On Wednesday, Ukraine and the U.S. signed a key agreement, strongly backed by President Donald Trump, that gives the U.S. priority in future Ukrainian mineral projects and supports funding for Ukraine’s rebuilding efforts. The deal, finalised in Washington after months of challenging talks, nearly fell apart at the last minute due to a last-second issue. It creates a joint fund focused on Ukraine’s reconstruction, as Trump works to push forward a peace plan in the ongoing conflict with Russia, which has lasted three years. For Ukraine, the agreement is a crucial step in repairing its strained relationship with the Trump administration, and leaders in Kyiv see it as a way to secure ongoing American backing in their fight against Russian aggression.

A photo shared on X by the US Treasury showed Treasury Secretary Scott Bessent and Ukraine’s First Deputy Prime Minister Yulia Svyrydenko signing an agreement. The Treasury stated that the deal "clearly signals the Trump Administration's commitment to a free, sovereign, prosperous Ukraine." Svyrydenko posted on X that the agreement includes a provision for Washington to contribute to the fund. She mentioned, "In addition to direct financial contributions, it may also provide NEW assistance - for example, air defence systems for Ukraine". However, Washington has not specifically responded to that point.

Since Russia invaded Ukraine in 2022, the United States has provided the most military assistance to Ukraine, contributing over €64 billion (around $72 billion), according to Germany's Kiel Institute. Before the agreement was finalised, Trump reiterated on Wednesday that the U.S. should receive something in return for its support to Kyiv, specifically pushing for access to Ukraine’s rich reserves of rare earth minerals. While announcing the agreement, the US Treasury stated that the partnership acknowledges "the significant financial and material support that the people of the United States have provided to the defence of Ukraine since Russia's full-scale invasion."

Svyrydenko stated that the agreement gives Ukraine the right to "determine what and where to extract" and emphasised that the country still owns its subsoil. Ukraine holds significant natural wealth, including rare earth elements essential for products like electronics, electric vehicles, and military tech. Currently, China leads the global rare-earth market but is embroiled in a trade dispute with the U.S. following tariff hikes under President Trump. In addition to rare earths, Ukraine possesses significant iron, uranium, and natural gas deposits. Ukrainian official Svyrydenko emphasised that the agreement with the U.S. does not involve debt obligations, which was a critical factor in the extended talks. She also stated that the deal aligns with Ukraine’s constitution and efforts to join the European Union.

The minerals agreement and the U.S. peace efforts have been handled separately, reflecting Washington’s broader strategy toward the Ukraine-Russia conflict. President Trump shifted the traditional U.S. position by taking a more lenient stance on Russia and, at times, wrongly accusing Ukrainian President Volodymyr Zelensky of starting the war. US peace plans have included proposals to acknowledge Russia’s control over Crimea, which it annexed in 2014, as well as possibly four additional Ukrainian regions. However, Zelensky has firmly rejected this idea, stating it would violate Ukraine’s constitution.

"Importantly, the agreement sends a signal to global partners that long-term cooperation with Ukraine, over decades, is not only possible but reliable," Svyrydenko posted on X.

A draft of the US-Ukraine deal, reviewed by Reuters on Wednesday, revealed that Ukraine successfully eliminated the requirement to repay the US for previous military aid, which Kyiv had strongly opposed. However, the draft did not include any specific US security guarantees for Ukraine, which had been one of its primary objectives. In addition, Ukraine has been in talks with European allies about creating an international force to help safeguard Ukraine's security if a peace deal with Russia is reached.