WASHINGTON D.C. – The United States and Ukraine are inching closer to finalizing a landmark deal that would grant Washington access to Kyiv’s significant reserves of critical minerals, a move seen as crucial for both securing vital resources and ensuring continued US support in Ukraine’s ongoing conflict with Russia. As President Trump’s administration marks its 100-day milestone, this potential agreement underscores the intricate interplay between geopolitics, economic security, and the protracted war in Eastern Europe.
Deputy Prime Minister and Economy Minister Yulia Svyrydenko traveled to Washington this week to iron out the final details of the agreement, described by Ukrainian Prime Minister Denys Shmyhal as a “strategic investment partnership.” While much of the framework has been established, senior Ukrainian officials, speaking anonymously to the Associated Press, indicated that final hurdles remain.
The impetus for the deal is multifaceted. For Ukraine, securing a long-term commitment from the US, particularly in terms of military aid, is paramount as it continues to resist Russian aggression. President Trump himself has previously framed access to Ukraine’s rare earth materials as a form of “reimbursement” for the billions of dollars in assistance already provided to Kyiv.
The US, on the other hand, is increasingly focused on securing reliable and diversified supply chains for critical minerals – raw materials vital for aerospace, defense, energy, and the burgeoning electric vehicle manufacturing sectors. Ukraine possesses significant deposits of over 20 such strategic materials, including titanium, lithium, graphite, manganese, and uranium. With growing global competition for these resources and concerns over reliance on countries like China, access to Ukraine’s mineral wealth presents a compelling strategic advantage for Washington.
Negotiations for the deal have been complex and at times fraught, with a previous signing ceremony collapsing earlier this year following a contentious meeting between Presidents Trump and Zelenskyy. Kyiv had initially resisted terms it felt overly favored American interests. However, the latest iteration reportedly establishes a more balanced 10-year partnership, with only new US military aid counting towards America’s financial stake in a joint investment fund that would manage revenues from Ukraine’s natural resource exploitation. Crucially for Kyiv, the agreement is also designed to be compatible with Ukraine’s aspirations for European Union membership.
Treasury Secretary Scott Bessent confirmed on Wednesday that the Trump administration was prepared to sign the agreement, though he noted some last-minute adjustments proposed by the Ukrainian side. “We’re sure that they will reconsider that. And we are ready to sign this afternoon if they are,” Bessent stated, highlighting the urgency from the US perspective.
Ukraine holds a potentially pivotal position in the global critical minerals landscape. The country is believed to possess some of the largest reserves in Europe of key battery metals like lithium and significant deposits of titanium and graphite. However, a considerable portion of these resources is located in the east and south of the country, regions currently contested or occupied by Russia, posing significant challenges for exploration and extraction.
The potential US-Ukraine deal underscores the growing geopolitical significance of critical minerals in the 21st century. As the world transitions towards cleaner energy technologies, securing access to these vital raw materials has become a strategic imperative for major global powers. For Ukraine, leveraging its natural resource wealth could be a crucial pathway to ensuring continued international support and long-term economic recovery. The coming days will be critical in determining whether both sides can overcome the remaining hurdles and finalize this potentially transformative agreement.