US, Ukraine sign long-awaited mineral deal two months after Trump, Zelensky White House fight

The Trump administration and the Ukrainian government finalized a deal Wednesday creating a joint fund to boost the reconstruction of the war-torn nation, calling for investment in Kyiv’s oil, gas and rare mineral industries.
Ukraine’s Economy Minister Yulia Svyrydenko posted on X that the fund would be managed 50/50 and that future military aid from Washington could be considered a contribution.
“Together with the United States, we will create a fund that will attract Western investments to our country,” Svyrydenko said. “We will manage this fund jointly with the United States. Neither party will have a majority vote, reflecting an equal partnership between Ukraine and the United States.”
5 Trump and Zelensky had an intimate conversation at Pope Francis’ funeral. PRESIDENTIAL PRESS SERVICE HANDOUT HANDOUT/EPA-EFE/Shutterstock
The fund will be filled with income only from new licenses “for projects in the field of critical materials and oil and gas,” which will be split in half between the US and Ukraine, according to Svyrydenko.
The US will also contribute to the fund — and can do so through “NEW assistance — for example, air defense systems for Ukraine.”
She further said the United States “will help attract additional investment and technology” to drum up more business for the fund, which will be supported by the US International Finance Cooperation, or “DFC.”
“DFC will help us attract investments and technologies from funds and companies in both the US and the EU and other countries that support our fight against the Russian enemy,” Svyrydenko said.
“The Fund will then invest in mineral and oil and gas projects, as well as related infrastructure or processing. The specific investment projects to which the funds will be directed will be determined jointly by Ukraine and the United States.”
5 Ukraine’s Economy Minister Yulia Svyrydenko said that the new fund will “attract Western investors” to Ukraine. REUTERS
Svyrydenko said Ukraine “expects that ‘for the first 10 years, the fund’s profits and revenues will not be distributed, but can only be invested in Ukraine,” but noted that “these conditions will be discussed further.”
The fund will not be taxed “so that investing yields the greatest possible results,” she added.
The Treasury Department in a statement announcing the agreement touched on the US’ prior support of Ukraine during Russia’s 38-month-old invasion.
“In recognition of the significant financial and material support that the people of the United States have provided to the defense of Ukraine since Russia’s full-scale invasion, this economic partnership positions our two countries to work collaboratively and invest together to ensure that our mutual assets, talents, and capabilities can accelerate Ukraine’s economic recovery,” the statement read.
5 An aerial view of an open-pit titanium mine in the Zhytomyr region seen on Feb. 28, 2025. Photo by ROMAN PILIPEY/AFP via Getty Images
5 An ilmenite mine in Kirovohrad, Ukraine seen on Feb. 12, 2025. AP Photo/Efrem Lukatsky, File
However, Svyrydenko clarified that “the agreement does not mention any debt obligations of Ukraine to the US,” which was a key sticking point for Kyiv.
“The implementation of the agreement will allow both countries to increase their economic potential through equal cooperation and investment,” she wrote.
A framework agreement had been circulated for at least two months and was thought be close to finalization Feb. 28. However, on that day, Ukrainian President Volodymyr Zelensky got into an Oval Office shouting match with President Trump and Vice President JD Vance and left without the agreement being signed.
5 The pair were in an explosive argument inside the White House that led to Ukraine’s president being booted. AFP via Getty Images
A framework agreement had been circulated for at least two months and was thought to be close to finalization Feb. 28. However, on that day, Ukrainian President Volodymyr Zelensky got into an Oval Office shouting match with President Trump and Vice President JD Vance and left without the agreement being signed.
The minister said she hoped the agreement would “become a signal to other global players that it is reliable to cooperate with Ukraine in the long term — for decades.”
“This is an Agreement in which the United States notes its desire to contribute to achieving long-term peace in Ukraine and recognizes the contribution that Ukraine has made to global security by abandoning its nuclear arsenal,” she said, referencing the 1994 Budapest Memorandum, in which Russia promised not to invade Ukraine in exchange for Kyiv giving up its Soviet-era nuclear weapons.
“Thank you to everyone who worked for the agreement, making it more meaningful. Now the document is one that can ensure success for both our countries – Ukraine and the United States.”