The United States and Ukraine signed a long-negotiated mineral deal on Wednesday evening, handing Washington future shares of Kyiv’s natural resources, if the U.S. allocates new money to support its war against Russia.

The agreement was struck after months of negotiations between the two sides, set back a few weeks by Ukrainian President Volodymyr Zelensky’s contentious meeting in Washington with President  Trump and Vice President Vance.  

The deal entails the formation of a joint investment fund that Ukraine sees as a way to harden the U.S. backing for the war-torn country, though it does not include specific security gaurantees, which Kyiv has demanded as part of a larger peace deal.

It symbolically attaches Trump to the nation’s future, and according to Washington marks a step toward ending the largest land war in Europe since World War II. 

“As the President has said, the United States is committed to helping facilitate the end of this cruel and senseless war. This agreement signals clearly to Russia that the Trump Administration is committed to a peace process centered on a free, sovereign, and prosperous Ukraine over the long term,” Treasury Department Secretary Scott Bessent said in a statement on Wednesday. 

Here's what to know about the agreement

The text of the agreement, which was released on Thursday by Ukraine’s government, covers oil, natural gas, rare earth minerals and other Ukrainian resources.

The deal will allow for an increase in investment opportunities in mining, energy and related technology in Ukraine by investors based in the U.S., the European Union and other countries supportive of Ukraine’s fight against Russia.

It would likely take decades for the U.S. to recoup its future "investment" in Ukraine's war, even once peace returns to the war-torn country.

Ukraine will have full sovereignty over its natural resources located in its territory and Kyiv will have the authority to decide where and which minerals can be extracted, according to the 11-page document. The deal only applies to future investments, so the revenue Ukraine is making from the use of existing resources will be untouched. 

The deal also indicates that it will not hinder Ukraine’s path to joining the EU, a priority for Kyiv. 

If Ukraine had provided preferential treatment to U.S. investors, it would throw a wrinkle into Ukraine’s push for EU membership, but Washington acknowledged Kyiv’s wish to join the 27-member union. 

“If, after the signing of this Agreement, Ukraine needs to assume additional obligations related to its European Union accession that could impact this provision, the Parties shall consult and negotiate in good faith to adopt adjustments, as appropriate,” the parties wrote in the agreement, signed by Bessent and Ukrainian first deputy prime minister Yulia Svyrydenko. 

The agreement lists 55 minerals, including lithium, uranium and titanium, which is used in making planes.

Ukraine has one of the world's 10 largest titanium reserves, accounting for seven percent of global production, according to the Ukrainian Geological Survey. 

How would the investment fund work

The U.S. can contribute directly into the fund, which could include military equipment that would further assist Ukraine in its effort to repel Russian forces. 

Kyiv is expected to put half of its profits from its natural resources, generated after the fund’s creation, into the joint venture. 

Both nations will have equal control over the fund’s management. 

“The Fund is structured on a 50/50 basis. It will be jointly managed by Ukraine and the United States. Neither side will hold a dominant vote — a reflection of equal partnership between our two nations,” Svyrydenko wrote on Wednesday evening. 

Ukraine’s economic minister said that for the first 10 years, profits and revenues from the fund will not be distributed, but reinvested into new reconstruction and projects in Ukraine. 

The investment projected will be decided jointly by the U.S. and Ukraine, according to Svyrydenko. 

“We have shaped an agreement that provides mutually beneficial conditions for both countries,” she said on Wednesday evening. 

Path to a deal

The agreement was expected to be signed by Zelensky during his late February visit to the White House. The plan fell apart after Trump and Vice President Vance lambasted the Ukrainian leader in front of reporters, accusing him of being insufficiently grateful for U.S. assistance to Kyiv. 

The Kiel Institute, based in Germany, has estimated that Washington has dished out nearly $130 billion in government support to Ukraine since the conflict started in February 2022. 

Zelensky has since worked on repairing the relationship, and sat down for a dramatic one-on-one meeting with Trump at the Vatican last weekend.

One of the priorities for Ukraine was to have security guarantees included in the agreement, arguing it would help with pushing back against Russia. The deal does not feature security guarantees. 

Trump has suggested that Ukraine's future protection should be gauranteed by Europe, not the U.S. or NATO.

The parties said in the agreement that the deal is an “expression of a broader, long-term strategic alignment between their peoples and governments, and a tangible demonstration” of U.S. backing for Ukraine’s “security, prosperity, reconstruction, and integration into global economic frameworks.”