The Ukraine–United States Mineral Resources Agreement is an agreement between the United States and Ukraine establishing terms for joint investment in Ukraine's natural resources, including critical rare-earth elements, oil, and gas, as well as providing for reconstruction efforts. On 25 February of 2025 Ukrainian Prime Minister Denys Shmyhal announced that the two countries had reached a preliminary agreement to strengthen economic cooperation and attract investments for Ukraine's recovery from the Russo-Ukrainian war following the 2022 Russian invasion of Ukraine. U.S. President Donald Trump insisted on a resources agreement as a condition for continued U.S. support, framing it as a means for Ukraine to "pay back" the substantial U.S. aid provided during the conflict. The agreement was signed on 30 April 2025 by U.S. Treasury Secretary Scott Bessent and Ukrainian First Deputy Prime Minister Yulia Svyrydenko. In addition, two supplemental agreements were signed on May 13 which have not been made public. Some scholars have suggested that the deal represents an example of neocolonialism.
Background In September 2024, Ukrainian President Volodymyr Zelenskyy proposed U.S. participation in developing Ukraine's natural resources in exchange for continued support in countering Russian aggression. Ukraine possesses significant deposits of minerals, including lithium, graphite, manganese, and titanium ore. Many of these resources remain unexploited, while some deposits are located in territories occupied by Russia. On 16 October 2024, Zelenskyy put forth his proposed План перемоги ("Victory plan") to the Ukrainian parliament which outlined strategies to strengthen Ukraine and potentially end the conflict with Russia. This included a "special agreement on joint investment and use" of Ukraine's natural resources—such as uranium, titanium, and lithium—with the European Union and the United States. The plan also included a renewed request for inclusion in NATO and a robust post-war security framework. The defense aspect of the proposal included assistance in deterring Russian aggression. French Defense Minister Sebastien Lecornu—under instruction from French President Emmanuel Macron —entered into bilateral discussion with Ukraine on the country's rare earth minerals in October 2024 for the French defense industry.
Following the November election, U.S. President Donald Trump began demanding US$500 billion as compensation from Ukraine to pay back U.S. aid during the war. Zelenskyy said that this would amount to "selling" Ukraine. Trump replied by saying Zelenskyy was "a dictator". On 3 February 2025, Trump said that continual support from the United States would be conditional on the acquisition of Ukraine's rare minerals. However, this condition was later excluded from the agreement. During his 24 February 2025, Oval Office meeting with Macron, Trump incorrectly complained that the United States had contributed US$350 billion which was a much larger contribution than that of the European Union. Macron sought security guarantees from the Trump administration if a ceasefire with Russia is realized. The Congressional Research Service said that from 2022 to 2024, the appropriation was US$182 billion. Trump's demand for the resources agreement is a way for Ukraine to "pay back" the U.S. aid already provided to Ukraine and is a condition of any ongoing support. On 24 February, Trump said that they were close to an agreement "where we get our money back over a period of time." On 28 February 2025, Zelenskyy met at the White House in Washington with Trump and U.S. Vice President JD Vance, for a bilateral meeting in the Oval Office to sign the agreement. The meeting ended abruptly and the Resources Agreement was not signed. According to The Guardian, on 2 March, Zelenskyy said that the "deal on minerals was now ready to be signed." Towards the end of Trump's speech to a joint session of Congress on 4 March, Trump made a statement directed at Zelenskyy that The New York Times described as "conciliatory."
Negotiation process According to a 27 February The Kyiv Independent article, French Defense Minister Lecornu had been in talks with Ukraine since the fall of 2024 on Ukraine's rare earth minerals, following Zelenskyy's 16 October 2024 victory plan proposal. Cornu clarified that it was not Trump, but Zelenskyy and his team who had introduced the issue of the potential of transactional opportunities of natural resources. A draft of the 25 February proposal entitled "Bilateral Agreement Establishing Terms and Conditions for a Reconstruction Investment Fund" published by CNN, did not provide explicit future security guarantees to Ukraine. Zelenskyy described it as a framework for the 28 February in-person meeting in Washington. The draft proposed a joint-ownership Reconstruction Investment Fund. The 25 February draft agreement—as reported by Reuters—indicated that U.S. Treasury Secretary Scott Bessent and Ukrainian Foreign Minister Andrii Sybiha were designated to sign the document. According to The Kyiv Independent, Zelensky's main objective for the 28 February 2025 Oval Office meeting with Trump was to "discuss the deal and a possible inclusion of security guarantees", to call on him to not abandon Ukraine, and to caution him against becoming too close to President Putin. The meeting began well but when Zelenskyy said that Putin was not trustworthy and had previously broken promises to end fighting, Vance rebuked him. Trump said that Putin had never broken an agreement with him. Trump accused Zelenskyy of "killing a very large number of people", "gambling with World War III" and being "very disrespectful to the country, this country that's backed you far more than a lot of people say they should have", and the Ukrainian delegation was asked to leave the White House. With the abrupt ending of the meeting between Trump and Zelenskyy, the agreement was not signed. On 2 March at the 2025 London Summit on Ukraine in a meeting with King Charles III, Zelenskyy told the British media that he believed that the relationship between the United States and Ukraine could be restored, and that he would sign the mineral resources deal.
Agreement
Key provisions The agreement stipulates the establishment of a jointly-owned and managed "United States-Ukraine Reconstruction Investment Fund" to foster lasting peace and economic security in Ukraine. Its primary mechanisms include:
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