The United States and Ukraine are finalizing a minerals agreement potentially worth hundreds of billions of dollars that would express American commitment to keeping Ukraine “free, sovereign and secure,” Axios reported on 24 February, citing a draft of the agreement it obtained.
Ukrainian President Volodymyr Zelenskyy rejected an initial proposal from US Treasury Secretary Scott Bessent, citing a lack of specific security guarantees. The Trump administration is demanding $500 billion in mineral wealth from Ukraine as repayment for wartime aid.
President Trump said during the press conference with the French president on 24 Feb. that Ukrainian President Volodymyr Zelenskyy could visit the White House “this week or next week” to sign the minerals deal.
The agreement would establish a “Reconstruction Investment Fund” jointly managed by both countries. The draft states that “The Government of the United States of America intends to provide a long-term financial commitment to the development of a stable and economically prosperous Ukraine.”
Ukrainian Deputy Prime Minister Olha Stefanishyna confirmed on social media on 24 Feb. that the two sides were close to a deal, saying that signing it would “showcase our commitment for decades to come.”
According to the draft viewed by Axios, Ukraine would contribute $500 billion to the fund. The agreement would require Ukraine to pay 50% of its revenues from “extractable materials” – including minerals, oil, and gas – into the fund, minus operating expenses.
The Trump administration views the agreement as a way to “recoup the Tens of Billions of Dollars and Military Equipment sent to Ukraine,” while Ukrainian officials see it as a path to establish a longer-term partnership with the US, Axios reports.
Zelenskyy told reporters on 23 Feb. that the US had dropped an earlier demand that it receive $500 billion directly from Ukrainian minerals projects. He also rejected the idea of treating aid to Ukraine as a debt requiring repayment.
The draft agreement includes provisions for projects in areas “temporarily occupied by the Russian Federation, in the event such areas are de-occupied,” noting that much of Ukraine’s mineral wealth is located in the war-torn eastern region.
If signed, the US Treasury and Commerce Departments, along with Vice President Vance’s office, would work with Ukraine’s Economy Ministry to establish the details of the arrangement after the initial framework is agreed upon.
The document has spaces for the signatures of Secretary of State Marco Rubio and his Ukrainian counterpart, Andrii Sybiha.
Read also:
- EU offers Ukraine “win-win” minerals deal as alternative to Trump’s demands
- Trump’s special envoy Witkoff on minerals deal: “I expect to see a deal signed this week”
- 100% US financial control: Trump’s new Ukraine minerals deal revealed
