Ukraine has agreed a deal to allow the United States access to its natural resources, a major agreement that comes amid rapid diplomatic efforts to end Russia’s three-year full-scale war against Kyiv.
The deal, a copy of which was obtained by RFE/RL, does not address key questions and leaves most details to be provided by a future agreement.
It does not contain specific U.S. security guarantees for Ukraine, a key demand by Kyiv. The agreement also does not specify whether the United States would continue to supply military equipment and ammunition to Ukraine.
Key Points
- No Security Guarantees: The deal supports Ukraine’s pursuit of security assurances but doesn’t provide them
- Resource Development: Ukraine and the U.S. will jointly develop Ukraine's natural resources, including critical minerals, oil, and gas
- Reconstruction Fund: A joint fund will receive 50% of Ukraine’s state-owned resource revenues
- Reinvestment: Fund profits will be reinvested "at least annually" for Ukraine’s economic recovery
- Pending Details: Governance and ownership specifics will be negotiated later
The text of the deal begins by noting that Washington “has provided significant financial and material support to Ukraine since Russia’s full-scale invasion.”
But it makes no mention of Washington’s demand for a right to $500 billion in potential revenue from accessing Ukraine’s mineral wealth that was seen in an earlier draft of the deal.
This was a point that Ukrainian President Volodymyr Zelenskyy repeatedly said was unacceptable.
No Security Guarantees for Ukraine
The agreement does not include firm U.S. security pledges. But it does say that the United States “supports Ukraine’s efforts to obtain security guarantees.”
It also says that Washington “will maintain a long-term financial commitment to the development of a stable and economically prosperous Ukraine.”
Beyond these general statements, the main body of the agreement concerns the establishment of a jointly owned Reconstruction Investment Fund. Ukraine has agreed to put 50 percent of future revenues from its government-owned natural resources into the fund.
It says this relates to mineral wealth, oil, and gas, as well as related revenues from liquefied natural gas (LNG) terminals and ports.
It explicitly states that “such future sources of revenues do not include the current sources of revenues which are already part of the general budget revenues of Ukraine.”
Money from the fund will be reinvested in Ukraine “at least annually.”
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Unanswered Questions
There are many questions which have not been answered. The agreement states these will be addressed in a future agreement, which working groups will start negotiating “without delay.”
Among these key points is how the joint ownership of the fund will break down, suggesting it may not be a simple 50-50. Details of the fund’s “governance and operation” are also still to be resolved.
The deal states that neither party can “sell, transfer, or otherwise dispose of” any part of the fund without agreement from the other party. In other words, neither side can unilaterally withdraw.
The agreement says it is subject to approval by Ukraine’s parliament, the Verkhovna Rada, but does not mention Congressional sign off.
Ukrainian lawmaker Bohdan Kytsak, from Zelenskyy’s ruling Servant of the People party, told RFE/RL’s Ukrainian Service that the deal presented potential benefits for the economy.
"This requires a huge number of specialists, scientific research, and the emergence of new technologies,” he said, adding that U.S. investment could create a “new economy.”
A former economic adviser to Zelenskyy, Oleh Ustenko, told RFE/RL that “symbolism plays a larger role here than financial and economic issues.”
For U.S. President Donald Trump this may represent a political win. He has pushed hard for the deal and now he has got it.
For Zelenskyy, a scrap awaits over the details. For now, the deal could ease a bitter and public rift that saw Trump brand him a “dictator.”
