It was a bumpy road. But the United States, led by President Donald Trump, and Ukraine signed a much-anticipated rare earth minerals deal late Wednesday.
The deal could have a major impact on both country’s respective economies, and help bolster the peace process between Ukraine and Russia.
The cornerstone piece of the deal is the establishment of the United States-Ukraine Reconstruction Investment Fund, the U.S. Treasury confirmed yesterday.
Treasury Secretary Scott Bessent announced that the deal had been finalized in a video posted to social media, saying, “Today’s agreement signals clearly to Russian leadership that the Trump administration is committed to a peace process centered on a free, sovereign, and prosperous Ukraine over the long term.”
“Thanks to President Trump’s tireless efforts to secure a lasting peace, I am glad to announce the signing of today’s historic economic partnership agreement between the United States and Ukraine establishing the United States-Ukraine Reconstruction Investment Fund to help accelerate Ukraine’s economic recovery,” Bessent said. “Economic security is national security.”
Thanks to @POTUS @realDonaldTrump’s tireless efforts to secure a lasting peace, I am glad to announce the signing of today’s historic economic partnership agreement between the United States and Ukraine establishing the United States-Ukraine Reconstruction Investment Fund to help… pic.twitter.com/N1jPa35DYh
— Treasury Secretary Scott Bessent (@SecScottBessent) April 30, 2025
The minerals agreement will give the United States access to some of Ukraine’s vital natural resources, including aluminum, graphite, oil, and natural gas, according to a Bloomberg report.
In return, Ukraine will receive continued military assistance and guarantees from the United States to help “the long-term reconstruction and modernization of Ukraine, in response to the large-scale destruction caused by Russia’s full-scale invasion,” according to a draft of the agreement.
The deal has been months in the making after hitting a roadblock when Ukrainian President Volodymyr Zelensky was chided by President Donald Trump and Vice President JD Vance in the Oval Office in late February. Following heated discussion, Zelensky was asked to leave the White House without signing the minerals deal.
Trump has been pushing Ukraine and Russia to come to terms on a peace deal to end the war, but he has grown increasingly frustrated with both Zelensky and Russian President Vladimir Putin over the lack of progress. A signed minerals deal, however, is a major step forward for the Trump administration in its foreign policy talks with Ukraine and would come as Trump celebrates his first 100 days back in office.
The new deal was not without some hiccups.
Bessent revealed that Ukraine was ready to agree to the deal after requesting some last-minute changes.
During a cabinet meeting at the White House, Bessent told reporters that the United States was “ready to sign” the deal “this afternoon” if Ukraine was on board.
Ukrainian officials were in Washington, D.C., to hash out the final technicalities of the agreement, and after some last-minute minor changes to the deal on Tuesday night, Bessent was hopeful that the deal will finally be signed.
“The Ukrainians decided last night to make some last-minute changes. We’re sure that they will reconsider that, and we are ready to sign this afternoon if they are,” the Treasury Secretary said.
He added that Ukraine’s changes don’t have any major effect on the overall minerals agreement.