Ukraine signed a deal giving the United States control over a share of its future revenue from natural resources, a long-awaited agreement that Kyiv hopes will clear the way for continued U.S. support and a cease-fire with Russia.
The announcement late Wednesday that the deal had been signed came after months of fraught negotiations — including an explosive Oval Office confrontation — as the Trump administration tries to broker an end to Ukraine’s three-year war with Russia.
The agreement, which involves creating a joint investment fund between the countries, is intended to give President Trump a personal stake in the country’s fate while addressing his concerns that the United States has provided Kyiv with a blank check to try to withstand Russia’s invasion. It could also clear the way for more consequential talks on U.S. military backing for Ukraine and on the terms of a possible cease-fire with Russia.
What happened in the Oval Office
The deal was initially meant to be signed when President Volodymyr Zelensky of Ukraine visited Washington in February. But a signing ceremony was abruptly canceled after Mr. Trump and Mr. Vance castigated the Ukrainian president in the Oval Office for what they said was not being grateful enough for U.S. support and sought to press him into making a peace deal.
Since then, Mr. Zelensky repeatedly tried to smooth relations. And both he and Mr. Trump signaled that a deal could still be reached.
The major sticking point in the subsequent negotiations centered on whether the American aid given to Ukraine since Russia launched its full-scale invasion in February 2022 would be treated as debt that Ukraine needed to repay.
Sticking points
Early drafts of the deal had swiveled between what critics called a brazen extortion of Ukraine by the Trump administration and versions that included points sought by Ukraine, such as references to U.S. support for postwar security guarantees. Without them, Ukraine says, Russia could quickly violate any cease-fire or restart the war after regrouping and rearming. Mr. Trump has said that Ukraine should look to Europe, not the United States, for such security guarantees.
What’s in the deal?
The mineral deal will create a U.S.-controlled fund that would receive revenue from Ukraine’s natural resources, according to a copy of the agreement made public on Thursday.
In the end, it appears that Ukraine managed to get some of what it wanted, but not everything. In late March, the Trump administration said it wanted Ukraine to have to repay assistance given during the war with its mineral wealth — which would have financially hurt Ukraine for generations. The idea of treating that aid as debt was removed in the final deal. And the deal appears to specifically keep the door open for Ukraine to eventually join the European Union.
But the deal includes no security guarantee, something Ukraine had wanted to prevent Russia from regrouping after any cease-fire and attacking Ukraine again.
Ukraine’s parliament still has to ratify the agreement, which will probably happen in the next two weeks, lawmakers said Thursday morning.
Ukraine’s mineral resources
Ukraine controls more than 100 major deposits of critical minerals, according to a study by the Kyiv School of Economics, along with modest oil and natural gas reserves.
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Titanium, used in construction, airplanes, orthopedic implants and as an additive in paint and cosmetics, including sunscreen, among many other things. Titanium mines in central Ukraine account for about 6 percent of global production, according to Ukrainian media.
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Uranium is used in nuclear power plants and nuclear weapons. Ukraine has Europe’s largest reserves.
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Oil and natural gas fields dot several regions of Ukraine, and surveys conducted before the war found offshore natural gas reserves.
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Lithium, a crucial element in batteries, including those in electric vehicles and in other industrial products, including some medications. Ukraine has a third of Europe’s total reserves, although some sites are in war-contested areas. Before the war with Russia, Ukrainian officials suggested to Elon Musk that he invest in Ukrainian lithium mines.
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Rare earths, a group of more than a dozen metals, much less abundant than titanium or lithium, that are used in many high-tech sectors, including green energy, electronics and aerospace. Ukraine has substantial reserves that are mostly untapped, and it is unclear how expensive they would be to extract.
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Manganese, used for steel smelting.
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Zirconium, used in the ceramics industry, nuclear fuel rods and artificial diamonds.
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Graphite, used in steel manufacturing and electric motors. Ukraine is one of the world’s leading producers.
What Ukraine wants
All along, Ukraine has been intent on getting a seat at the negotiating table with Moscow and assuring safeguards against future Russian aggression.
Mr. Zelensky has long made clear that the agreement on natural resources is not an end in itself. He is seeking continued American support.
Alan Rappeport and Peter Baker contributed reporting.