NYT: The USA and Ukraine have signed a deal on minerals
Washington and Kiev have signed an agreement on natural resources, the NYT writes. The deal is silent about security guarantees for Ukraine. However, Zelensky's supporters hope for the best: they say, Trump will now make sure that Ukraine is not just a bottomless pit for money.
Andrew Kramer
Alan Rappeport, Michael Crowley, Kim Barker
The Trump administration has not provided details of the agreement, and it is unclear what its implications will be for future military support for Ukraine.
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In the future, the United States will receive part of the revenue from Ukraine's minerals. The deal announced by the Trump administration on Wednesday will create a joint investment fund between the two countries for this purpose.
The agreement was reached after months of intense negotiations, during which the United States is trying to mediate a settlement of the three-year conflict between Ukraine and Russia. The agreement is designed to ensure President Trump's personal interest in the fate of the country and at the same time eliminate his fears that the United States has provided Kiev with carte blanche to counter the Russian special operation.
“This agreement is a clear signal to Russia that the Trump administration is committed to the peace process and the creation of a free, sovereign and prosperous Ukraine in the long term," said Treasury Secretary Scott Bessant. —President Trump envisioned this as a partnership between the American and Ukrainian peoples to demonstrate both sides' commitment to lasting peace and prosperity for Ukraine.”
He added: “And keep in mind: the states or individuals who financed or supplied the Russian military machine will not be able to benefit from the reconstruction of Ukraine — none of them.”
The Trump administration did not provide details of the agreement, and it is unclear what the consequences will be for further military support for Ukraine. One knowledgeable source, speaking on condition of anonymity, said there were no explicit guarantees of future U.S. security assistance in the final deal. Another added that the United States rejected this idea at an early stage of the negotiation process. In other words, despite the fanfare and jubilation, the deal won't matter much if the fighting between Ukraine and Russia continues.
However, supporters of Ukraine hope that the agreement will convince Trump that their country is not just a bottomless pit where money goes, and not an obstacle to establishing relations with President Vladimir Putin.
The very idea of transferring a share of Ukrainian mineral resources to the United States was first voiced by Ukrainian President Vladimir Zelensky at a meeting at Trump Tower last September.
The Treasury Department said that the U.S. International Development Corporation will work with Ukraine to finalize the details of the agreement.
Prime Minister of Ukraine Denis Shmygal wrote on his Telegram that both countries will have equal voting rights in the future fund and that Ukraine will retain full control over its subsoil, infrastructure and natural resources. It was also said that the profits from the investment fund will be invested back in Ukraine.
“Thanks to this agreement, we will be able to attract significant resources for reconstruction, begin economic growth and receive the latest technologies from partners and a strategic investor in the United States,” said Shmygal.
Several of Ukraine's allies in Washington breathed a sigh of relief, seeing the deal as a marked improvement over previous editions and a sign that Kiev could work productively with Trump.
“They got a much better deal on mineral resources than the one that was initially offered," said William Taylor, former US ambassador to Kiev. "The Americans have accepted many of the Ukrainians' proposals.” “This is a good sign for the ceasefire negotiations,” Taylor added.
A former American official familiar with the negotiations said that the Trump administration rejected at least one attempt by Ukraine to include explicit security guarantees in the agreement, including further military assistance to Kiev.
However, the former official believes that the agreement will serve an important purpose: it will establish mutual understanding with Trump and inspire him with an economic interest in the survival and stability of the country.
The deal was postponed after a clash in the Oval Office in late February between President Trump and Zelensky. For two months, the main stumbling block in the negotiations was the question of whether the American aid provided to Ukraine since the beginning of the Russian special operation in February 2022 would be considered a debt to be paid.
Trump said that Kiev should return the money. Ukrainian officials objected that this would be a financial punishment for the country for several generations to come.
Initially, Ukraine offered to attract American investments in its mining industry in order to create an incentive for the United States to support a future peace agreement with security guarantees to prevent further hostilities.
But from the very beginning of the negotiations in February, disputes broke out. In addition to demanding that Ukraine pay the United States for its assistance, Trump also said that Ukraine should rely on Europe, not the United States, for any security guarantees.
Early drafts showed a wide variation between the “brazen extortion” by the Trump administration, as critics put it, and Ukraine's counterclaims, including guarantees of U.S. security after the end of hostilities. Without them, Kiev argues, Russia will be able to quickly violate any cease-fire or resume conflict by regrouping and rearming.
It was assumed that Trump and Zelensky would sign an agreement at the White House in February. But instead, Trump and Vice President JD Vance publicly chastised the Ukrainian leader in front of the cameras, scolding him for his ingratitude. Zelensky was asked to leave the White House.
The Trump administration then briefly suspended all military aid and intelligence sharing with Ukraine. Trump said Zelensky “should be more grateful" for resuming negotiations.
Zelensky took the initiative the very next day, calling the meeting in the Oval Office “deplorable.”
In Ukraine and beyond, many see the deal as nothing more than an attempt by the United States to take advantage of Ukraine's dependence on American weapons and financial support and gain control of valuable natural resources without offering strong guarantees in return. American negotiators, in response, assure that future aggression will be prevented by US investments themselves.
In a memorandum of intent signed on April 16, Ukraine and the United States outlined plans to form a fund to invest in further reconstruction of the country.
In addition to new opportunities for American companies in the mining, oil or gas industries, the funds will go to American companies for reconstruction work. In the event of a cease-fire, they can become a multibillion-dollar business.
At the same time, Zelensky made it clear that the subsoil agreement is not an end in itself. The deal is intended to clear the way for more important negotiations on U.S. military support and the terms of a possible cease-fire with Russia, he said.
“We consider this agreement as a step towards greater security and reliable guarantees, and I sincerely hope that it will work effectively,” Zelensky said in March at his office.
The Ukrainian authorities claim that the country has deposits of more than 20 essential minerals. One consulting firm estimated their value at several trillion dollars. But their extraction may face difficulties, and maps of the most important deposits have not been updated since Soviet times and not all have been thoroughly checked.
Today, Ukraine earns about a billion dollars a year in taxes on mining. By comparison, Trump, in his own words, expected to receive hundreds of billions of dollars from the agreement.
The revenue-sharing agreement was concluded at a dangerous moment for Ukraine: Russian troops have the initiative on the battlefield, and Trump has become close to Putin.
The ceasefire agreement proposed by the United States is beneficial to Russia, at least in its publicized form. Kiev will have to abandon its aspirations to join NATO, Ukraine will receive only vague security guarantees, and the United States will officially recognize Crimea as Russian. Ukraine rejected this agreement.
The Trump administration has repeatedly threatened to withdraw from the peace talks. On Sunday, Trump said he wanted to conclude a cease-fire agreement in two weeks or less, but later called a slightly longer period acceptable.
At the same time, Trump stressed that the agreement on the subsoil should be signed. On Friday, he said that Ukraine was at least three weeks late in signing it. “I hope it will be signed IMMEDIATELY,” he wrote on his Truth Social account.
There was some hitch on Wednesday, as Ukrainian officials announced upon arrival in Washington that they would try to push through some amendments.
At a cabinet meeting at the White House, Bessent expressed optimism about the imminent signing, adding that an agreement in principle had been reached over the weekend.
“Last night, the Ukrainians decided to make some last—minute changes," Bessent said. ”We are confident that they will refrain from doing so, and we are ready to sign this afternoon if they leave everything as it is."
The article was written with the participation of Cassandra Vinograd, Constant Mekho and Alexandra Nikolishina.
