Agreement on Minerals, Oil, and Gas Between U.S. and Ukraine is Ready for Signing, Scott Bessent Confirms

A framework agreement on mineral resources between Ukraine and the United States is ready for signing, U.S. Treasury Secretary Scott Bessent confirmed during an interview with Fox Business on February 27.

Bessent emphasized the significance of the deal, noting that Ukrainian President Volodymyr Zelenskyy and U.S. President Donald Trump are set to officially sign the agreement during their meeting in Washington.

“The deal is complete, it’s on paper, and the Ukrainian government has approved it. Tomorrow, the heads of state are expected to sign it,” Bessent said.

“This agreement covers minerals, oil, gas, and infrastructure assets. It is truly a mutually beneficial deal, as it strengthens ties between the Ukrainian people and the American business community,” he added.

According to Bessent, the agreement also reassures the American public by ensuring that “the best American practices are used to eliminate any possibility of corruption.”

The deal is structured as a framework agreement, outlining 11 key provisions but without fixed financial commitments. Notably, an initial figure of $500 billion for the investment fund was removed, and the U.S. will not have sole control over it.

Instead, Ukraine and the US will jointly manage the fund, Ukrainian Prime Minister Denys Shmyhal clarified.

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War in Ukraine

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Ukraine will contribute 50% of its revenue from the extraction of natural resources—including metals, oil, gas, and other minerals—into the fund. The US will maintain the maximum stake allowed under its legislation. Profits from the fund will be reinvested into Ukraine’s economy annually, but only from new extraction licenses. Existing deposits, assets, licenses, and rent fees are excluded from the fund’s scope.

Both Kyiv and Washington will be able to collect dividends from the fund, though the specific terms will be established in a separate agreement. Additionally, neither country can sell its shares in the fund without mutual consent.

While the agreement does not explicitly mention security guarantees, it states that both countries will “seek to determine any necessary steps to protect mutual investments,” signaling a potential avenue for future commitments to Ukraine’s economic security.

Earlier, France requested to join discussions on a U.S.-Ukraine resource deal, arguing that access to Ukrainian raw materials is critical for its defense industry and could accelerate the end of the war.