The U.S. and Kiev signed an agreement to share future revenue from selling Ukrainian minerals and rare earths, sealing a deal that Donald Trump said would provide the U.S. with a peaceful deal with Russia, and the U.S. continued to invest in Ukraine's defense and its reconstruction.
The mineral agreement has been the subject of tense negotiations for months and hours before it was signed, a U.S.-Ukrainian reconstruction investment fund will be established, with the Trump administration saying it will repay $17.5 billion in aid to Ukraine since the beginning of the war.
"This agreement clearly shows that the Russian government has long been centered on free, sovereign and prosperous Ukraine," U.S. Treasury Secretary Scott Bessent said in a statement.
"President Trump envisions this partnership between the American people and the Ukrainian people to demonstrate the commitment of both sides to lasting peace and prosperity in Ukraine. To be clear, states or people that do not have any financing or provide the Russian war machine can benefit from the reconstruction of Ukraine."
Ukraine's first deputy prime minister, Yulia Svyrydenko, confirmed in a social media post that she had signed the deal on Wednesday.
“Along with the United States, we are creating funds that will attract global investment in our country,” she wrote.
Key elements of the agreement – including the structure of the investment fund and how the transaction’s revenue was split – were not immediately disclosed. Critics of the deal said the White House is seeking to capitalize on Ukraine by connecting future aid to embattled countries to giveaways that earn income from their resources.
Until the last moment, whether the United States and Ukraine would manage to sign the deal, Washington reportedly signed other agreements with Ukraine, including the structure of investment funds, or "go home."
The Ukrainian prime minister had earlier said he hoped the country would sign minerals with the United States in the "next 24 hours," but reports said Washington insisted that Kiev had signed a total of three deals.
The Financial Times said Becente's team had told him that he was reportedly heading to Svyrydenko in Washington, D.C. to "prepare to sign all the agreements or go home."
Bessent later said that despite Ukraine's last-minute changes, the United States was ready to sign.
Reuters reported that Ukraine believes that the two supplementary agreements, reportedly investment funds and technical documents, require more work.
The idea behind the deal was originally proposed by Ukraine and is looking for ways to provide economic opportunities to attract Donald Trump to support the country. But Kiev blinded his eyes in January when Trump’s team provided a document that essentially involved handing over the country’s mineral wealth in a way that was barely rewarded.
Since then, various attempts to modify and revisit the terms of the deal have been made, and the planned signing ceremony was held at the White House after a disastrous meeting between Trump and Volodymyr Zelenskyy in February.
According to documents with the Ukrainian Foreign Agent Registration Act, it was revealed earlier this month that the Ukrainian Justice Department had hired U.S. law firm Hogan Lovells to advise on negotiations on the deal.
Ukrainian Prime Minister Denys Shmyhal described the deal on Wednesday as “a kind, equal and beneficial international agreement on co-investment in Ukraine’s development and recovery.”