US gets access to Ukraine¡¯s critical minerals; ¡®no debt involved¡¯ says Ukrainian MP as joint investment deal is signed

After months of negotiations and uncertainty, Ukraine and the United States have signed an agreement that gives the US access to Ukraine¡¯s rich natural resources in exchange for investment in reconstruction and future aid. Signed in Washington by US Treasury Secretary Scott Bessent and Ukrainian First Deputy Prime Minister Yulia Svyrydenko, the deal also establishes a joint investment fund and signals deeper strategic cooperation without binding Ukraine to a debt obligation. While not offering explicit security guarantees, the agreement ties US economic interest to Ukraine¡¯s recovery, hinting at possible long-term geopolitical alignment.

No repayment required: Kyiv retains control of resources

One of the most important outcomes of the deal is that Ukraine will not be required to repay the US for the military and humanitarian aid it has received over the last three years. Instead, the new agreement sets up a 50:50 joint investment fund aimed at future aid and reconstruction. Ukrainian MP Lisa Yasko stressed the fairness of the agreement, speaking to BBC she said ¡°What is important for us is that this deal is not actually a debt obligation to the United States.¡± Svyrydenko added that the subsoil ownership remains with Ukraine, and Kyiv will decide what to extract and where. The agreement also complies with Ukraine¡¯s constitution and its aspirations to join the EU.

A victory plan years in the making

This deal can be traced back to 2023, when President Zelensky presented a ¡°victory plan¡± to then US President Joe Biden, calling for NATO membership and protection of Ukraine¡¯s resources. A similar agreement with the EU had already been signed in 2021, focusing on raw materials and battery value chains. Now, with considerable concessions secured from Washington, Ukraine¡¯s officials believe the current version of the deal is significantly more favorable than previous drafts.

Critical minerals at stake: What the US gains

The deal gives the US access to 22 of the 34 minerals the EU identifies as critical, including lithium, titanium, graphite, beryllium, and uranium. Ukraine possesses some of the world¡¯s largest reserves of graphite estimated at 19 million tonnes and around 20% of global graphite resources overall. These minerals are essential for electric vehicles, defense systems, aerospace, and nuclear energy. Rare earths such as neodymium, lanthanum, and cerium used in EV batteries and electronics are also part of the package. However, Ukraine currently has no active rare earth mines.

US President Donald Trump | Credit: X

Resources lost to war, but potential remains

Although Ukraine¡¯s mineral wealth is vast, not all of it remains under its control. Roughly 40% of its metal resources and most of its coal deposits are now under Russian occupation. Russia has seized at least two major lithium sites in Donetsk and Zaporizhzhia, though Kyiv still controls lithium in Kyrovohrad. The war continues to shift control of key regions, particularly in Donetsk where Ukrainian mines are being targeted.

Barriers and investment outlook

Despite the potential, investment in Ukraine¡¯s mining sector faces hurdles. Regulatory delays, restricted access to geological data, and challenges in land acquisition are major obstacles. Still, Ukraine's government is preparing about 100 sites for joint development and estimates $12-15 billion in investment potential by 2033. With support from Western allies, including the US, UK, France, and Italy, Kyiv is working to unlock these opportunities for long-term economic growth.

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