Ukraine has officially reached an agreement with the United States on a minerals deal, ending weeks of tense negotiations that saw sharp public exchanges between U.S. President Donald Trump and Ukrainian President Volodymyr Zelensky.
The breakthrough was confirmed by Ukraine’s Deputy Prime Minister and Justice Minister Olha Stefanishyna in an interview with the Financial Times on February 25.
What’s in the Deal?
The agreement, which Kyiv’s Cabinet of Ministers is set to approve on February 26, establishes a joint investment fund into which Ukraine will contribute 50% of proceeds from the monetization of state-owned mineral resources, including oil, gas, and related infrastructure.
This fund will finance projects within Ukraine, aiming to strengthen economic ties with Washington.
However, the deal does not include resources that already contribute to Ukraine’s state budget—meaning operations by Naftogaz and Ukrnafta, Ukraine’s largest oil and gas producers, are exempt.
Additionally, Ukraine did not secure U.S. security guarantees, a demand Zelensky had previously insisted upon.
President Trump confirmed that Zelensky will visit Washington on February 28 for a formal signing ceremony at the White House.
The deal’s final draft, dated February 24, drops the earlier controversial $500 billion U.S. claim over Ukraine’s natural resources, a major point of contention in earlier negotiations.
Instead, the U.S. will hold 50% of revenues from Ukraine’s resource-related infrastructure, including ports.
While ownership will be jointly determined based on financial contributions, the U.S. will have decision-making authority under American laws. Future agreements will clarify how the U.S. stake in the fund will function and what "joint ownership" means in practice.
Tense Negotiations and U.S. Pressure
This deal follows weeks of mounting pressure from the Trump administration. Trump had publicly criticized Zelensky, calling him a "dictator without elections" and warning him to "move fast, or he won’t have a country left."
When asked what Ukraine gets out of the agreement, Trump responded bluntly: "Military equipment and the right to fight on."
It remains unclear whether this refers to past or future arms shipments, but Trump also hinted that U.S. weapons supplies could continue "for a while, maybe until we have a deal with Russia."
