Bessent added, “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.”
A shift from arms to access
Unlike earlier defence-focused support, this new partnership pivots to economic involvement. At its core, the deal provides American access to Ukraine’s vast deposits of strategic minerals—such as titanium, uranium, lithium, graphite, and manganese—which are crucial for aerospace, electric vehicles, medical tools, and clean energy.
In return, Ukraine expects the fund to secure future U.S. investment and a political signal of sustained support.
“This is truly an equal and good international deal on joint investment in the development and restoration of Ukraine between the governments of the United States and Ukraine,” said Prime Minister Denys Shmyhal during a national broadcast. He emphasised that “Ukraine retains full control over its subsoil, infrastructure and natural resources.”
A fragile trust repaired
Behind the scenes, the agreement nearly collapsed two months ago during a tense Oval Office exchange involving President Donald Trump, Vice President JD Vance, and Ukrainian President Volodymyr Zelenskyy. Trump had sharply criticised Zelenskyy, arguing he should have ceded Crimea to shorten the war. More recently, Trump turned his ire toward President Vladimir Putin, blaming Russia’s fresh wave of attacks for disrupting negotiations.“The Ukrainians decided last night to make some last-minute changes,” Bessent said at a Cabinet meeting just hours before the signing. “We’re sure that they will reconsider that. And we are ready to sign this afternoon if they are.”
The final version of the agreement responded to Ukrainian concerns. It ensures an equal 50-50 voting structure within the fund and excludes any obligation to repay previous U.S. military aid. Contributions to the fund will be in cash, and only new military assistance will be counted. Importantly, it does not interfere with Ukraine’s ambitions to join the European Union.
A strategic pivot in US policy
The agreement marks a recalibration in U.S. foreign policy under Trump, who has questioned the rationale for continued American military spending abroad. Speaking on NewsNation, Trump said the deal “in theory” means the U.S. will get more from Ukraine than it gave. “I wanted to be protected,” he added, “I didn’t want to be looking foolish by not getting money back for the investment.”
Shmyhal welcomed the result, saying on Telegram, “The fund’s profits will be reinvested exclusively… [and] Ukraine will not be asked to pay back any ‘debt’ for the billions of dollars in U.S. weapons and other support since Russia invaded in February 2022.”
Ukraine’s Economy Minister Yulia Svyrydenko, who travelled to Washington for the signing, said, “Together with the United States, we are creating the Fund that will attract global investment to our country.”
The agreement still requires ratification by the Ukrainian parliament.
Russia holds its ground as ceasefire talks stall
While Kyiv and Washington moved ahead with their partnership, Moscow continues to send mixed signals on peace. Kremlin spokesman Dmitry Peskov said Russia supports a ceasefire, but not without clarity.
“Before it’s done, it’s necessary to answer a few questions and sort out a few nuances,” he said. “We realise that Washington wants to achieve quick progress, but we hope for understanding that the Ukrainian crisis settlement is far too complex to be done quickly.”
Meanwhile, Russian Foreign Minister Sergey Lavrov accused Ukraine of accepting a ceasefire only because of setbacks on the battlefield, where Russian troops have advanced over nearly 20% of Ukrainian territory since 2022.
Civilian casualties continue to rise
On the ground, the war continues to exact a heavy toll. According to the United Nations, Ukrainian civilian casualties increased by 46% between April 1–24 compared to the same period last year.
The U.N. Human Rights Office reported 2,641 verified casualties in the first quarter of 2025—nearly 900 more than during the same time in 2024. A recent Russian drone strike on Kharkiv wounded at least 45 civilians, underscoring the relentless pace of the conflict.
Ukraine has also carried out strikes of its own. On Wednesday, Kyiv’s Security Service claimed its drones targeted the Murom Instrument Engineering Plant in Russia’s Vladimir region. Ukrainian sources said five explosions and a fire were reported, although the claims remain unverified.
With military aid waning, Ukraine is betting on investment and trade to survive. But Russia’s stance remains unchanged: no peace deal unless the West halts its support. And with Trump eyeing long-term dividends for U.S. involvement, Ukraine now walks a tightrope—balancing foreign interests, economic revival, and its sovereignty.
As Washington and Kyiv forge ahead with this mineral pact, the world watches for what comes next: peace, profit—or protraction.
