A leaked copy of the highly anticipated Ukraine rare earths mineral deal has surfaced in Ukrainian media ahead of its expected signing by President Donald Trump and President Volodymyr Zelensky, raising eyebrows over its long-term implications for both nations.
While the agreement stops short of providing Ukraine with the security guarantees it has long demanded, it does establish a binding U.S. economic interest in Ukraine’s post-war reconstruction.
According to a full-text copy of the agreement published by the Kyiv Independent, the deal sets up a U.S.-Ukraine Reconstruction Investment Fund that grants the U.S. significant financial stakes in Ukraine’s vast mineral wealth. The document also makes clear that nations deemed adversarial to Ukraine’s sovereignty—without explicitly naming Russia or China—will be barred from benefiting from reconstruction efforts.
The leaked text reaffirms America’s interest in Ukraine’s economic stability but pointedly omits any direct military guarantees. Instead, the agreement stresses the need for “lasting peace” and the “sovereignty and security” of Ukraine—language that falls well short of the full-scale NATO-like security assurances Zelensky had hoped for.
However, what the deal does deliver is joint U.S.-Ukraine ownership over a multibillion-dollar investment fund that will manage the extraction, processing, and sale of Ukraine’s rare earth minerals, hydrocarbons, and other critical resources. According to the leaked text:
“The Fund will collect and reinvest revenues contributed to the Fund, minus expenses incurred by the Fund, and will earn income from the future monetization of all relevant Ukrainian Government-owned natural resource assets.”
This fund cements U.S. economic influence in Ukraine’s reconstruction, giving Washington a seat at the table as Ukraine attempts to rebuild after years of war.
One of the most striking passages in the agreement appears to exclude Russia and China from gaining access to Ukraine’s post-war economy. Without naming them directly, the text states:
“United States of America and Ukraine wish to ensure that those States and other persons that have acted adversely to Ukraine in the conflict do not benefit from the reconstruction of Ukraine following a lasting peace.”
While Moscow and Beijing have both expressed interest in Ukraine’s mineral wealth, this clause suggests Washington is locking down control over Ukraine’s economic future, cutting off competitors from cashing in on lucrative post-war opportunities.
A notable but symbolic section of the agreement acknowledges Ukraine’s 1990s decision to surrender the world’s third-largest nuclear arsenal in exchange for Western assurances of territorial integrity. While this reference may appease Ukrainian officials frustrated by the West’s past failures to uphold those guarantees, it ultimately does not translate into new security commitments.
Key Highlights From the Leaked Agreement:
- No Direct U.S. Security Guarantee – Ukraine does not get the NATO-style protection it had sought.
- Establishes a U.S.-Ukraine Reconstruction Fund – Washington and Kyiv will jointly manage and profit from Ukrainian mineral and energy assets.
- Locks Out Russia and China – The agreement appears to bar adversarial nations from benefiting from Ukraine’s reconstruction.
- Acknowledges Ukraine’s Nuclear Disarmament – A symbolic nod to past broken security promises but with no concrete military backing.
