The United States and Ukraine have signed a minerals deal, a framework that became a focal point before President Donald Trump and Ukrainian President Volodymyr Zelensky’s fiery Oval Office exchange at the White House in February.
“Thanks to President Trump’s tireless efforts to secure a lasting peace, I am glad to announce the signing of today’s historic economic partnership agreement between the United States and Ukraine establishing the United States-Ukraine Reconstruction Investment Fund,” Treasury Secretary Scott Bessent wrote in a statement on Wednesday.
Bessent said the U.S. is pursuing an end to the “cruel and senseless” Russia-Ukraine war, with the deal “clearly” representing Trump’s desire for “a peace process centered on a free, sovereign, and prosperous Ukraine over the long term.”
“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,” Bessent added. “To be clear, no state or person who financed or supplied the Russian war machine will be allowed to benefit from the reconstruction of Ukraine.”
The Treasury Department and the U.S. International Development Finance Corporation will now work with Ukraine to finalize the deal and fund.
Ukraine Deputy Prime Minister Yulia Svyrydenko was in Washington, D.C. on Wednesday to sign the deal, reiterating “all resources on our territory and in territorial waters belong to Ukraine.”
“The Fund is structured on a 50/50 basis,” she wrote on social media. “It will be jointly managed by Ukraine and the United States. Neither side will hold a dominant vote — a reflection of equal partnership between our two nations.”
Svyrydenko underscored that the paperwork includes no provisions regarding any Ukrainian debt obligations to the U.S.
“Its implementation allows both countries to expand their economic potential through equal cooperation and investment,” she continued.
During a Cabinet meeting earlier Wednesday at the White House, Bessent indicated the U.S. may not have proceeded with the deal after Ukraine sought last minute changes on Tuesday.
“We’re sure that they’ll want to reconsider that,” he said. “Nothing’s been revoked, it’s the same agreement that we agreed to on the weekend. No changes on our side.”
