US and Ukraine Sign 'Minerals Agreement' on Joint Reconstruction Fund

U.S. Officially Acknowledges Russia's Invasion
Ukraine Secures Incentives for Continued U.S. Support

On April 30 (local time), the governments of the United States and Ukraine signed a so-called "Minerals Agreement," which recognizes U.S. participation and interests in the development of resources such as rare earth elements in Ukraine.

On the 26th, President Trump and President Zelensky, who attended Pope Francis's funeral mass side by side, met and had a conversation. Photo by Yonhap News

The U.S. Department of the Treasury announced in a press release that "the United States and Ukraine have signed an agreement to establish the U.S.-Ukraine Reconstruction Investment Fund."

Denys Shmyhal, Prime Minister of Ukraine, described the agreement as "a fair and mutually beneficial deal," and explained that the two countries would establish a reconstruction investment fund in which each side holds 50% of the voting rights.

Although the signatories were not immediately disclosed, since Yulia Svyrydenko, Ukraine's First Deputy Prime Minister and Minister of Economy, visited the United States, it is believed that she and Treasury Secretary Scott Besant were directly or indirectly involved in the signing.

While the full text of the agreement has not yet been released, The Washington Post, AP, and other outlets reported, based on the final draft, that the agreement would establish a joint investment relationship between the U.S. and Ukraine covering mineral resources, oil, gas, and other natural resources.

Foreign media also reported that the final draft includes provisions allowing future U.S. military aid contributions to Ukraine to be considered as contributions to the newly established fund.

For the Trump administration, which has advocated "America First," this agreement enables the United States to secure interests related to the development of rare earth elements?now critically important in the U.S.-China strategic competition?as a return for future military support to Ukraine. For Ukraine, it provides an incentive to ensure continued U.S. support.

Foreign media noted that while the agreement does not include specific security guarantees for Ukraine, it does specify a strategic partnership with the United States and includes provisions favorable to Ukraine, such as omitting compensation for existing U.S. security assistance.

Additionally, the final draft of the agreement reportedly excludes elements that could hinder Ukraine's future bid to join the European Union (EU), and makes no mention of the Zaporizhzhia nuclear power plant, which the U.S. had previously cited as requiring control.

In its press release, the U.S. Treasury Department emphasized the significance of the agreement, stating, "Recognizing the significant financial and material support provided by the American people for Ukraine's defense since Russia's full-scale invasion, this economic partnership will enable the two countries to cooperate and invest together, leveraging their assets, talents, and capabilities to accelerate Ukraine's economic recovery."

It is noteworthy that the U.S. government, which had previously been reluctant to acknowledge Russia's responsibility for the invasion of Ukraine, officially referenced Russia's invasion in this context.

Scott Besant, U.S. Secretary of the Treasury, stated, "Thanks to President Donald Trump's tireless efforts to secure lasting peace, I am pleased to announce today the signing of a historic economic partnership agreement between the United States and Ukraine."

Secretary Besant emphasized, "As the President has said, the United States is doing everything possible to help end this brutal and senseless war," adding, "This agreement is a clear signal to Russia that the Trump administration is committed in the long term to a peace process centered on a free, prosperous, and sovereign Ukraine."

He continued, "And let me be clear: no country or individual that has financed or supplied Russia's war effort will benefit from Ukraine's reconstruction."

He added, "The U.S. and Ukrainian governments look forward to swiftly implementing this historic economic partnership for the benefit of both the Ukrainian and American people."

As the war in Ukraine has continued for more than three years and two months, the likelihood of continued U.S. engagement with Ukraine is increasing, drawing attention to the potential impact on future ceasefire negotiations.

However, the implementation of this agreement requires ratification by the Ukrainian parliament.

Previously, President Volodymyr Zelensky of Ukraine visited Washington at the end of February to sign the minerals agreement, but clashed directly with President Trump over security guarantees for Ukraine. President Zelensky later expressed regret and apologized to President Trump, and both sides recently signed a letter of intent for the minerals agreement through negotiations.

The signing of this agreement took place after President Trump and President Zelensky, who attended Pope Francis's funeral mass side by side on the 26th, held a one-on-one conversation.