On April 30, 2025, Ukraine and the United States finalized an agreement on the exploitation of Ukraine’s natural resources—minerals, gas, and oil. According to Washington, the deal is intended to offset the significant financial and military aid the U.S. has provided Kyiv since Russia’s full-scale invasion in February 2022.
The agreement was sealed just days after President Donald Trump and President Volodymyr Zelensky met during Pope Francis’s funeral on April 26. That encounter paved the way for a breakthrough after months of stalled negotiations due to major disagreements.
During Zelensky’s visit to the White House on February 28, tensions had erupted publicly, leading to the cancellation of an earlier version of the deal. At the time, the Ukrainian president rejected the draft, arguing it would burden future generations with unsustainable debt.
Following further talks and a revised proposal from Washington, Kyiv has now signed on. Ukrainian Prime Minister Denys Shmyhal welcomed the outcome as “a fair and balanced international agreement” and praised both governments for their commitment.
From the American side, Treasury Secretary Scott Bessent emphasized the opportunity for the U.S. to support Ukraine’s reconstruction while receiving a form of compensation for its extensive support.
No security provisions in the agreement
The deal establishes a jointly managed investment fund dedicated to financing Ukraine’s reconstruction. Under its terms, U.S. companies will gain access to resource extraction projects, while Kyiv retains full ownership and control of its natural assets.
Ukrainian Economy Minister Yuliia Svyrydenko noted that this mechanism will allow for the launch of extraction projects without placing Ukraine in debt for the military and economic aid it has received since 2022. Profits generated through the fund will be reinvested into Ukraine’s domestic economy.
While the deal is being touted as a milestone in U.S.-Ukraine relations, it contains no explicit military commitments or defense guarantees against Russia. It is strictly focused on economic cooperation around natural resources.
In that sense, the agreement signals a shift in Western assistance—from direct aid toward long-term economic partnership—while leaving aside the still-crucial question of Ukraine’s security amidst ongoing war with Moscow.