Photo: BBC
After the US abandoned its strictest demands, Ukraine agreed on the details of a contract regarding its minerals. This was reported by Daryo, citing the Financial Times reported.
According to the information, the US has given up on $500 billion in potential revenue from Ukrainian resources. However, the agreement did not mention the US security guarantees that Kyiv demanded in exchange for agreeing to the contract.
Kyiv is now ready to sign an agreement on joint extraction of its mineral resources, including oil and gas, the report states.
According to a document reviewed by the Financial Times dated February 24, 2025, the agreement includes the following:
- Establishment of a fund that will transfer 50 percent of the revenues from the future monetization of minerals belonging to Ukraine, including oil, gas, and related infrastructure;
- Funds from this fund will be directed to investment projects within Ukraine;
- The share of the US in the fund and the terms of "joint ownership" of the resources are still unclear.
The agreement does not include mineral resources that are already filling the Ukrainian government's budget, meaning it does not cover the current operations of "Naftogaz" or "Ukrnaft," the largest gas and oil producers in Ukraine.
According to Ukrainian officials, the agreement has been approved by the ministers of justice, economy, and foreign affairs. President Vladimir Zelensky is also expected to visit the White House in the coming weeks for a document signing ceremony with Trump.
Previous agreement terms
The initial document planned to establish a reconstruction investment fund that would "retain 100 percent financial interest" for the US. According to the plan proposed by the Trump administration, Ukraine was to contribute 50 percent of the revenue from the extraction of minerals, including oil and gas, and related infrastructure, up to a maximum of $500 billion. These terms were deemed unacceptable in Kyiv and were removed from the final draft of the agreement.
The fund's mandate for investment in Ukraine is another change that Kyiv is striving for. The final document states that the US will support Ukraine's economic development in the future.
Ukrainian officials further added that the agreement is merely a "circular agreement" and that no revenue will change hands until the fund is established. This allows time to resolve potential disputes. Among the unresolved issues is the matter of coordinating the jurisdiction of the agreement.
