May 1, 2025
On April 30, in Washington, Ukraine’s Minister of Economy, Yulia Svyrydenko, and U.S. Treasury Secretary Scott Bessent have signed The Agreement on Establishing the U.S.-Ukraine Reconstruction Investment Fund—colloquially known as the “mineral deal,” Svyrydenko announced on her social media.
According to the Ukrainian official, Ukraine and the U.S. will create an investment fund to reconstruct Ukraine and attract global investment.
Below is a shortened and translated version of Svyrydenko’s announcement:
Key provisions of the Agreement – briefly:
1️⃣ Ukraine retains full ownership and control.
All resources on Ukraine’s territory, in its territorial waters, and underground resources belong to Ukraine. It is the Ukrainian state that decides where and what to extract.
2️⃣ Equal partnership.
The Fund will be jointly managed by Ukraine and the U.S., with neither party holding a majority vote (50/50).
3️⃣ National property is protected.
The Agreement does not change the privatization processes or management of state-owned companies. Enterprises such as Ukrnafta and Energoatom will remain in state ownership.
4️⃣ No debts.
The Agreement doesn`t mention any debt obligations for Ukraine to the United States.
5️⃣ Compliance with the Constitution and European integration.
The Agreement aligns with Ukraine’s national legislation and does not contradict its international obligations. Importantly, it signals to other global partners that Ukraine is a reliable long-term partner.
6️⃣ Only income from new licenses will fund the Fund.
Fifty percent of revenue from new licenses for critical materials and oil and gas projects will be directed to the Fund. Revenues from existing projects or already budgeted funds will not be included. The Agreement focuses solely on future strategic cooperation.
7️⃣ Minimal legislative changes.
Only amendments to the Budget Code are needed for the Fund to operate. The Verkhovna Rada must ratify the Agreement.
8️⃣ U.S. support for attracting investment and technology.
Through the DFC (Development Finance Corporation), the U.S. government will help attract investment and technologies from the U.S., EU, and other supportive nations.
9️⃣ Tax guarantees.
The Fund’s income and contributions will not be taxed in either the U.S. or Ukraine, ensuring maximum investment impact.
How will the Fund work?
The U.S. will contribute funds to the Fund. In addition to direct financial input, it may also provide new assistance—such as air defense systems for Ukraine.
Ukraine will contribute 50% of state budget revenue from new rent on new licenses for new sites. Ukraine can make additional contributions at its discretion.
The Fund will invest in mineral, oil, and gas extraction projects, as well as related infrastructure and processing. Investment decisions will be made jointly by Ukraine and the U.S., and the Fund will invest exclusively within Ukraine.
For the first 10 years, the Fund’s profits and revenues will not be distributed but reinvested in Ukraine — either into new projects or reconstruction. These conditions will be further detailed.
We have shaped a version of the Agreement that provides mutually beneficial conditions for both countries.
This Agreement underscores the United States’ commitment to long-term peace in Ukraine and acknowledges Ukraine’s contribution to global security through the renunciation of its nuclear arsenal. It also reaffirms U.S. support for Ukraine’s security, recovery, and reconstruction.
The U.S. side:
“In recognition of the significant financial and material support that the people of the United States have provided to the defense of Ukraine since Russia’s full-scale invasion, this economic partnership positions our two countries to work collaboratively and invest together to ensure that our mutual assets, talents, and capabilities can accelerate Ukraine’s economic recovery,” says the U.S. Treasury’s announcement about signing the Agreement.
It notes that the Treasury and DFC will continue working with Ukraine’s government to “finalize program governance and advance this important partnership.”
“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. President Trump envisioned this partnership between the American people and the
Ukrainian people to show both sides’ commitment to lasting peace and prosperity in Ukraine. And to be clear, no state or person who financed or supplied the Russian war machine will be allowed to benefit from the reconstruction of Ukraine,” said U.S. Secretary of the Treasury Scott Bessent, according to the press release.