Minerals pact: US gains rare earth access in Ukraine as Zelenskyy seeks to lock in military aid

The United States and Ukraine have inked a landmark minerals deal, granting Washington preferential access to Kyiv’s vast natural resources in return for a jointly funded reconstruction programme. Finalised after months of strained diplomacy, the agreement marks a major foreign policy win for US President Donald Trump, who has championed the pact as a cornerstone of his Ukraine strategy since taking office.

US Secretary of the Treasury Scott Bessent on April 30 announced the economic partnership, calling it a vital step toward rebuilding Ukraine and ending what he termed a “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,” Bessent said in a statement.

The deal, which still awaits ratification by Ukraine’s parliament, would establish a reconstruction fund that Kyiv hopes will secure continued US military assistance. A similar pact nearly advanced last year but collapsed during a tense White House meeting involving Trump, Vice President JD Vance, and Ukrainian President Volodymyr Zelenskyy.

Since returning to the White House in January, Trump has made a minerals deal with Ukraine a top priority. He’s framed it as partial compensation for years of American aid during Ukraine’s ongoing war with Russia and has pointed to Ukraine’s rare earths, critical minerals, oil, and gas as key assets in the deal.

Trump confirmed he and Zelenskyy discussed the agreement while attending Pope Francis’ funeral last week, reinforcing earlier signals from Zelenskyy that a framework had been reached in April.

Ukraine’s minister of economic development and trade, Yulia Svyrydenko, hailed the agreement as “mutually beneficial,” emphasising that Ukraine retains control over resource extraction decisions.

“We have formed a version of the agreement that provides mutually beneficial conditions for both countries. This is an agreement in which the United States notes its commitment to promoting long-term peace in Ukraine and recognizes the contribution that Ukraine has made to global security by giving up its nuclear arsenal,” Svyrydenko said on Facebook.

She noted that the reconstruction fund would be set up on a 50-50 basis with equal voting power — underscoring Kyiv’s desire for a balanced partnership.

Ukrainian officials see the deal as a safeguard against waning US support, especially as military aid remains crucial to countering Russia’s aggression more than three years into the war.