Ukraine holds deposits of 22 out of 34 minerals the EU classifies as critical. Many are in parts controlled by Russia
Ukrainian President Volodymyr Zelenskyy is set to sign a deal with US President Donald Trump on Friday that would allow the United States access to the Eastern European nation’s vast reserves of critical and rare earth mineral deposits. Zelenskyy has already agreed to the preliminary terms of the deal, which Trump said is aimed at helping US taxpayers recoup aid sent to Ukraine during the war with Russia, which launched a full-fledged invasion in February 2022.
After the deal is signed, both parties will begin negotiations on a Reconstruction Investment Fund to determine how resources will be allocated.
What are the known deal terms?
The deal outlines a proposal for the US and Ukraine to develop a plan to utilise future revenues from Ukraine’s rare earth and critical minerals reserves, as well as its oil and gas sector.
A Reconstruction Investment Fund will be created – its aim is to use revenues generated from Ukraine’s natural resources to reinvest back into Ukraine for reconstruction, further development projects, infrastructure and state-owned enterprises. Ukraine will contribute 50 percent of revenues from state-owned resources to the joint fund.
It is unclear where the remaining 50 percent will come from, and how much control the US will wield over the fund.
The US will commit to supporting Ukraine’s long-term economic stability and prosperity.
The US will support Ukraine’s efforts to secure lasting peace but offer no direct security guarantees.
How much aid has the US sent to Ukraine?
President Trump had previously demanded a right to $500bn in potential revenues from using Ukraine’s natural resources to compensate for US military aid and support Kyiv has received.
Zelenskyy has pushed back, arguing that actual US aid to Ukraine is much less.
According to the Kiel Institute for the World Economy, which tracks military, financial and humanitarian aid to Ukraine since the war began, the United States has donated 114 billion euros ($118bn).
However, the US Department of Defense puts the figure higher at nearly $183bn, which includes the cost of replenishing Ukraine’s defence stocks.
