Kyiv and Washington have reached an agreement on a minerals deal that Ukrainian officials hope will strengthen ties with the Trump administration and lay the groundwork for a broader US commitment to Ukraine’s stability, according to the Financial Times.
The article reads that after months of tense negotiations, Ukraine has agreed to jointly develop its vast mineral resources, including oil and gas, with the United States. The breakthrough came after Washington dropped its initial demand for a right to $500 billion in potential revenues—an ultimatum that had sparked outrage in Kyiv and European capitals.
While the final text of the deal, dated February 24, does not include explicit US security guarantees, Ukrainian officials insist that the agreement is a crucial step in ensuring long-term Western support. “The minerals agreement is only part of the picture. We have heard multiple times from the US administration that it’s part of a bigger picture,” said Olha Stefanishyna, Ukraine’s deputy prime minister and justice minister, who led the negotiations.
The deal establishes a fund into which Ukraine will contribute 50% of proceeds from the future monetization of state-owned mineral resources. These funds will be reinvested into Ukraine, but key details—including the US stake in the fund and the structure of “joint ownership”—remain unresolved. The agreement also excludes mineral resources that currently contribute to the Ukrainian budget, shielding key state energy firms like Naftogaz and Ukrnafta from the new framework.
The deal comes at a critical moment for Ukraine, as Trump has reversed Washington’s Ukraine policy by initiating direct talks with Moscow—excluding Kyiv and its European allies. In a heated exchange last week, Trump called Ukrainian President Volodymyr Zelenskyy a “dictator” and appeared to blame Ukraine for instigating the war. Despite the friction, Ukrainian officials are optimistic that the minerals deal will improve diplomatic relations.
A signing ceremony at the White House is reportedly in the works, with hopes that Zelenskyy will travel to Washington in the coming weeks. “This will be a chance for the president to discuss what the bigger picture is. And then after it, we will be able to think of the next steps,” said a senior Ukrainian official.
The Financial Times reports that the agreement now heads to Ukraine’s parliament for approval, where opposition lawmakers have already signaled fierce resistance. Meanwhile, the White House has urged swift finalization of the deal. “It is critical that this deal is signed,” said press secretary Karoline Leavitt, though she stopped short of providing further details.
