Ukraine and the US sign a memorandum on a minerals agreement: photo
18 April 00:38
On Thursday, April 17, Ukraine and the United States signed a memorandum confirming the parties’ intention to finally finalize the minerals agreement. This was reported by First Deputy Prime Minister and Minister of Economy Yulia Svyrydenko, Komersant ukrainskyi reports
“Today we took a step towards a joint economic partnership agreement with the United States. Ukraine and the United States have signed a Memorandum that confirms the constructive joint work of our teams and the intention to finalize and conclude an agreement that will be beneficial to both our nations,” Svyrydenko said.
The creation of the Investment Fund for the Reconstruction of Ukraine is currently being prepared. According to the Vice Prime Minister, the agreement with the United States will open up opportunities for significant investment, infrastructure modernization and mutually beneficial partnership between the two countries.
“It is important that we confirm with our agreements the desire of the American people to invest together with the Ukrainian people in a free, sovereign and secure Ukraine. The next step is to finalize the text of the Agreement and sign it,” Svyrydenko said.
She clarified that the final agreement must be ratified by the parliaments of both the United States and Ukraine.
Earlier, Donald Trump said that the US-Ukraine minerals agreement would be signed next Thursday.
As a reminder, President Volodymyr Zelenskyy said that a memorandum on the minerals agreement could be signed with the United States today.
According to the President, the American side recently proposed to return to this interim step, and Ukraine agreed.
“A couple of days ago, the American side proposed to return to one more step. This is a Memorandum of Intent. And we have positive intentions. Therefore, the memorandum of intent can be signed online today. Our side said: “Okay”. I understand that the Deputy Prime Minister is currently working on the text. This memorandum is an important first step. Why don’t both countries agree?”
– Zelensky said.
He noted the productivity of technical meetings with the American side, which took place both online and offline:
“The technical meeting was really productive and positive. I think it is good. The teams also worked yesterday and today. Our Deputy Prime Minister is working with Bessent’s team.”
The President also emphasized that the parties have started working on a serious agreement that will require parliamentary approval and the relevant procedures:
As 
reported earlier, Ukraine offered the US a formula of arms in exchange for subsoil, but this proposal does not seem to have been approved in the United States. On the other hand, the United States has softened its demands for Ukraine to return the military aid it has received three times – not $300 billion, but $100 billion. However, in any case, according to economist Oleg Pendzin, in its current form , “no Ukrainian politician will sign a subsoil agreement with the United States.”
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Draft agreement between Ukraine and the US: what is known
In February 2025, the United States and Ukraine reached a preliminary agreement aimed at jointly developing and managing Ukraine’s mineral resources. The agreement, known as the Bilateral Agreement Establishing Conditions for the Reconstruction Investment Fund, provides for the establishment of a joint investment fund to rebuild Ukraine’s war-ravaged economy. The main objective of the fund is to attract and reinvest revenues from Ukraine’s substantial mineral wealth to contribute to its recovery and long-term stability.
Key provisions of the draft agreement
Establishment of the Reconstruction Investment Fund. According to the text of the draft agreement published by The Kyiv Independent, the fund will be jointly owned and managed by the governments of the United States and Ukraine. The ownership and financial interests of each party will be defined in a subsequent agreement on the fund. The fund will be managed by representatives of both governments, and more detailed terms will be set out in a subsequent agreement.
Ukraine’s contribution. Ukraine commits to allocate 50% of its future revenues from the monetization of its natural resources, including minerals, hydrocarbons, oil, natural gas and other extractive infrastructure, to the Reconstruction Investment Fund. These contributions will continue until the amount reaches USD 500 billion (as was the case in previous drafts). It is important to note that current sources of revenue that are already included in the general budget of Ukraine are not covered by this agreement.
The role of the United States. The U.S. government is committed to maintaining a long-term financial commitment aimed at developing a stable and economically prosperous Ukraine. This includes investments, financial instruments, and other tangible and intangible assets critical to Ukraine’s recovery. However, the agreement does not include specific security guarantees or continued arms transfers to Ukraine; these issues will be negotiated separately.
Provisions of the agreement as seen by MP Zheleznyak
MP Yaroslav Zheleznyak said that he had seen the text of the agreement and was horrified by it.
The MP described in detail the key points of the draft that cause concern:
- Management by 5 people, 3 of them from the United States with full veto power.
- We are already talking about all minerals. That is, there is oil and gas, both new and existing.
- All over the territory of Ukraine.
- We are talking about production by both state and private companies.
- The money is converted immediately into foreign currency.
- The fund’s money is withdrawn abroad. If for some reason something is not received on our part, we pay extra.
- The U.S. contribution is the assistance we have already received since 2022. And they can make a profit at their own discretion. And they receive the first (and then Ukraine) 4% of the “royalties” from the Fund.
- The agreement is valid indefinitely. It can be changed or terminated only with the permission of the Americans.
- “First night” rights for all new infrastructure projects and the right to veto the sale of resources to other countries.
- Nothing about security guarantees. Not even a hint.
Yaroslav Zheleznyak, MP
Meanwhile, the government assures that the agreementdoes not provide for the transfer of subsoil use rights or any property rights.
According to Olha Stefanishyna, Vice Prime Minister for European and Euro-Atlantic Integration, the framework agreement between Ukraine and the United States is not an international treaty in the classical sense, but rather a political agreement that defines the intentions of the parties to create a joint Investment Recovery Fund.
