The United States and Ukraine on Wednesday signed a deal granting Washington access to Ukraine’s critical minerals, formalizing a long-anticipated agreement aimed at compensating the U.S. for its continued support in Ukraine’s defense against Russia’s invasion.
Details of the agreement, known as the United States-Ukraine Reinvestment Fund, were not fully disclosed. However, officials said the deal is expected to secure U.S. access to valuable rare earth elements and other natural resources, while offering Kyiv reassurances of ongoing American backing as the war enters its third year.
The announcement comes amid growing tensions over U.S. involvement in the conflict, as former President Donald Trump has expressed frustration with both Ukraine and Russia in recent months.
Wednesday’s signing follows a previous attempt to finalize a similar agreement, which was derailed during a tense Oval Office meeting involving Trump, Vice President J.D. Vance, and Ukrainian President Volodymyr Zelenskyy.
White House economic adviser Bessent told reporters earlier in the day that the Ukrainians had made “last-minute changes” to the agreement but expressed confidence that the deal would move forward.
“We’re sure they will reconsider that. And we are ready to sign this afternoon if they are,” Bessent said, without specifying what changes Ukraine had proposed.
The U.S. has sought access to more than 20 raw materials considered vital to national security, including rare earth minerals, oil, and natural gas.
The deal comes as U.S. efforts to broker an end to the war have struggled, and American officials look for ways to ensure long-term returns on their strategic investments in the region.