The United States and Ukraine have finalized an agreement granting Washington access to certain Ukrainian natural resources, establishing a new investment framework designed to strengthen American support for Ukraine amid its ongoing conflict with Russia.

This initiative, which has been under negotiation for several months, aims to bolster Ukraine’s economic resilience and long-term reconstruction. While the final version of the agreement has not been publicly released, a draft and official statements from both governments offer insight into its key provisions.

No Financial Repayment Required

Despite previous remarks from former President Donald Trump suggesting Ukraine should repay an estimated $350 billion in U.S. aid, Ukrainian Prime Minister Denys Shmyhal confirmed that the new agreement does not include any repayment obligations. This represents a notable shift from earlier rhetoric and suggests a more collaborative approach moving forward.

Trump, however, framed the deal as favorable to the U.S., asserting that the returns from joint ventures and future profits could exceed the value of past aid.

Stronger U.S. Rhetoric Toward Russia

The U.S. announcement accompanying the deal included language significantly more critical of Russia than typical of the current administration’s stance. The Treasury Department referenced “Russia’s full-scale invasion” and emphasized that no entity supporting Russia’s war efforts would benefit from Ukraine’s post-war reconstruction. This rhetoric aligns with Kyiv’s demands for more assertive pressure on Moscow during ceasefire discussions.

Expansion to Oil, Gas, and Minerals

While much attention has focused on Ukraine’s mineral wealth, the agreement also includes provisions for developing oil and gas projects, along with related infrastructure. The resources will remain under Ukrainian ownership, but the U.S. will have shared access. This inclusion marks a shift from earlier negotiation drafts that focused solely on critical minerals.

Alignment with Ukraine’s EU Aspirations

Concerns that the agreement could conflict with Ukraine’s European Union membership ambitions appear to have been addressed. The deal acknowledges Ukraine’s EU path and includes provisions to adjust its terms if future EU obligations require it. Additionally, the U.S. has pledged support for further investment and technology transfers, including cooperation with EU entities.

Military Support Potentially Reinforced

According to Ukrainian First Deputy Prime Minister Yulia Svyrydenko, who signed the agreement in Washington, the deal could pave the way for future military aid, including air defense systems. This represents a potential shift in U.S. policy, as President Trump has previously indicated a desire to scale back military involvement in Ukraine. The broader implications for the conflict remain to be seen, as the Kremlin has yet to issue a formal response.

No Binding Security Commitments

Although the agreement includes economic and reconstruction components, it lacks formal security guarantees. This reflects ongoing hesitation in Washington to extend the type of military commitment previously offered by the Biden administration. Ukraine’s reliance on U.S. support, therefore, remains subject to change, underscoring the fragile nature of the alliance.

Reinvestment of Profits in Ukraine’s Economy

One notable aspect highlighted by Ukrainian officials is a proposed reinvestment strategy: for the first ten years, all profits generated through the reconstruction fund would be reinvested in Ukraine. This measure is intended to maximize economic recovery and infrastructure development before any profits are distributed to partners. However, it is unclear whether this clause is part of the signed agreement or if it will be included in a supplementary deal.

U.S. Treasury Secretary Scott Bessent stated that the agreement represents an opportunity for the United States to play a meaningful role in Ukraine’s recovery while also gaining strategic and economic benefits.