The United States and Ukraine have reached an agreement on natural resources and post-war reconstruction, establishing a framework for economic cooperation without granting Washington full control over the proposed investment fund. However, the deal does not include explicit security guarantees for Ukraine.
The revised agreement, dated 24 February and seen by Ukrainian media epravda.com, outlines the structure of an Investment Reconstruction Fund to be jointly managed by the two nations. Ukrainian Foreign Minister Andriy Sybiha and US Secretary of State Marco Rubio are expected to sign the document.
Key Provisions of the Agreement
The updated deal removes a previous clause that would have given the US complete control over the commercial fund. Instead, the US will hold the maximum financial stake permitted under its domestic legislation. Ownership shares between the two countries will be determined by their respective financial contributions.
While the fund will be jointly managed, US authorities will retain decision-making powers within the limits of their own legal framework. Neither Ukraine nor the US will be able to sell or transfer their stake in the fund without prior written consent from the other party.
A significant portion of Ukraine’s natural resource revenues will be allocated to the fund. Specifically, 50% of proceeds from Ukraine’s natural resources, ports, and related infrastructure—regardless of whether these assets are directly or indirectly state-owned—will be reinvested into Ukraine’s economy.
However, these contributions will not come from existing Ukrainian budget revenues. The timing, scope, and sustainability of the fund’s income streams will be detailed in a future agreement.
The fund will have the discretion to either reimburse or reject claims from the Ukrainian government for project-related expenditures. Contributions will be reinvested at least once per year with the stated aim of enhancing Ukraine’s security and economic prosperity.
Changes from Previous Drafts
The latest version of the agreement omits several provisions that were present in earlier drafts. These include:
- A commitment to double investment in Ukraine for every dollar contributed.
- A target to restore Ukraine’s GDP to pre-war levels by the end of 2021.
- A clause allowing Ukraine to receive more than 50% of revenues from assets currently under Russian occupation in the event of their liberation.
- A cap of $500 billion in Ukrainian contributions to the fund.
- A stipulation that all US financial aid to Ukraine would count toward Kyiv’s required contributions.
Instead, the US will commit to providing financial assistance, but the exact amount is to be determined separately. The agreement does not contain binding security guarantees for Ukraine, despite President Volodymyr Zelensky’s previous insistence on such assurances.
Political and Strategic Implications
The absence of clear security commitments in the deal has raised concerns in Kyiv. Ukraine has consistently sought long-term assurances to protect against future Russian aggression, a stance echoed by European leaders. French President Emmanuel Macron has suggested that British and French troops could be deployed to stabilise Ukraine if necessary, while UK Prime Minister Keir Starmer has called for a US-led security “backstop.”
The revised agreement attempts to avoid conflicts with Ukraine’s existing international obligations, including its path toward European Union integration. Both parties have agreed to immediately begin drafting a separate treaty to outline the fund’s future operations, with Ukraine’s Ministry of Economy taking the lead in negotiations.
Ukrainian President Volodymyr Zelensky is set to visit Washington in the coming days, amid reports that he and US President Donald Trump may formally sign the recently agreed minerals and reconstruction deal. Further discussions are expected to address the extent of US commitments to Ukraine’s long-term security and economic recovery.
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