US - Ukraine Mineral Deal
- Annika Lilja
- Apr 6
- 2 min read
Written By Rebecca Oxtot
Edited by Eliza Dorton and Annika Lilja
On February 28th, US President Donald Trump met with Ukrainian President Volodymyr Zelenskyy in the Oval Office to discuss and sign a bilateral mineral deal, which aimed to create joint interest in Ukrainian natural resources. However, tensions rose within the Oval Office meeting and Zelenskyy left with the agreement unsigned. Following the meeting, the Trump administration halted all military aid to Ukraine.
The meeting between Zelenskyy and Trump was intended to discuss a path towards an end to the war and conclude with both parties signing the mineral deal. But the meeting quickly devolved into a shouting match between President Trump, US Vice President Vance, and President Zelenskyy. The primary area of disagreement arose when Vance credited Trump with pursuing diplomacy to resolve the conflict, which he described as the “path towards peace and prosperity” (BBC). Zelenskyy interjected that America had failed to pursue diplomacy leading up to the full-scale Russian invasion, a time in which Russia was increasingly aggressive. Vance in turn labelled Zelenskyy as ungrateful for US assistance. Back-and-forth arguments on the matter ensued, with Zelenskyy emphasizing that if the war didn’t end, the US would “feel it in the future,” while Trump and Vance insisted that the US has already contributed greatly to Ukraine’s war effort (BBC).
Zelenskyy described the meeting on social media platform X as “regrettable,” (BBC) but both Presidents have reaffirmed their commitment to moving forward with the agreement. Zelenskyy has emphasized his determination to work with Trump’s leadership toward peace in Ukraine, though the agreement is still yet to be signed.
What exactly is the proposed mineral deal, and what does it have to do with finding peace between Russia and Ukraine? The public’s understanding of the mineral deal is based upon a draft published by the Ukrainian media outlet European Pravda and is subject to change prior to both parties signing. This agreement would establish a Reconstruction Investment Fund jointly owned by the US and Ukraine, with Ukraine contributing 50% of revenue from future monetization of government-owned natural resources, excluding current sources of revenue. The revenue would then be reinvested into the development of natural resource assets, with the intention of fostering private sector interest.
Ultimately, the goal is for this fund to both aid in the reconstruction of Ukrainian infrastructure and provide a financial incentive for US protection. However, besides stating that “The Government of the United States of America supports Ukraine’s efforts to obtain security guarantees needed to establish lasting peace,” (European Pravda) the agreement does not outline steps towards peace between Ukraine and Russia, nor does it establish U.S. commitment to protecting Ukraine. Despite the lack of these measures, the agreement does represent a path toward reconstruction following the end of the war and would greatly strengthen the economic ties between the United States and Ukraine. While the deal remains unsigned, Trump stated in a recent address to Congress that Zelenskyy sent him a letter in which he offered to sign the deal “at any time that is convenient to [Trump]” (USA Today). If the mineral deal goes through, it would further represent a willingness to collaborate toward peace for Ukraine.
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