The U.S. and Ukraine have finalized a natural resources deal. Here are its key terms.

On Tuesday, news broke that Ukraine and the United States had finalized a framework agreement on natural resources. U.S. President Donald Trump confirmed the reports, saying that the deal would grant Ukraine “military equipment and the right to fight on.” In turn, Ukrainian President Zelensky said on Wednesday that while the agreement does not include security guarantees in the form Kyiv had hoped for, they are mentioned in the text. According to the finalized text of the framework agreement published by European Pravda, Zelensky managed to secure the inclusion of two key provisions. First, revenues from the extraction and sale of mineral resources will be directed toward Ukraine’s post-war reconstruction — not toward recouping the cost of U.S. aid to Ukraine, which Trump has claimed Kyiv owes Washington. Second, while the agreement does not directly provide U.S. security guarantees for Ukraine, it does include a reference to them. Meduza shares a summary of the new pact.

Key points of the agreement:

• The U.S. and Ukrainian governments will establish a Joint Reconstruction Investment Fund, which they will co-own and co-manage. The Ukrainian government will contribute 50 percent of all future revenues from the sale of state-owned mineral resources, as well as from the operation of related infrastructure (such as LNG terminals and ports), to the fund. Existing revenue sources already accounted for in Ukraine’s budget will not be included in this agreement.
• The U.S. will have the option to contribute additional funds and other assets deemed “critical for the reconstruction of Ukraine.”
• The fund’s revenues will be invested at least once a year into projects aimed at promoting Ukraine’s “safety, security, and prosperity.” Priority will be given to state and private projects focused on developing mineral resources, as well as LNG terminals and ports.

Details regarding the ownership structures, management, and operations of the Joint Reconstruction Investment Fund, along with implementation timelines, will be outlined in a separate agreement to be developed by representatives of the U.S. Department of the Treasury and Ukraine’s Economic and Finance Ministries. This agreement will require ratification by Ukraine’s parliament, the Verkhovna Rada, and will also specify provisions on dividends — the revenues that both Ukraine and the U.S. may receive from the fund.

President Volodymyr Zelensky stressed that the framework agreement makes no mention of Ukraine’s debt to the U.S. for previously supplied military aid. One of Zelensky’s key objections to earlier versions of the agreement was their proposal to use Ukraine’s natural resources not for investment in its reconstruction but to pay the U.S. $500 billion, which Trump claimed Kyiv owed as compensation for wartime aid.

Another of Zelensky’s concerns was the absence of reliable security guarantees for Ukraine in earlier drafts of the agreement. The current framework states: “The Government of the United States of America supports Ukraine’s efforts to obtain security guarantees needed to establish lasting peace. Participants will seek to identify any necessary steps to protect mutual investments, as defined in the Fund Agreement.”

The framework agreement leaves many details unresolved, which are expected to be addressed in a subsequent treaty that U.S. and Ukrainian officials will begin preparing immediately. President Zelensky is reportedly set to travel to Washington on Friday, February 28, to continue negotiations and sign documents.