Ukrainian Presidential Press Service/Handout via REUTERS

Ukraine–U.S. Minerals Agreement Faced Last-Minute Delay Even Though Finalized

May 1, 2025

The United States and Ukraine signaled readiness on Wednesday to finalize a long-anticipated minerals agreement, but a last-minute request for changes from the Ukrainian side introduced new uncertainty regarding the signing timeline.

Finalization Delayed Over Supplementary Documents

U.S. Treasury Secretary Scott Bessent confirmed that Washington was prepared to sign the accord, stating that the Ukrainians had proposed unexpected changes the previous evening. According to sources familiar with the matter, Ukraine has hesitated to sign two additional documents requested by the U.S., viewing them as premature.

Bessent denied any attempt by the U.S. to revise the core terms agreed upon over the weekend. Despite the delay, officials on both sides expressed optimism that the signing could still occur later on Wednesday.

Ukraine’s First Deputy Prime Minister, Yulia Svyrydenko, was en route to Washington for the expected signing, as confirmed by Prime Minister Denys Shmyhal.

Strategic Access to Critical Minerals

The agreement, once signed, will grant the U.S. preferential access to Ukraine’s rare earth mineral resources—an important geopolitical and economic asset. The deal is viewed in Kyiv as a critical step toward repairing bilateral ties with U.S. President Donald Trump, who has been pressing for a peace settlement in Russia’s ongoing war against Ukraine.

A draft of the agreement reviewed by Reuters shows Ukraine succeeded in removing any clause requiring repayment for past U.S. military aid—an issue Ukrainian negotiators had strongly opposed. The U.S. has been Ukraine’s largest military donor since Russia’s full-scale invasion in 2022, contributing over €64 billion ($72 billion), according to the Kiel Institute.

President Trump reiterated Wednesday that the U.S. “should get something” in return for its previous aid to Ukraine, framing the minerals accord as a step in that direction. “I suspect we will [see the fruits of the deal],” he said.

Terms of the Agreement

According to the draft:

• The agreement grants the U.S. preferential access to future Ukrainian natural resources deals.
• It does not give the U.S. a direct share in Ukraine’s mineral wealth or control over gas infrastructure.
• A joint U.S.–Ukrainian reconstruction fund will be established, receiving 50% of royalties from newly issued natural resource permits.
• The fund’s governance structure and spending guidelines remain undefined in the current draft.
• Ukraine will retain full control over its resources, contributing only profits from new mineral licenses.

Prime Minister Shmyhal emphasized the strategic and equal nature of the deal, stating it will promote investment in Ukraine’s recovery for at least the next decade.

No Security Guarantees Yet

While Kyiv initially sought U.S. security assurances in connection with the deal, no such guarantees are included in the current draft. Ukraine is also discussing a potential international security force with European partners as part of broader post-war security arrangements.

The agreement builds on a memorandum signed on April 18, which outlined both nations’ intent to finalize the accord by April 26. Delays have since occurred, amid pressure from the Trump administration for visible progress in Ukraine–Russia peace talks.