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Kyiv and Washington signed a long-anticipated rare-minerals deal on April 30, establishing a joint investment fund between the two nations. The deal, confirmed by Ukraine’s First Deputy Prime Minister Yulia Svyrydenko, comes after months of intense negotiations and political roadblocks.
“A Document That Can Ensure Success”
First Deputy Prime Minister Yulia Svyrydenko, who traveled to Washington to sign the framework agreement, described the finalized deal as a breakthrough for both countries.
“I am grateful to everyone who worked for the agreement and made it more meaningful. Now the document is such that it can ensure success for both our countries — Ukraine and the United States,” Svyrydenko said following the signing ceremony.
Svyrydenko signed the agreement on Ukraine’s behalf, while U.S. Treasury Secretary Scott Bessent represented the United States.
On behalf of the Government of Ukraine, I signed the Agreement on the Establishment of a United States–Ukraine Reconstruction Investment Fund.
Together with the United States, we are creating the Fund that will attract global investment into our country. pic.twitter.com/8ryyAMqW83
— Yulia Svyrydenko (@Svyrydenko_Y) April 30, 2025
A “Historic Economic Partnership”: Bessent on Rare-Minerals Deal
Treasury Secretary Scott Bessent announced the signing on social media, crediting U.S. President Donald Trump’s role in securing the deal.
“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 accelerate Ukraine’s economic recovery. Economic security is national security,” Bessent wrote on X (formerly Twitter).
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
He added that the U.S. International Development Finance Corporation would collaborate closely with the Ukrainian government to operationalize the fund. “We look forward to quickly operationalizing this historic economic partnership for both the Ukrainian and American people,” Bessent said.
Months of Tension Before the Rare-Minerals Deal
The path to the agreement was anything but smooth. Negotiations that began months ago were reportedly fraught with contention, culminating in a missed signing deadline in late February. The delay followed a widely reported argument between Ukrainian President Volodymyr Zelensky and U.S. President Donald Trump at the White House, which derailed initial plans.
Despite the diplomatic turbulence, Ukraine’s Prime Minister Denys Shmyhal confirmed that the Ukrainian government had approved the agreement ahead of the signing.
Equal Partnership, No Debt Obligations
Shmyhal underscored the economic and strategic importance of the fund.
“Thanks to this agreement, we will be able to attract significant resources for reconstruction, start economic growth, and receive the latest technologies from partners and a strategic investor in the United States,” he said.
The Reconstruction Investment Fund will be jointly managed by Kyiv and Washington, with both parties contributing equally. Shmyhal noted that future U.S. military aid may count as contributions to the fund, although past assistance will not be included.
Importantly, Shmyhal emphasized that the agreement does not impose any debt obligations on Ukraine.
“The agreement does not provide for any debt obligations,” he confirmed.
Ukraine will retain “full control over subsoil, infrastructure, and natural resources,” and the fund’s creation will not hinder the country’s aspirations for European Union membership, Shmyhal said.
No Concrete Security Guarantees
According to The Washington Post, which reviewed the latest draft of the agreement, the deal does not include explicit security guarantees for Ukraine. Instead, it affirms a “long-term strategic alignment” between the two nations and includes a U.S. pledge to support Ukraine’s “security, prosperity, reconstruction, and integration into global economic frameworks.”
The agreement also makes no mention of the Russian-occupied Zaporizhzhia Nuclear Power Plant (ZNPP), despite prior U.S. suggestions that control of the facility could play a role in future peace negotiations.
Final Details Yet to Be Released
While the signing marks a major milestone, the specific details of the final agreement have not yet been made public.
Earlier on April 30, Shmyhal stated that the signed framework agreement would be submitted to Ukraine’s Verkhovna Rada (parliament) for ratification.
The Financial Times reported that the deal nearly fell apart on the day of signing due to last-minute disagreements over final terms, casting doubt until the very end.
Also Read: Ukraine Set To Sign Minerals Deal With US Today, Reports Say
