What We Know About the U.S.-Ukraine Minerals Deal

Terms of the agreement

It is not clear if the two sides have reached final agreement on the terms of the deal.

A draft seen by The New York Times dated Feb. 25 described the creation of a U.S.-controlled fund that would receive revenue from Ukraine’s natural resources.

Missing from the draft was Mr. Trump’s initial demand that Ukraine contribute $500 billion to a fund owned by the United States and pay back twice the amount of any future American aid.

• Under the draft agreement, Ukraine would contribute into the fund half of its revenues from the future monetization of natural resources, including critical minerals, oil and gas, as well as earnings from associated infrastructure, such as liquefied natural gas terminals and port infrastructure.

• The fund would not draw on revenue from existing mines, oil wells and other natural resources businesses.

• The United States would own the maximum financial interest in the fund allowed under American law, though not necessarily all. It is unclear how that would be interpreted.

• The fund would be designed to reinvest some revenues into Ukraine.

Security guarantee

The draft vaguely referenced security guarantees, but did not signal any specific U.S. commitment to safeguarding Ukraine’s security — a provision Kyiv has vigorously pressed to include as its war against Russia enters its fourth year.

A copy of the agreement obtained Wednesday by The New York Times included a sentence stating that the United States “supports Ukraine’s effort to obtain security guarantees needed to establish lasting peace.” Previous drafts did not have the phrase.

Approval process

President Volodymyr Zelensky of Ukraine is expected to travel to Washington on Friday to sign the agreement with President Trump. The draft obtained by The Times showed Scott Bessent, the U.S. Treasury secretary, and Yulia Svyrydenko, Ukraine’s economy minister, as the initial signatories.