US, Ukraine agree to terms of critical minerals deal

The United States and Ukraine have successfully negotiated the terms of a draft agreement centered around Ukraine’s mineral resources, a development that is seen as crucial to securing Washington’s continued support as President Donald Trump pushes for a rapid resolution to the ongoing war with Russia, according to two sources with direct knowledge of the matter.

One of the sources indicated that discussions between Washington and Kyiv regarding future military aid and weapons shipments were still ongoing, suggesting that additional elements of the U.S.-Ukraine partnership remained unsettled.

Trump, when addressing reporters, mentioned that Ukrainian President Volodymyr Zelensky was expected to visit Washington on Friday to sign what he described as a "very big deal." Sources familiar with the negotiations confirmed that both parties had already reviewed and agreed upon the draft terms of the agreement, and they recommended that it be finalized through formal signing.

This deal has the potential to grant the United States access to Ukraine’s vast and strategically important mineral resources, which include a range of materials essential for various industries. Trump framed the agreement as a means of ensuring that American financial contributions to Ukraine would be compensated. "What we're doing now is making sure we are secured," Trump stated. "The American taxpayer is going to get their money back, plus."

An earlier version of the agreement was rejected by Ukraine, as Washington had initially sought rights to an estimated $500 billion worth of Ukraine’s natural resources. Kyiv had objected, arguing that the country had received significantly less than that in U.S. financial aid, and that the previous proposal did not include the security guarantees necessary to protect Ukraine’s interests.

Under the newly negotiated draft terms, the deal would establish a Reconstruction Investment Fund, which would collect and reinvest revenues generated from Ukraine’s natural resource sectors, including minerals, hydrocarbons, and other extractable materials. Ukraine would be responsible for contributing 50% of the revenue—after deducting operational costs—until the total contribution reached $500 billion. In return, the United States would provide long-term financial commitments aimed at fostering a stable and economically prosperous Ukraine.

When asked what Ukraine would receive in exchange for its mineral wealth, Trump emphasized that the U.S. had already provided approximately $350 billion in aid, along with substantial military equipment, which allowed Ukraine to continue its fight against Russian forces.

Ukraine is home to deposits of 22 out of the 34 minerals classified by the European Union as critical for industrial and technological development. These include essential materials used in industrial applications, construction, metallurgy, and rare earth elements. One particularly notable resource is graphite, which is a crucial component in electric vehicle batteries and nuclear reactors. Ukraine’s reserves of graphite are estimated to account for 20% of the total global supply, making them a highly valuable strategic asset.

The finalization of this minerals agreement could significantly reshape U.S.-Ukraine relations, particularly as Kyiv navigates its post-war reconstruction and economic stabilization efforts. However, it also raises questions about whether Ukraine is receiving adequate compensation for its resources and whether the deal sufficiently addresses its security concerns.