On 30 April 2025 Washington and Kyiv signed an agreement creating a joint fund to invest in Ukraine’s reconstruction with revenue from its natural resources.
US Treasury Secretary Scott Bessent and Ukrainian First Deputy Prime Minister Yulia Svyrydenko signed in Washington on 30 April 2025 the agreement creating a joint investment fund for Ukraine’s reconstruction. It came after months of negotiation and February’s tense Oval Office meeting between Donald Trump and Volodymyr Zelensky, at which the signing of a first text was called off.
What we know
The fund, managed equally by both countries, will receive half the revenue the Ukrainian state earns from new licences to exploit natural resources: critical minerals such as lithium, titanium, graphite and rare earths, as well as oil and gas. The United States may contribute direct funding or military aid, which will count as a contribution to the fund.
Unlike the first drafts, the final text does not require Ukraine to repay aid received since 2022, respects Ukrainian ownership of its resources and is compatible with its path to EU membership. Ukraine’s parliament ratified it on 8 May.
Why it matters
The deal gave the United States a direct economic stake in Ukraine’s future and was seen in Kyiv as a way of keeping Washington engaged. For markets, it adds a potential source of critical minerals outside China, which dominates the production and refining of many of them.
Its practical reach depends on peace and investment: many deposits lie near the front line or in occupied territory, and exploiting them takes years and infrastructure.
What to bear in mind
Ukraine’s reconstruction, when it comes, will be one of Europe’s great investment programmes, with opportunities for construction, energy, engineering and services companies. Interested firms need to know the European and international financing mechanisms and the security and legal risks. Ask your adviser before taking that step.
Natural resources become wealth only when there is peace and investment to extract them.
This article is general information. It is not legal, tax or investment advice, and it does not take anyone’s particular circumstances into account.
