Ukrainian President Volodymyr Zelensky is set to meet U.S. President Donald Trump in Washington on Friday to sign a landmark agreement granting the U.S. access to Ukraine’s vast reserves of rare earth minerals. The deal, which has been months in the making, is seen as a pivotal moment in Ukraine’s efforts to secure long-term economic and security commitments from its Western allies.
While specific details of the deal have not been made public, Ukrainian Prime Minister Denys Shmyhal confirmed on Wednesday that a final version of the agreement had been reached. The agreement includes the establishment of an “investment fund” that will be co-managed by Kyiv and Washington on equal terms. Ukraine is expected to contribute 50% of future proceeds from state-owned mineral resources, oil, and gas to the fund, which will then finance reconstruction projects within Ukraine.
Shmyhal described the deal as a significant step forward, though he also stressed that Ukraine would not finalize the agreement without securing security guarantees from the U.S. President Trump has been pushing for a firm security commitment, but as of now, no such assurances have been made.
The agreement comes amid ongoing discussions about the future of U.S. military aid to Ukraine. Trump has repeatedly stated that the U.S. has provided between $300 billion and $350 billion in aid to Ukraine and that he seeks to “get that money back” through economic partnerships rather than continuous financial support. However, independent estimates from the Kiel Institute suggest that the U.S. has sent $119 billion in aid.
The minerals at stake include graphite, titanium, lithium, and rare earth elements, which are crucial for advanced technologies such as electric vehicle batteries, wind turbines, and military equipment. With approximately 5% of the world’s critical raw materials located in Ukraine, the deal represents a strategic investment for the U.S. and a potential economic lifeline for Kyiv.
The deal has not gone unnoticed by Russia. President Vladimir Putin downplayed its significance, stating that Russia possesses “significantly more” mineral resources than Ukraine. However, he also hinted at opening up Russian-occupied territories in Ukraine for foreign investment in mining projects.
As Zelensky prepares to meet Trump, the focus will be on whether he can secure additional security guarantees alongside the economic deal. The outcome of their discussions may shape not only Ukraine’s war effort but also its post-war economic recovery and long-term relations with the U.S.
