The US and Ukraine struck a major deal granting American companies privileged access to key natural resources in Ukraine — including aluminum, graphite, oil, and natural gas — that could boost the tech and automotive sectors.
Ukrainian Deputy Prime Minister Yulia Svyrydenko and Secretary of the Treasury Scott Bessent signed the deal in Washington, DC, on Wednesday.
“This agreement signals clearly to Russia that the Trump Administration is committed to a peace process centered on a free, sovereign, and prosperous Ukraine over the long term,” the Treasury Department said in a press release. “President Trump envisioned this partnership between the American people and the Ukrainian people to show both sides’ commitment to lasting peace and prosperity in Ukraine.”
The Wednesday press release added that this economic partnership positions Ukraine and the US to “work collaboratively and invest together” to ensure that “our mutual assets, talents, and capabilities can accelerate Ukraine’s economic recovery.”
Ukrainian Deputy Prime Minister Yulia Svyrydenko said on social media, “Together with the United States we are creating the Fund that will attract global investment into our country.”
Bessent later said in a video statement that the deal would help “unlock Ukraine’s growth assets.”
Trump’s trade war heightened the importance of a deal with Ukraine
The agreement comes at a time of rising supply chain uncertainty under an ongoing trade war with China, where 90% of the world’s current rare earth metals are sourced from.
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As of April 4, China has restricted exports of seven rare earth elements and related materials in response to Trump’s tariffs, potentially affecting critical industries like defense, energy, and automobiles.
Ukraine possesses a rich array of natural resources that are of growing importance to the US. Graphite, lithium, and titanium are vital for EV battery production, solar panels, and military equipment, while high-purity neon gas and rare earth metals are critical for semiconductor manufacturing under rising demand for artificial intelligence.
The minerals deal was originally due to be signed on February 28, but Ukrainian President Volodymyr Zelenskyy’s visit to Washington ended in acrimony.
The agreement was signed just days after Trump and Zelenskyy met in person on the sidelines of Pope Francis’ funeral, as cease-fire talks between Moscow and Washington continue. Trump on Wednesday called their face-to-face meeting a “moment of solace in a sense” in an interview with ABC News.
The White House and the Department of the Treasury did not respond to requests for comments.
