Minister Yulia Svyrydenko signing the agreement. The department described the accord as a “clear signal of the Trump Administration’s commitment to a free, sovereign, and prosperous Ukraine.”
Svyrydenko confirmed that the agreement allows for U.S. contributions to the reconstruction fund and may include future assistance, such as air defense systems, though Washington has not publicly addressed that specific point. “In addition to direct financial contributions, it may also provide new assistance,” she wrote.
The United States has been Ukraine’s largest military supporter since Russia’s full-scale invasion in 2022, providing over €64 billion ($72 billion) in aid, according to the Kiel Institute in Germany. “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,” Bessent said. “No state or individual who financed or armed the Russian war machine will profit from Ukraine’s reconstruction.”
A key component of the accord is American access to Ukraine’s mineral wealth, especially rare earth elements vital for modern technologies including electric vehicles, consumer electronics, and military hardware. Global rare earth supply chains are currently dominated by China, which is embroiled in a trade conflict with the U.S. following Trump’s imposition of steep tariffs.
Svyrydenko stressed that Ukraine retains ownership of its subsoil and retains the sovereign right to determine extraction projects and locations. Ukraine also holds sizable reserves of iron ore, uranium, and natural gas.
President Trump, who reiterated on Wednesday that the U.S. “should get something in return” for its financial and military assistance to Ukraine, has prioritized securing access to these resources as part of a broader recalibration of U.S. foreign aid.
The agreement, Svyrydenko added, contains no debt obligations for Ukraine, a sticking point in previous negotiations. It also adheres to Ukraine’s constitutional framework and supports the country’s ambitions to join the European Union.
While the minerals deal and the U.S.-led peace proposals have been negotiated separately, they are widely viewed as part of Washington’s evolving strategy toward Ukraine and Russia. Trump’s approach has diverged from traditional U.S. policy, softening rhetoric on Russia and controversially suggesting Ukrainian President Volodymyr Zelenskiy bore some blame for the war—a claim dismissed by Kyiv and international observers.
U.S. peace proposals reportedly include recognition of Russia’s annexation of Crimea and potential concessions on four other regions, positions that Kyiv has firmly rejected as unconstitutional.
The final draft of the agreement, seen by Reuters, notably removes any obligation for Ukraine to repay past U.S. military assistance—a crucial win for Kyiv. However, the document does not include binding U.S. security guarantees, one of Ukraine’s initial priorities in the negotiations.
“Importantly, the Agreement sends a signal to global partners that long-term cooperation with Ukraine—over decades—is not only possible but reliable,” Svyrydenko stated.
Meanwhile, Ukraine continues to engage European allies in discussions over forming a multinational force to help safeguard its territory should a peace deal with Russia be achieved.
