Ukraine and the United States are on the verge of finalizing a landmark agreement granting Washington privileged access to Ukraine’s vast natural resource reserves, in a move expected to bolster economic ties and support the war-torn country’s long-term recovery. According to reporting from Bloomberg, negotiators from both countries are now working out final technical details, with Ukrainian Economy Minister Yulia Svyrydenko en route to Washington for the anticipated signing.
The deal — in development since February — is aimed at facilitating American investment in Ukraine’s critical minerals sector, including aluminum, graphite, oil, and natural gas. The agreement would also establish a US-controlled reconstruction investment fund, giving Washington first claim on profits derived from these ventures.
Ukrainian Prime Minister Denys Shmyhal told national television the deal could be signed “within 24 hours,” expressing optimism despite ongoing talks over implementation mechanisms. Bloomberg reports that key remaining issues include compliance with international transparency standards for fund tracking — a sticking point for US officials who want all components finalized before the signing.
The Financial Times previously reported last-minute snags, though Bloomberg notes that US negotiators worked into the early hours on Wednesday, signaling urgency from both sides. A Treasury spokesperson confirmed to Bloomberg that the Biden administration is “committed to the quick conclusion of this vital agreement” and views it as part of its broader push for “securing a lasting peace in Ukraine.”
The deal marks a turning point in Ukraine’s post-invasion recovery strategy, aligning it more closely with US strategic interests at a time of geopolitical uncertainty. Notably, a draft of the agreement reviewed by Bloomberg acknowledges Kyiv’s EU aspirations and stipulates that the pact should not conflict with Ukraine’s ongoing bid for European Union membership — a major concern for Ukrainian officials wary of alienating European allies.
In a major concession, the US has agreed to exclude past military aid from its contributions to the investment fund, limiting its share to future support. This removes a key obstacle that previously derailed negotiations after a tense Oval Office meeting between Ukrainian President Volodymyr Zelenskiy and President Donald Trump, according to Bloomberg.
The push to finalize the agreement comes amid rising frustration in Washington over stalled peace talks with Russia. While Trump has promised a peace deal within his first 100 days back in office, Kremlin demands — including full control of four partially occupied Ukrainian regions — have proved difficult to overcome. Trump envoy Steve Witkoff has been unable to extract meaningful concessions from Russian President Vladimir Putin, Bloomberg reports.
White House Press Secretary Karoline Leavitt said on Tuesday that Trump “remains optimistic that we can get this done,” even as Russia steps up its military campaign and hardens its negotiating stance.
The pending agreement would formalize US involvement in Ukraine’s reconstruction, which American officials say is vital given the large-scale destruction caused by Russia’s full-scale invasion. According to the draft text cited by Bloomberg, the accord “strengthens the strategic partnership between the Parties for the long-term reconstruction and modernization of Ukraine.”
While both sides are pushing to conclude the agreement swiftly, it will still require ratification by Ukraine’s parliament. Prime Minister Shmyhal confirmed that government officials are already working to secure legislative approval.
